If the Nifty falls below 5,850, watch out for 5,825. A reversal will happen above 5,925
The market snapped its two-day losing streak and settled higher on gains in capital intensive sectors and the broader markets, which were underperformers last week. However, the market continues to remain weak. If the Nifty falls below 5,850, watch out for 5,825. A reversal will happen if the benchmark closes above 5,925. The National Stock Exchange (NSE) witnessed a volume of 50.39 crore shares and advance-decline ratio of 912:603.
The market witnessed a flat to positive opening even as its Asian peers were mostly up after the Group of 20 leaders in Moscow last week announced there would be no “currency war” and postponed plans to set new debt-cutting targets in an indication of concern about the fragile state of the world economy. The US markets closed mostly down on Friday on profit taking ahead of an extended weekend as the US markets will remain closed on Monday for the President’s Day holiday.
The Nifty added two points to resume trade at 5,889 and the Sensex started off at 19,496, up 28 points over its close on Friday. The market touched its intraday low in initial trade with the Nifty falling to 5,878 and the Sensex going back to 19,463.
However, buying interest in realty, PSU, realty, healthcare and oil & gas stocks led the market higher in subsequent trade. The benchmarks witnessed a cautious and gradual climb in the first half of the trading session as buying continued.
Index heavyweights as well as the broader markets saw gains extending in post-noon trade even as the key European markets opened lower as the outcome of elections in Italy, due next week, seem uncertain.
The Sensex hit its high at around 2.20pm with the index touching 19,554 while the Nifty hit its high a short while later at 5,911. But a minor bout of profit taking saw the indices paring part of their gains in the last hour.
The market snapped its two-day losing streak, but closed with marginal gains on profit booking in late trade. The Nifty settled 11 points (0.18%) up at 5,898 and the Sensex added 33 points (0.17%) to 19,501.
The broader indices outperformed the Sensex today, as the BSE Mid-cap index gained 0.42% % and the BSE Small-cap index climbed 0.71%.
The top sectoral gainers were BSE Realty (up 2.08%); BSE Capital Goods (up 1.18%); BSE Power (up 1.03%); BSE Metal (up 0.49%) and BSE PSU (up 0.33%). The sectoral losers were BSE IT (down 0.49%); BSE TECk (down 0.47%); BSE Consumer Durables (down 0.22%) and BSE Oil & Gas (down 0.03%).
Seventeen of the 30 stocks on the Sensex closed in the positive. The chief gainers were Tata Steel (up 2.49%); Hindustan Unilever (up 1.89%); Sterlite Industries (up 1.76%); Larsen & Toubro (up 1.57%) and HDFC (up 1.47%). The major losers were Jindal Steel (down 1.81%); Coal India (down 1.77%); ONGC (down 1.35%); Dr Reddy’s Laboratories (down 1.24%) and Bajaj Auto (down 1.17%).
The top two A Group gainers on the BSE were—MMTC (up 8.71%) and Jaypee Infratech (up 5.99%).
The top two A Group losers on the BSE were—Jet Airways India (down 7.70%) and Havells India (down 1.97%).
The top two B Group gainers on the BSE were—Sahara Housingfina Corporation (up 19.98%) and Nath Pulp & Paper Mills (up 19.91%).
The top two B Group losers on the BSE were—Chromatic India (down 19.99%) and JHS Svendgard Laboratories (down 16.67%).
Out of the 50 stocks listed on the Nifty, 29 stocks settled in the positive. The major gainers were DLF (up 4.95%); Jaiprakash Associates (up 3.62%); Tata Steel (up 2.87%); Power Grid Corporation (up 2.46%) and Reliance Infrastructure (up 2.16%). The key losers were JSPL (down 2.29%); Coal India (down 1.67%); TCS (down 1.44%); Bajaj Auto and UltraTech Cement Company (down 1.39% each).
Markets in Asia which were in full strength as the China and Taiwan resumed trade after a week’s holiday settled mostly higher as a weak yen boosted the outlook for exporters.
The Shanghai Composite gained 0.13%; the Jakarta Composite added 0.05%; the Nikkei 225 jumped 2.09%; the Straits Times rose 0.15%; the Seoul Composite inched 0.04% up and the Taiwan Weighted climbed 0.47%. Bucking the trend, the Hang Seng fell 0.27% and the KLSE Composite lost 0.43%.
