Stocks
Nifty, Sensex directionless – Wednesday closing report

We had mentioned in Tuesday’s closing report that Nifty, Sensex were in no man’s land. The major indices of the stock exchanges were range-bound on Wednesday and closed with small losses over Tuesday’s close. Investors were cautious and the trading volumes on NSE were also on the lower side. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

India Vix closed at 14.78, up 4.21%. NSE turnover was at 94.16 crore.

Negative global cues, along with profit booking, subdued the Indian equity markets during the mid-afternoon trade session on Wednesday. Heavy selling pressure was witnessed in information technology (IT) and technology, media and entertainment (TECK) stocks. Auto and aviation stocks showed some strength and traded with firm sentiments, pointed out market analysts. Sugar stocks traded down on the lack of buying interest.
 
Reliance Brands, a part of the Mukesh Ambani-led industrial group, has entered into a master franchise pact with the premium Dutch youth fashion company, Scotch and Soda, to set up its stores in all major Indian cities by next year. "Reliance will also grow the brand through other channels of sale in India, such as ecommerce, travel commerce, and leading multi-brand department stores," the company said, adding the range will cover menswear, womenswear and children’s wear categories through all channels of sale. Scotch and Soda has over 160 stores of their own globally, and can be found in over 8,000 other outlets, including the best global department stores, as also on their Web store. The merchandise is designed at their church-turned-studio in the heart of Amsterdam. Reliance Industries shares closed at Rs1,014.00, down 1% on the BSE on Wednesday.
 
Cable maker CMI Ltd. said on Tuesday its revenues in the quarter ended June grew 69.9% to Rs77.01 crore from Rs45.32 crore in the corresponding quarter of the previous year. Profit after tax was Rs5.50 crore in April-June 2016 against Rs2.83 crore in the first quarter in the last fiscal, a growth of 93.8%, said a statement issued by the BSE-listed CMI Ltd. The profit after tax grew 3.36% on a quarter-on-quarter basis over Rs5.32 crore recorded in the quarter ended March 2016. The earning per share was Rs3.86 in the quarter ended June, up from Rs2.44 in the first quarter of 2015-16. The company announced in April the start of production at its new facility in Baddi in Himachal Pradesh, which is part of the recently-acquired General Cable Energy Private Ltd from General Cable Corporation. CMI shares closed at Rs182.90, up 4.04% on the BSE.
 
In view of the high prices of pulses both in the wholesale and retail markets in the country, the Centre on Tuesday decided to import about 20,000 tonnes of 'chana dal' and 80,000 tonnes of 'masoor' dal to strengthen its buffer stock. A decision to import these dals was taken at a meeting of an inter-ministerial committee, headed by Consumer Affairs Secretary Hem Pande, an official source said. "The government has decided to import further 20,000 tonnes of chana and 80,000 tonnes of masoor to strengthen buffer stock," a Food Ministry statement said after the committee meeting. The meeting discussed about an "alternate mechanism" for the release of pulses from the buffer stock at an appropriate time for effective market intervention if sufficient quantity is not lifted by the states, official sources said. This is likely to rein in inflation in the Indian economy and improve the underlying bullish trend in the Indian stock market.
 
Oil prices rallied for a fourth straight session on Tuesday, amid speculation that the talks of Organization of the Petroleum Exporting Countries next month could result in a crude output freeze. This is likely to set the major indices in the Indian stock markets on a bullish trend.
 
The top gainers and top losers of the major indices are given in the table below:
 

The closing values of the major Asian indices are given in the table below:

 

 

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Know about arrest and detention, police interrogation and questioning
"The number of cases in courts are increasing because people are becoming aware about their right and not because law is being implemented or followed strictly. But at the same time, people are getting fed up with judiciary, increasing costs and police and enforcement agencies," says Senior Advocate Satish Maneshinde. He was speaking at the fifth session under the "Police & You" series. 
 
Moneylife Foundation with Police Reforms Watch with support from Saraswat Bank have launched the 12-week program (every Wednesday) that aims to spread knowledge about protecting yourself, your rights, the Indian Penal Code (IPC), cybercrime and economic offences. This was the fifth such session.
 
