Stocks
Nifty, Sensex fail to break out of consolidation zone: Friday Closing Report

There is no short-term now for the market. The medium-term trend remains down

 
The market snapped its two-day winning streak and settled lower today on selling pressure in power, metal and capital goods stocks. Although the Nifty managed to keep itself above yesterday’s low, today’s move on the index took away more than half of yesterday's gain. The medium-term trend is down. The National Stock Exchange (NSE) saw a volume of 66.04 crore shares and an advance decline ratio of 652:1051.
 
The domestic market witnessed a gap down opening, giving up the gains accrued yesterday, on profit booking and unsupportive global cues. Markets in the US closed lower as technology stocks dragged following lower-than-expected earnings report from Google and a rise in weekly jobless claims. Markets in Asia were subdued in morning trade tracking overnight losses in the US.
 
Back home, the Nifty opened 16 points lower at 5,703 and the Sensex started the day at 18,768, down 24 points from its previous close. The market inched up to its intraday high in early trade with the Nifty going up to 5,712 and the Sensex rising to 18,770.
 
The benchmarks extended their losses as trade progressed on selling pressure in banking, capital goods, metal and auto sectors. The market continued to languish in noon trade on a lower opening of the European indices. 
 
The indices fell to their lows shortly before 2.30pm wherein the Nifty stood at 5,660 and the Sensex retracted to 18,612.
 
However, a minor recovery helped the market close off the lows. The Nifty fell 34 points (0.60%) to 5,684 and the Sensex dropped 110 points (0.58%) to finish at 18,682.
 
Among the broader markets, the BSE Mid-cap index declined 0.52% and the BSE Small-cap index fell 0.34%.
 
BSE Fast Moving Consumer Goods (up 0.84%) and BSE Consumer Durables (up 0.43) were the only sectoral gainers. The top losers were BSE Power (down 1.44%); BSE Metal (down 1.32%); BSE Capital Goods (down 1.09%); BSE Auto (down 0.90%) and BSE Bankex (down 0.86%).
 
Six of the 30 stocks on the Sensex closed in the positive. The key gainers were ITC (up 2.09%); Hero MotoCorp (up 0.54%); Dr Reddy’s Laboratories (up 0.43%); Bharti Airtel (up 0.34%) and Infosys (up 0.32%). The major losers were Hindalco Industries (down 2.54%); Jindal Steel (down 2.53%); GAIL India (down 2.31%); BHEL (down 2.02%) and Tata Power (down 1.82%).
 
The top two A Group gainers on the BSE were—CRISIL (up 3.37%) and Gitanjali Gems (up 3.28%).
The top two A Group losers on the BSE were—Exide Industries (down 8.82%) and Indian Hotels (down 5.48%).
 
The top two B Group gainers on the BSE were—Fintech Communications (up 20%) and Agre Developers (up 19.91%).
The top two B Group losers on the BSE were—SEL Manufacturing Company (down 9.75%) and Raj Oil Mills (down 9.69%).
 
Out of the 50 stocks listed on the Nifty, nine stocks settled in the positive. The top gainers were ITC (up 1.87%); Ambuja Cement (up 1.48%); Dr Reddy’s (up 0.53%); Infosys (up 0.44%) and Bharti Airtel (up 0.41%). The main losers were Jindal Steel (down 2.62%); Hindalco Ind (down 2.55%); BHEL (down 2.37%); BPCL (down 2.315) and Grasim Industries (down 2.12%).
 
The Asian pack closed mostly lower on dismal earnings reports from tech majors Google and Microsoft.  The lower-than-expected earnings reflected the slowdown in the economy, analysts pointed.
 
The Shanghai Composite slipped 0.16%; the Jakarta Composite declined 0.59%; the Straits Times fell 0.37%; the Seoul Composite dropped 0.78% and the Taiwan Weighted settled 0.76% lower. On the other hand, the Hang Seng rose 0.15%; the KLSE Composite added 0.06% and the Nikkei 225 gained 0.22%.
 
At the time of writing, the key European indices were between 0.28% and 0.69% and the US stock futures were in the negative, indicating a lower opening for US stocks. 
 
Back home, institutional investors—foreign and domestic—were net sellers in the equities segment on Thursday. While foreign institutional investors offloaded stocks worth Rs68.87 crore, domestic institutional investors pulled out shares of Rs184.56 crore.
 
