Stocks
Nifty, Sensex, Bank Nifty still under pressure – Weekly closing report
Nifty will have to close above 8,700, as a first step for the downtrend to reverse
 
The S&P BSE Sensex closed the week that ended on 17th April at 28,442 (down 437 points or 1.51%), while the NSE’s CNX Nifty closed at 8,606 (down 174 points or 1.99%). In the previous week, we had mentioned that the upmove on the Nifty may continue. However a weekly close below 8,600 maybe a signal temporary reversal.
 
On Monday, Nifty closed higher for the seventh consecutive session. Nifty closed at 8,834 (up 54 points or 0.61%). Prime minister, who inaugurated the Hannover Fair in which India is a partner country, said that India aims at a stable and transparent tax regime and that development is "not a mere political agenda" but an "article of faith" and sought international support to achieve the objectives crucial for growth.
 
Government has shortlisted about a dozen state-run units including IOC, National Fertilisers, MMTC, Hindustan Copper and ITDC for stake sale to achieve the current fiscal's disinvestment target of Rs41,000 crore.
 
The stock market was closed Tuesday for Dr Babasaheb Ambedkar Jayanti. On Wednesday, Nifty upmove was arrested and it closed at 8,750 (down 84 points or 0.95%).  All-India general CPI inflation slowed down to three-month low of 5.2% in March 2015 (new base 2012=100) from 5.4% in February 2015.
 
The World Bank and the International Monetary Fund (IMF) said that there is a need for India to push forward the reforms agenda. IMF said in its bi-annual World Economic Outlook, released in Washington DC that India's growth at 7.5% in 2015-16 will surpass China's decelerating growth of 6.8% in the same year.
 
The loss on the Nifty continued on Thursday as well. Nifty closed at 8,707 (down 44 points or 0.50%). India has the potential to make 9%-10% growth rate "a new normal", Finance Minister Arun Jaitley said, while asserting that high growth was essential to meet the challenges posed by the country's burgeoning young population.
 
The market remained weak on Friday too. The loss of past three sessions (including Friday) wiped off almost the entire gain earned in the period of 6 April 2015 to 13 April 2015 (six days). Nifty closed at 8,606 (down 101 points or 1.16%). Indian economy is expected to grow marginally higher at 7.3% during the year compared with 7.2% in 2014 and interest rate cuts will support private sector spending, said a group company of global rating agency Moody's.
 
Among the top two losers, in the Sensex 30 pack, was TCS which fell for the fifth consecutive session today. On Thursday after market hours it posted it March 2015 quarter results, which showed its operating profit falling by 37%, mainly attributed to the charge of one-time bonus of Rs2,627.91 crore given to eligible employees.
 
We broke the news on Thursday that three of its directors of Helios and Matheson were arrested by Economic Offences Wing in Chennai, as it failed to repay deposit and interest to several depositors. On Friday, the stock fell 5.54% to close at Rs58.85 on the BSE. 
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 

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COMMENTS

Mohd.Tahir Sayed

3 years ago

sir
unable to find in weekly closing report which companys three directors were arrested on thursday.

CRISIL posts lower net profit in first quarter

The company board declared an interim dividend of Rs4 per share for the financial year ending on December 31, 2015, the company said

 

Credit-rating company CRISIL Ltd. closed the first quarter ended on March 31 with a lower top and bottomline, the company said on Friday.
 
The company board declared an interim dividend of Rs4 per share for the financial year ending on December 31, 2015, the company said.
 
In a regulatory filing in BSE, the company said its consolidated income from operations was Rs307.62 crore for the quarter ended March 31, as against Rs309.23 crore logged during the corresponding period of the previous year.
 
According to CRISIL, the consolidated after-tax-profit for the first quarter this year was Rs56.32 crore -- down from Rs68.71 crore posted during the corresponding period of the previous year.
 
The company said rating revenues were mainly impacted by reduced budgetary support from the government for the NSIC-Performance and Credit Rating Scheme for small and medium enterprises.
 

