Nifty, Sensex gains may be capped – Thursday closing report

Nifty will weaken if it closes below 8,860


As we mentioned in Wednesday’s closing report, the Thursday move on the Indian indices was highly volatile, partly due to the expiry of January futures and options (F&O).
The S&P BSE Sensex opened at 29,516 while NSE’s CNX Nifty opened at 8,902. After lower opening, both the benchmarks made repeated efforts to rally. During the day, Sensex, and Nifty hit a low at 29,378 and 8,861, respectively. Around 3pm, suddenly the benchmarks made a sharp quick upmove and entered into green zone where it hit its day’s high at 29,741 and 8,967. Sensex closed at 29,682 (up 123 points or 0.41%) while Nifty closed at 8,952 (up 38 points or 0.43%). NSE recorded a huge volume of 113.05 crore shares. India VIX fell 1.71% to close at 19.4325.
The sixth bi-monthly monetary review from the Reserve Bank of India (RBI) is scheduled on 3 February 2015.
The Indian government on Wednesday decided against appealing a court order that absolved Vodafone of Rs3,200 crore tax demand in a transfer pricing case. Telecom Minister Ravi Shankar Prasad said the government wants to convey a clear and positive message to investors globally that it would be "fair, transparent and within the four corners of law.
Union Cabinet on Wednesday approved the proposal of the Department of Telecommunication (DoT) to proceed with auction in 2100 MHz band along with 800, 900 and 1800 MHz bands. The reserve price approved for 2100 MHz Band is Rs3,705 crore pan-India per MHz.
The IMF set a June deadline for making progress on reforms that would give emerging countries more say in how the world lender is run, an attempt to break a standoff created by US failure to ratify the changes.
Global credit rating agency Moody's Investor Service on Thursday said the recommended reforms in food subsidy and distribution will reduce India's inflationary pressures and fiscal deficit.
Coming back to Indian stock markets, HDIL (11.19%) was the top gainer in ‘A’ group on the BSE. After posting weak bottomline in its December 2014 quarter result Oriental Bank of Commerce (10.18%) was the top loser in the group.
Dr Reddy’s Lab (3.74%) was the top gainer in Sensex 30 pack. The stock today posted weak December 2014 quarter result.
HDFC (2.61%) which was the top gainer on Wednesday was the top loser today in the Sensex 30 stock. The mortgage lender today posted its December 2014 quarter result which showed an improvement in its top line and bottom line performance.
US indices closed Wednesday in the red. US Federal Reserve unexpectedly lifted its view on the economy, signalling that the US central bank remains firmly on track with plans to raise interest rates this year.
All the Asian indices closed in the red. Shanghai Composite (1.31%) was the top loser. Japanese retail sales rose 0.2% in December from a year earlier, marking the sixth straight month of increase, the government said today. The figures, released by the Ministry of Economy, Trade and Industry, highlighted that consumer demand continues to rebound after the national sales tax increased to 8% from 5% in April.
European indices were showing mixed performance while US Futures were trading higher. Greece's Prime Minister Alexis Tsipras reportedly said yesterday, 28 January 2015, that he will push for debt relief from the country's international creditors.


Framework for 100 smart cities to be ready by February says Aggarwal
According to the Urban Development Secretary, in next two days the government will complete the process of identification of 100 cities, which it wants to make smart
The framework for Prime Minister Narendra Modi's ambitious project of developing 100 smart cities will be finalised by next month-end, Union Urban Development Secretary Shankar Aggarwal said.
"In another two days we will complete the process of identification of the 100 cities which we want to make smart. We are working on the guidelines and we expect the framework will be ready by 28th February," Aggarwal told reporters on the sidelines of an event in Mumbai.
The Urban Development Secretary delivered his keynote address at an interactive panel discussion on 'Smart Cities in India: Reality in the Making' jointly organized by MVIRDC World Trade Centre and All India Association of Industries along with the Indo-French Chamber of Commerce & Industry. 
Aggarwal said, the government's vision is to develop cities with technology-based governance that will enable efficient public services and have 24x7 water and power supply, 100% sewerage, drainage and solid waste management facilities, besides top class infrastructure.
The government expects a large contribution from the private sector in developing the cities, he added.
"We plan to develop these cities on public private partnership basis. Every city would on an average need investments to the tune of Rs1,000 crore over next 10 years. We want the private sector to contribute largely, nearly 80-85 per cent, towards this development," Aggarwal said.
The ministry has asked the states to ensure that the cities which are picked under the smart cities initiative meet the broad contours listed by it, including economically viable cities, meeting the requirements of 'e-governance', 'Swachh Bharat' and 'Make in India'.
"The Centre will take a final call based on criteria like cities accounting for 54 per cent of incremental GDP till 2025, hill and coastal areas, tourist and religious centres and mid-sized cities," he added.
While attempting to define the smart city concept, Sanjay Sethi, Additional Metropolitan Commissioner-I, Mumbai Metropolitan Region Development Authority (MMRDA) said that the right definition would emphasize the process of creating a smart city and not the final product. 



Jyoti Dua

2 years ago

Before declaring the list of cities to be developed into smart cities, the sale of property in those cities be frozen.

HDFC December quarter net profit up 12% to Rs1,425 crore

HDFC’s third quarter net profit rose to Rs1,425 crore on 14% increase in total revenues, including interest income and growth in loan book


Housing Development Finance Corp (HDFC) on Thursday reported a 12% increase in its third quarter net profit mainly on higher demand for home loans in the tier-II and tier-III towns.
For the quarter to end-December, the home loan lender said, its net profit rose to Rs1,425 crore from Rs1,277 crore while total revenues, including interest income, rose 14% toRs6,871 crore, same period last year.
As on 31 December 2014, HDFC's loan book stood at Rs2.2 lakh crore compared with Rs1.92 lakh crore last year.
HDFC closed Thursday 2.6% down at Rs1,309 on the BSE, while the 30-share Sensex ended the day marginally higher at 29,681.


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