 
 
Adv Maneshinde, one of the top lawyers practising in criminal matters, said, "Judiciary is the most neglected pillar of our democracy. That is why the infrastructure in courts, especially in power courts is very poor and pathetic. There are maximum number of cases pending in lower cases, which are functioning in inappropriate conditions. And we have to blame the system for pendency of cases. Improving infrastructure in judiciary is the way for modernising India."
 
The event was held in the well-appointed auditorium of Saraswat Bank headquarters, Eknath Thakur Bhavan. 
 
The fifth session of the 12-week series on "The Police & You: Arrest and Detention, Police Interrogation and Questioning" was conducted by Adv Maneshinde and Ramesh Mahale, who retired from Mumbai Police as Senior Inspector. 
 
Mr Mahale, who was the chief investigating officer in the 26/11 Mumbai Terror Attack case, explained the procedures involved in arrest, detention and interrogation. "One of the major issues faced by Police while investigating or filing a charge sheet before a court is lack of knowledge, especially new changes in law and decisions of the courts. Even the government and police department are reluctant to learn about new changes. For example, as per changes in section 46(4) in the Code of Criminal Procedure (CrPC), Police cannot arrest a woman after sunset until sunrise. Under exceptional circumstances, a lady police officer, with written permission from the Metropolitan Magistrate can arrest the woman concerned," he said.
 

Similarly, as per changes in CrPC that took place from 1 November 2011, Police are not supposed to arrest a person for an offense punishable for jail term of seven years or less. But most of the time, these are not followed by Police, Mr Mahale said.
 
Mr Mahale, who has put in 30 years of unblemished service and secured 688 rewards and commendatory notes during his career, also expressed his concern about custodial deaths.  
 
According to the statistical data on custodial deaths, during 1999 to 2013, a total 1,418 deaths took place in police custody or disappearance of persons from custody across the country. Out of this, 333 deaths occurred in Maharashtra alone. The state also recorded the highest number of custodial deaths of 30 in 2015, out of which four took place in Mumbai, Mr Mahale said.
 
 
Section 176 (1) A of the CrPC provides for the police station to inform the nearest judicial magistrate about a death in custody. Under this provision, the magistrate is empowered to hold inquests by ordering a post mortem of the body within two days. Based on the same provision, the magistrate can direct an inquiry thereafter. However, the Maharashtra government issued a circular to police stations across the state informing about this provision only on 3 May 2016. 
 
Mr Mahale then informed the audience about various provisions and laws about arrest, detention and deaths in police custody. He also described the procedure for custodial inquiry and interrogation.
 
The retired police officer, who was awarded the President's Police Medal for Meritorious Service in 2011, shared his experiences during the 26/11 Mumbai Terror Attack case, inquiry of Ajmal Kasab and other cases he had handled as investigation officer.
 

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COMMENTS

Bapoo Malcolm

6 months ago

Continuing where I left off, thanks to the wrong 'click'. The man who really helped me at that time was Julio Rebeiro. I did not know the law then; I used to be arrested two, three times a week, around midnight every time, from the Parsi General Hospital where my father was dying. The cops are the pits. Thankfully, they are also low IQ guys. Educating them will not help. The public needs to be educated, from school, to effectively counter the high handed methods. But the politicians hope that the public is always blind-sided. Like how they talk of emphasis on "local language", while their own kids graduate with English. Remember that the two most hated groups in India, according to a study, are a) politicians and b) police. The one 'P' that bears the brunt is the most important 'P', the PUBLIC.

Bapoo Malcolm

6 months ago

Law should be taught at schools. At least the basics of Contract Law and those relating to police methods. They exist by intimidation. My aunt, about 82 years and rather deaf, was whisked away from home and moved from police station to police station for three hours; so that we could not locate her. She died in a state of perpetual shock and dread of the word "police", four months later. In spite of great care by her eminent doctor brother, who took her away to Indore, hoping to ease her fears.

Bapoo Malcolm

6 months ago

Law should be taught at schools. At least the basics of Contract Law and those relating to police methods. They exist by intimidation. My aunt, about 82 years and rather deaf, was whisked away from home and moved from police station to police station for three hours; so that we could not locate her. She died in a state of perpetual shock and dread of the word "police", four months later. In spite of great care by her eminent doctor brother, who took her away to Indore, hoping to ease her fears.

Abhijit Chaudhuri

6 months ago

Judicial process is that labyrinth which is not taught at any school or college unless one is a student of law. I salute Moneylife Foundation to spread such awareness amongst the citizens.

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