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Nifty, Sensex, Bank Nifty continue to remain weak– Thursday closing report
For the weak trend to reverse, Nifty has to first close above 8,730 and Bank Nifty above 18,700
 
We had mentioned yesterday that the weakness on Nifty may continue, if it remains below 8,752. Today, the index opened slightly above this level and after hitting the day’s high, the stock moved lower to hit a six day (including today) low. 
 
Sensex opened at 28,876 while Nifty opened at 8,757. After hitting a high at 28,876 and 8,760 the indices moved lower to the level of 28,498 and 8,646. Sensex closed at 28,666 (down 134 points or 0.46%) while Nifty closed at 8,707 (down 44 points or 0.50%). Bank Nifty witnessed a volatile session. After opening at 18,732 which was also the day’s high it moved to the low of 18,505 and recovered in the afternoon session to close at 18,637 (down 79 points or 0.42%). NSE recorded a volume of 80.41 crore shares. India VIX rose 2.26% to close at 14.9500.
 
Indian Oil Corporation announced a reduction in the retail selling price of petrol by 80 paise per litre at Delhi (including state levies), with corresponding price revision in other states.
 
Prime Minister Narendra Modi on Wednesday said that he seeks Canada's cooperation and investment in every area of India's national development priority - Energy and Infrastructure, Manufacturing and Skills, Smart Cities and agro-industry, and Research and Education.
 
Reserve Bank of India on Wednesday issued a notification allowing banks to offer differential interest rates on term deposits based on whether the term deposits are with or without-premature-withdrawal-facility, subject to certain conditions.
 
India has the potential to make 9%-10% growth rate "a new normal", Finance Minister Arun Jaitley said today while asserting that high growth was essential to meet the challenges posed by the country's burgeoning young population.
 
Bank account penetration in India increased from 35% to 53% between 2011 and 2014, but the country also suffers from high dormancy rates, says a World Bank report.
 
India's manufacturing contracted sharply in April as build-up in new orders and capacity utilisation remained "patchy and erratic", SBI Composite Index said today.  The index fell to 46.8 in April, from 58.5 in March.
 
KEC International (9.13%) was the top gainer in ‘A’ group on the BSE. It was in the news for having entered into a binding agreement for sale of its telecom assets, for a consideration of Rs81 crore, in the states of Chhattisgarh, Meghalaya and Mizoram consisting of 381 telecom sites to ATC Telecom Tower Corporation Private Limited. 
 
PMC Fincorp (15.42%) was the top loser in ‘A’ group on the BSE. The stock hit its 52-week low today. ONGC (3.25%) was the top gainer in the Sensex 30 pack while Hero MotoCorp was the top loser (3.76%) in the pack.
 
On Wednesday, US indices closed in the green. The Empire State manufacturing index plunged, falling to a negative reading, while, industrial production fell by more than expected in March. Both reports suggested a deceleration in economic growth. A gauge of confidence among home builders rose in April, according to the National Association of Home Builders/Wells Fargo housing-market index released yesterday.
 
Except for Straits Times (0.24%) all the other Asian indices closed in the green. Shanghai Composite (2.71%) was the top gainer.
 
Chinese Premier Li Keqiang today said that it will not be easy for China to grow its economy by 7% this year, but he ruled out currency devaluation to promote growth through exports.
 
European indices were trading deeply in the red. US Futures were also trading lower. The European Central Bank, as anticipated, left the official interest rates unchanged yesterday.
In Greece, Germany's finance minister reportedly said yesterday that there was no prospect of the euro zone reaching a deal with Athens next week on economic reforms that would unlock bailout funds, potentially leaving Greece perilously short of money.
 
Crediting rating agency Standard & Poor's Ratings Services yesterday, 15 April 2015, slashed its credit ratings on Greece's debt deeper into junk territory.

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COMMENTS

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3 years ago

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