Stocks
Nifty, Sensex, Bank Nifty weak: Wednesday closing report
If Nifty remains below 8,752 it will be headed further lower
 
We had mentioned in our Monday’s closing report that the NSE’s CNX Nifty is still in an uptrend and a close below 8,750 may weaken its move. Contrary to our anticipation, the 50-share index witnessed a weak move on Wednesday. A flat opening on the Nifty was followed by its moving lower. The benchmark made an attempt to come back in the green however, after a short while of trading in the positive, in the noon session, Nifty was pulled lower, where it broke the support of 8,750 and closed in the red, after seven days of positive closing.
 
S&P BSE Sensex opened at 29,087 while CNX Nifty opened at 8,845. Sensex moved to the low of 28,722 from the high of 29,095 and closed at 28,800 (down 245 points or 0.84%). Nifty moved from the high of 8,845 to the low of 8,722 and closed at 8,750 (down 84 points or 0.95%). Bank Nifty which was moving in range for almost the entire session gave the entire gains in the last few minutes of training. After opening at 18,849 the index moved from the high of 19,039 to the low of 18,616 and closed at 18,716 (down 82 points or 0.44%). NSE recorded a volume of 97.28 crore shares. India VIX rose 0.91% to close at 14.6200.
 
Indian government data released, aftermarket hours on Monday, showed that the 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 government will today unveil data on wholesale price index (WPI) for March 2015.
In his address at the inauguration of the Indo-German Business Summit in Hannover, Germany, among other things Prime Minister Narendra Modi said that India is planning to introduce metro rail in fifty cities and high speed trains in various corridors. He also said that India is modernising its Railway systems including signals and railway stations.
 
The World Bank and the International Monetary Fund (IMF) reportedly emphasised the need for India to push forward the reforms agenda, including a cut in subsidies, even as they remained largely optimistic about the economic prospects of the country and pointed out that it would do better than China. The forecasts, both projected that the economy would expand by 7.5% this financial year. IMF said in its bi-annual World Economic Outlook, released in Washington DC yesterday that India's growth at 7.5% in 2015-16 will surpass China's decelerating growth of 6.8% in the same year.
 
According to a report, gold prices today fell by Rs180 to trade at Rs26,870 per 10 gram at the bullion market in the national capital.
 
Coming back to Indian  stock market, Gujarat Gas (11.36%) was the top gainer in ‘A’ group on the BSE. It has received 300 months of infrastructure exclusivity i.e. valid up to 1 April 2040 and 60 months of marketing exclusivity valid up to 1 April 2020 for the natural gas distribution network for the geographical area of Thane. It has received from PNGRB an authorisation to lay, build, operate, or expand city or local natural gas distribution network in Thane.
 
Wockhardt (6.57%) was the top loser in ‘A’ group on the BSE.
 
Sesa Sterlite (3.32%) was the top gainer in the Sensex 30 pack, while BHEL (3.43%) was the top loser in the pack.
 
On Tuesday, US indices showed mixed closing.
 
Sales, at US retailers, rose in March by the largest amount in a year, rebounding after three straight monthly declines. US producer prices rose by a seasonally adjusted 0.2% in March after four straight monthly declines, the Labor Department said yesterday.
 
Asian indices showed mixed closing. Straits Times (0.54%) was the top gainer while Shanghai Composite (1.24%) was the top loser.
 
China's economy expanded at its slowest pace in six years in the first quarter, weighed down by a slumping property market, industrial overcapacity and sluggish overseas demand. China's gross domestic product rose 7% from a year earlier in the first quarter, slowing from 7.3% recorded in the fourth quarter of 2014 and 7.4% for all of last year.
 
European indices were trading in the green.  US Futures too were trading higher.
 
European Central Bank rate decision will be declared later today.

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Petrol price cut by 80 paise per litre, diesel by Rs.1.30
State-run Indian Oil Corp on Wednesday said it has reduced prices of transport fuels effective midnight by 80 paise a litre for petrol and by Rs.1.30 a litre for diesel, both including local taxes in Delhi.
 
The price of petrol in Delhi will be Rs.59.20 per litre, while diesel will be Rs.47.20 a litre from Thursday, with corresponding price revision in other states, IOC said in a statement here.
 
The trend of international prices of the fuels, and of the rupee-US dollar exchange rate, warranted a downward revision in prices, it added.  

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HC says ban on BBC documentary on Dec 16 convict to continue
The ban on the telecast of controversial BBC documentary "India's Daughter" on the December 16, 2012, gang rape will continue, the Delhi High Court ordered on Wednesday.
 
It also refused to pass any interim order on plea against prohibition to telecast the documentary.
 
The central government told the court that the excerpts of documentary contained an interview with one of the convicted rapists of the December 16 gang rape case and his "chauvinistic and derogatory views" regarding women in general and the victim in particular.
 
Appearing for the central government, advocate Monica Arora brought the original documents of the ministry of home affairs that ordered the ban.
 
A division bench of Chief Justice G. Rohini and Justice R.S. Endlaw hearing the plea posted the matter for May 27 and said: "It's not a matter for any interim order. We have called records from government, we will see them first."
 
The court earlier refused to lift the ban and asked the trial court to submit the records and advisory issued on March 3 by the government while hearing the two public interest litigations (PILs) before it for revocation of the ban on the documentary's telecast.
 
The ministry of information and broadcasting filed an affidavit and sought dismissal of the pleas.
 
"The excerpts of documentary contained an interview with one of the convicted rapists of the Delhi gang rape victim of December 2012. These excerpts were telecast on various channels throughout the day, with visuals of the convict, who was showing no remorse whatsoever for the heinous act. The excerpts also contained his chauvinistic and derogatory views regarding women in general and the victim in particular," it said.
 
It said that the telecast of documentary will provide a platform for the convict to use the media to further his own case, especially when his appeal against his conviction is sub-judice. The appeals of convicts are pending before the Supreme Court.
 
The Supreme Court in July last year put on hold the execution of the four convicts in the case.
 
"The telecast of these excerpts appeared to encourage and incite violence against women, thus compromising women's public safety. They also provide encouragement to anti-social elements to indulge in violent acts compromising law and order," said the affidavit.
 
The documentary is about the gang rape of a 23-year-old trainee physiotherapist, who was brutally assaulted on December 16, 2012, in a moving bus in Delhi. It kicked up a storm after one of the convicts, Mukesh Singh, was interviewed in Delhi's Tihar Jail.
 
The documentary also has comments from the convicts' counsel A.P. Singh and M.L. Sharma, who allegedly made derogatory remarks against women. 
 
The ban on the telecast of the documentary in all formats caused an uproar in India.
 
The PILs said the ban on the documentary was in clear violation of fundamental rights under Article 19 of the Constitution.
 
They sought direction to declare as illegal the act of banning the documentary by the home ministry, the information and broadcasting ministry, and the Delhi Police commissioner.
 
The Centre on March 3 issued an advisory to ban the broadcast of the documentary and the trial court on March 4 banned it until further orders.
 
As per social media, the public at large wanted to see the documentary, as within a day of it being put up on YouTube it was viewed by more 2.86 lakh people, the pleas said.

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