Petronet LNG (PLL) is looking at plans to sell gas to the power sector from its proposed terminal at Gangavaram port in Andhra Pradesh. The company has to source liquefied natural gas cheap if it is to be viable for the power sector. PLL has signed a pact with HPCL to cater to the latter’s Vizag refinery and at least five power generation companies located close to port are in discussions with PLL for sourcing liquefied natural gas. The stock gained 0.99% to close at Rs168.80 on the NSE.
 
Public sector lender Dena Bank has waived the entire processing fee for home and car loans. For personal and gold loans, it has reduced the fee by half. The move follows the country’s largest bank State Bank of India’s reduction in processing fee on home and car loans by half. The festive offer is valid up to 31st October 31, the bank said. The stock declined 0.94% to close at Rs110.50 on the NSE.
 
Apollo Hospitals Enterprise (AHEL) is planning to set up standalone diabetes clinics under the brand name “Sugar Clinic” to cash in on healthcare service opportunities in diabetes management across the country. The company is scouting for a tie-up with a foreign partner to offer diabetes management services to patients, said a senior official from AHEL. The stock gained 1.36% to close at Rs755 on the NSE.
 

 

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When a conman dupes Lokmat's Vijay Darda of Rs34 lakh

Posing as Goa's former chief minister Digambar Kamat, the conman asked Darda for financial help and disppeared after taking Rs34 lakh from the Rajya Sabha MP

 
Nagpur: A 36-year-old conman, who allegedly duped Vijay Darda, Congress' Rajya Sabha MP and owner of Lokmat newspaper, of Rs34 lakh by posing as former Goa Chief Minister Digambar Kamat, has been arrested, reports PTI quoting police.
 
The accused, Digambar alias Balasaheb Khaire Patil, was arrested from Solapur yesterday.
 
Posing as Kamat, Patil had called up Darda over phone on 9th October when he was in Delhi and asked for the sum on behalf of a Haryana politician for providing financial assistance to his supporters, police said.
 
Darda flew to Mumbai the next day. Patil again called him up to remind him of the request, to which Darda responded by saying the required sum was being arranged and it would be delivered to him in Pune.
 
Later, an unidentified person turned up on behalf of the conman at Band Garden in Pune and collected the money with a promise to return it on 15th October.
 
When the money was not returned, Darda contacted Kamat, who also belongs to Congress, in Goa and was shocked when the latter denied having made any phone call to him for any financial help, police said.
 
Darda, through his staff, then lodged a complaint with Dhantoli Police here yesterday which transferred the case to their Pune counterparts for investigation.
 
Last month, the Central Bureau of Investigation (CBI) alleged that Darda and his brother Rajendra, who is education minister in Maharashtra, were actively involved in the affairs of the JLD Yavatmal, one of the companies accused in the Coalgate scam.
 

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BSE joins UN's Sustainable Stock Exchanges global initiative

The SSE aims at exploring how exchanges can work together with stakeholders to enhance corporate transparency and performance on environmental, social and corporate governance issues

 
Mumbai: BSE Ltd, India's oldest stock exchange on Friday said it has joined the Sustainable Stock Exchanges (SSE) initiative of United Nations (UN), reports PTI.
 
The SSE initiative was launched by UN Secretary-General Ban Ki-moon and UNCTAD Secretary-General Supachai Panitchpakdi in 2009 at UN headquarters in New York City.
 
The BSE has been the first amongst global peers to join five other leading exchanges that have publicly committed to promoting sustainable investment practices.
 
Other exchanges include the Brazilian stock exchange BM & FBOVESPA, Egyptian Exchange (EGX), Istanbul Stock Exchange (ISE), Johannesburg Stock Exchange (JSE) and NASDAQ OMX made a commitment towards improving sustainability at the Sustainable Stock Exchanges 2012 global dialogue in Rio de Janeiro earlier this year.
 
BSE is also credited with launching the first-ever live Carbon Index BSE-GREENEX in India, earlier in 2012. The index measures the performances of companies in terms of carbon emissions.
 
"BSE is committed to working with investors, companies and regulators in playing a transformative role towards enhancing sustainability in Indian capital markets. We are hopeful that this initiative would help us in further introducing a culture of sustainable business practices amongst BSE's listed companies," BSE's Interim CEO Ashishkumar Chauhan said in a statement.
 
The initiative aims at exploring how exchanges can work together with stakeholders to enhance corporate transparency and performance on ESG (environmental, social and corporate governance) issues besides encouraging responsible long-term approaches to investment.
 

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