At the time of writing, two of the three key markets in Europe were lower and the US stock futures were mixed with a positive bias. The US markets will remain closed today for a local holiday.
Back home, inflows from foreign institutional investors into equities on Friday were offset by withdrawals by domestic institutional investors. While FIIs were net investors of Rs247.30 crore, DIIs were net sellers of stocks totalling Rs245.98 crore.
The ministry of environment and forests (MoEF) has allowed the GVK Group's gas-based power plant in East Godavari to use diesel as an alternate fuel after the company said gas supplies from Reliance D-6 block was dwindling. The ministry, whose nod is required for any change in fuel use at power plants, changed its decision in the light of the oil ministry’s move last month to abolish subsidy for bulk diesel purchasers. GVK Power & Infrastructure, a group company, closed 4.60% higher at Rs12.50 on the NSE.
Wipro Infotech, the India and West Asia IT arm of Wipro, has bagged a 10-year contract from Mumbai International Airport Pvt Ltd (MIAL) for providing IT services for the new integrated terminal T2. Wipro will be responsible for providing managed services across the entire IT landscape at MIAL and delivering high availability and operational efficiency across all the critical airport processes. Wipro rose climbed 1.16% to close at Rs403.90 on the NSE.
Indian Post spends Rs22.71 as handling cost for every postal order of Rs10 used for an RTI application. It is senseless to spend this amount and hence the Postal Department should introduce RTI stamps or coupons to avoid the losses, says activist Subhash Chandra Agrawal
The Department of Personnel & Training (DoPT) should take up with the Department of Posts the matter of introducing Right to Information (RTI) stamps or numbered RTI coupons in different denominations as mode of convenient and economical payment of RTI fees and copying charges, says an activist.
RTI activist Subhash Chandra Agrawal said, “It is indeed senseless to ‘misuse' postal-orders to recover RTI fees of Rs10 where the handling cost of a postal-order (according to an RTI response) was as high as Rs22.71 for every postal order as per data available for 2005-2006.”
Following an intervention by the Central Information Commission (CIC), recently the DoPT has asked all government departments to inform in time about the additional payments for photocopying and other such charges to an RTI applicant.
The CIC pointed out that some Chief Public Information Officers (CPIOs) inform the RTI applicant about the additional fees under sub-section 7(3) of the RTI Act, at the fag end of the 30 days period prescribed for providing information under sub-section 7(1) of the Act.
In an official memorandum, the DoPT, said, “It is implied in the prescribed time limit that the demand for photocopying charges must be made soon after the RTI application is received so that the information seeker has time to deposit the fees and receive information within the prescribed 30-day period”.
The DoPT has issued the memorandum to all ministries from the central government and to chief secretaries of all state governments.
“Many a times, copying charges are waived under Section 7(6) of RTI Act because of the appeal-effect. In exceptional cases, especially in case of documents being voluminous, sometimes demand-letters are late by a couple of days beyond 30 days. To prevent a loss to the public authorities, amendment may be made to have copying charges halved instead of waiving these completely. This system will prevent free supply of large number of copied documents, sometimes in thousands, in case petitioners do not actually need these,” said Mr Agrawal.
The DoPT said, if the information sought is not voluminous or is not dispersed over a large number of files, computation of the photocopying charges should not be a time consuming task. “As soon as the RTI application is received, the holder of the information should decide about how much information to disclose and then calculate the photocopying charges so that the CPIO can immediately write to the information seeker demanding such fees,” it said.
However, the RTI activist said, “To prevent loss of man-hours and postal charges both for public authorities and petitioners, some initial number of copied documents may be provided free-of-cost with the RTI response even though RTI fees may be increased marginally and uniformly to Rs20.”
Mr Agrawal said, the authorities should not be allowed to misuse Sections 27 and 28 of the RTI Act by charging fees (like Rs500) other than specified by the DoPT. “Better is to repeal these often-misused Sections 27 and 28 of RTI Act for ‘One Nation-One (RTI) Rule’,” he said.
Here is the order issued by the DoPT regarding additional charges...
There was no urgency or will to ensure water supply to Bindapur Colony and this despicable pushing the blame within the government continued for decades without fulfilment of a simple promise. This is the 42nd in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application
The Central Information Commission (CIC), while disposing an appeal, said although it did not have authority in the matter it would send a copy of its decision to the chief minister of Delhi in the hope that a promise made by the government of the National Capital Territory of Delhi (GNCTD) to Bindapur Colony in Pocket 4 can be fulfilled.
