Stocks
Nifty, Sensex going strong – Weekly closing report
A weekly close below 8,600 in Nifty will signal temporary reversal
 
The S&P BSE Sensex closed the week that ended on 10th April at 28,879 (up 619 points or 2.19%), while the NSE’s CNX Nifty closed at 8,780 (up 194 points or 2.26%). In the previous week, we had mentioned that Nifty is in a bullish mode and may be heading for 8,700.
 
On Monday, the 50-share Nifty moved sideways in the morning session. However, after the noon session, the benchmark gained momentum. Nifty closed at 8,660 (up 74 points or 0.86%). A survey showed that the headline HSBC India Purchasing Managers' Index (PMI) nudged higher at 52.1 in March 2015 from 51.2 in February 2015. Previous week, the Reserve Bank of India (RBI) announced that the entire amount due to a bank in respect of fraud committed by borrowers shall be provided for over a period, not exceeding four quarters, commencing with the quarter in which the fraud has been detected.
 
On Tuesday, the RBI, in line with the market anticipation, kept monetary policy rates unchanged. Nifty, which had a weak move in the beginning of the session, lost all its strength just after RBI came out with its monetary review. However, by the end of the session, the 50-share benchmark regained strength and closed marginally higher. Nifty closed at 8,660 (up 0.40 points). The Reserve Bank said it would await transmission by banks of its front-loaded rate reductions in January and February into their lending rates. The government invited foreign pension funds to participate in the infrastructure sector in the country.
 
On Wednesday, Nifty moved higher and managed staying above the support of 8,600. Nifty closed at 8,714 (up 54 points or 0.62%).
 
The RBI had instructed banks to restructure loans of farmers whose crops have been damaged by the recent unseasonal rains and hailstorms. Prime Minister Narendra Modi announced higher compensation for farmers whose crop has been damaged by unseasonal rains.
 
The optimism on the bourse continued for the fifth consecutive session on Thursday. In spite of giving up intra-day gains, twice during the trading session, the 50-stock index closed at 8,778 (up 64 points or 0.73%). 
 
Ratings agency Moody’s changed India's outlook to positive from stable, while affirming its Baa3 rating. 
 
Monsoon rains in India are expected to be normal this year, the chief economic adviser said at the finance ministry. 
 
Data from the minutes of the US Federal Reserve's last meeting showed the Fed was still on course to hike interest rates this year.
 
On Friday, the Nifty witnessed a highly volatile session trading mostly in the red. It barely managed to close higher. Nifty closed at 8,780 (up 2 points or 0.02%). 
 
Fitch Ratings affirmed India's sovereign credit rating at 'BBB-' with a stable outlook.
 
A committee headed by MS Sahoo, a former member of the SEBI, has reportedly suggested removal of the limits on corporates' external commercial borrowings (ECBs). The Committee has also suggested removal of end-use restrictions on ECBs and recommended that every borrower should hedge a part of his borrowing. After the close, the government announced that the industrial output has increased by 5% in February compared to 2.6% increase in January.
 
Out of the 27 main sectors tracked by Moneylife, the top five and the bottom five sectors for this week were:

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Public Interest Exclusive
Mumbai court asks police to file FIR against EIH board
The Additional Chief Metropolitan Magistrate observed that directors of EIH, that operates Oberoi and Trident hotels,  have committed offeces of criminal breach of trust by misusing the employees' money
 
A Magistrate Court in Mumbai has directed police to file a first information report (FIR) against EIH Ltd and eight directors on the company board.
 
SD Dabhade, Additional Chief Metropolitan Magistrate, while hearing a petition filed by EIH employees, said, "It is submitted that the accused being entrusted with property belonging to employees, the accused persons have misused the money by putting the money to their own use. Thereby accused persons have committed offeces of Criminal Breach of Trust punishable under section 406 of the Indian Penal Code (IPC)."
 
EIH under the aegis of Oberoi Group, operates hotels and cruisers in five countries under the luxury 'Oberoi' and five-star 'Trident' brands.
 
The case relates with the tip received by employees, which was deposited with the company during 1998 till 2005. According to information, the company retained Rs3.30 crore from the total amount as tax deducted at source (TDS) even though as per a ruling from the Income Tax Appellate Tribunal there was no liability on receipt of tips by employees. 
 
The employees alleged that EIH never deposited the money deducted as TDS with the Income Tax department. Adv Bhushan Bahal, counsel for the employees said, "In this case, EIH used Rs3.30 crore for more than 20 years to earn several times that amount and to enrich itself. There were in all over 200 employees whose funds were misappropriated."
 
Last year, EIH had informed the Bombay High Court that it was in possession of Rs3.30 crore belonging to the employees and the same be ascertained and disbursed to the employees. 

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Sunny's 'Ek Paheli Leela' trailer most viewed on YouTube
Indo-Canadian adult film star Sunny Leone has left behind the likes of Amitabh Bachchan, Akshay Kumar and Deepika Padukone, with her musical thriller “Ek Paheli Leela” topping the list of YouTube's most viewed Bollywood movie trailers in the first quarter of 2015.
 
The trailer of “Ek Paheli Leela”, which released two months ago, received more than a crore views on the video-sharing site between January and March 2015, read a statement. 
 
Gulshan Devaiah and Radhika Apte-starrer adult comedy “Hunterrr” stood second, followed by Ranbir Kapoor's upcoming crime drama “Bombay Velvet”.
 
Big B and Dhanush's “Shamitabh” and Ayushmann Khurrana's “Dum Laga Ke Haisha” rounded up the top five at fourth and fifth places, respectively.
 
The sixth spot went to Sushant Singh Rajput-starrer crime thriller “Detective Byomkesh Bakshy!”, leaving behind Emraan Hashmi's “Mr. X” and Akshay's “Gabbar is Back” at the seventh and eighth places, respectively.
 
Multi-starrer comedy drama film “Piku” and “Dilliwaali Zaalim Girlfriend” rounded off the list at the ninth and tenth spots, respectively.

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