While giving this important judgement on 15 February 2010, Shailesh Gandhi, former Central Information Commissioner, said, “Inspite of two chief secretaries (CSs) loftily committing, there is no urgency or will to ensure that water is supplied to this (Bindapur) colony. This despicable pushing the blame within the government can continue for decades without fulfilment of a simple promise made to this colony.”
Delhi resident Jawahar Singh sought information from the GNCTD about a letter written by chief engineer DDA (Dwarka) for supplying water to Bindapur Colony. Here is the information he sought on 13 November 2009 from the Public Information Officer (PIO) of the GNCTD...
Information Sought (with reference to a letter written by chief engineer DDA (Dwarka) on 11/02/2007 Bindapur 3856 dated 08/10/2009 No CE by /RTI/D104)....
1. Whether action has been taken on the basis of a letter written by DDA to chief secretary, finance. This letter was written in response to a query sought by the appellant.
2. Whether any fund has been earmarked for different plans.
b) Whether any fund has been set aside for water development in Bindapur Pocket 4.
3. Whether any action has been taken by the finance department of the GNCTD on the basis of the letter sent by DDA.
In his reply on 23 December 2009, the PIO mentioned that the appellant’s RTI application had already been transferred to the office of PR secretary, urban development ministry and also to the office of chief engineer (DWK), DDA Manglapuri.
Not satisfied with the reply, Singh then approached the First Appellate Authority (FAA). The FAA did not pass any order. Then Singh filed his second appeal before the Commission.
During the hearing, the PIO of Delhi Development Authority (DDA) informed the Commission that in 1999 the chief secretary had directed Delhi Jal Board (DJB) to ensure that water supply was provided to Bindapur JJ Colony. On 16 February 1999, the then chief secretary of the GNCTD had recorded that, “CS made it clear that this decision would be specific only to Bindapur JJ Colony and would not act as precedent for any other case. DJB was directed to complete work of provision of water from their own resources.”
Following this directions, government officials held several meetings without getting anywhere near to implementation of the project.
On 1 May 2006, the then CS of GNCTD directed both DJB and DDA to make a joint inspection and issue a deficiency estimate so that the work can be completed. During the inspection, DJB pointed out that the system laid by DDA was not functional. This was also informed to the principal secretary of the urban development (UD) department of the GNCTD. In a meeting on 26 October 2006, the then principal secretary (UD) declared that “principal secretary (UD) made it clear that the services cannot be kept on hold and directed DDA to remove the deficiencies in the presence of DJB, out of funds from their own sources and then hand over the water/sewer lines to DJB. Thereafter, the responsibility of maintenance would rest with the DJB.”
The Commission, said about 15 officers of the Delhi government, with whom it held discussions, indicated that DDA appeared to have spent about Rs1 crore for laying a system of pipes and underground reservoir. DJB also claimed that when the joint inspection was done it was found that the under reservoir had no pipes or equipment for pumping and it was housing pigs and cattle. The DJB official also stated that there was no system in place by which water supply of Bindapur Pocket-4 could be ensured. It was not known what happened to the money spent.
The officials also told the Commission that Bindapur Colony, Pocket-4 was an authorized colony developed by the DDA and there was a difficulty in supplying water to this colony. “Around this colony there are unauthorized colonies to which the government is finding it easy to supply the water. It is apparent that the Delhi Government is incapable of supplying water which is a basic function which the government has to fulfil,” the Commission noted.
Mr Gandhi, in his order, said, "In spite of two chief secretaries loftily committing that water has to be supplied to this colony. There is no urgency or will to ensure that water is supplied to this colony. This Commission has no authority in this matter but will send a copy of this decision to the chief minister of Delhi in the hope that a promise made by the Government to Bindapur Colony, Pocket-4 can be fulfilled.”
CENTRAL INFORMATION COMMISSION
Decision No. CIC/SG/A/2010/000073/6839
Appeal No. CIC/SG/A/2010/000073
Appellant : Jawahar Singh,
New Delhi- 110059.
Respondent : SKS Yadav
Public Information Officer & JS
Government of NCT of Delhi.
9th Floor, Delhi Secretariat, New Delhi