Nifty, Sensex headed higher – Weekly closing report

Nifty may hit 8500 over the coming week


The S&P BSE Sensex closed the week that ended on 2nd January at 27,888 (up 646 points or 2.37%), while the NSE's CNX Nifty ended at 8,395 (up 195 points or 2.37%).


Previous week we had mentioned that a weekly close below 8,140 on the Nifty may signify deeper correction. Nifty went higher during the week with almost all the gains coming on the last day.

Last Friday's gains continued on Monday as well. Nifty closed at 8,247 (up 46 points or 0.56%). For the entire session, the benchmark managed to stay above Friday’s close.


Finance Minister Arun Jaitley said manufacturing continued to be a concern, despite reforms initiated by the government. Commerce and Industry Minister Nirmala Sitharaman said inflows of foreign direct investment into India rose by about 25% to $17.35 billion in the April-October period of the current fiscal.

On Tuesday, Nifty managed to stay above 8,215, the support level mentioned by us in Monday's closing report. Nifty closed at 8,248 (up 2 points or 0.02%).

The Indian economy is better placed than it was six months ago because of slowing inflation, political stability and a lower current account deficit, but the banking sector remains subdued because of weak demand for credit and pressure on asset quality, the Reserve Bank of India (RBI) said in its bi-annual Financial Stability Report.

On Wednesday, the market closed in the positive for the fourth consecutive session. Nifty closed at 8,283 (up 34 points or 0.42%).

The Ministry of Finance made appointments of MD&CEOs of four nationalised banks, Indian Overseas Bank, Oriental Bank of Commerce, Vijaya Bank and United Bank of India. The government has decided to separate the post of Chairman and MD&CEO. Fiscal deficit was Rs 5.25 trillion ($83.08 billion) during April-November, or 98.9% of the full-year target, data showed on Wednesday. The deficit was 93.9% during the same period a year ago.

With not many triggers on Thursday and markets worldwide celebrating New Year, Nifty moved in a narrow range and closed marginally higher at at 8,284 (up 1 point or 0.02%). After market hours on Thursday, the government decided to increase basic excise duty on petrol and diesel (both branded and unbranded) by Rs2 per litre to build 15,000 kilometres of roads during current and next financial year.

On Friday, Nifty shot up rising to 8,395 (up 111 points or 1.35%). Adjusted for seasonal factors, the headline HSBC India Purchasing Managers' Index climbed to a two-year high of 54.5 in December, up from 53.3 in November.

Among the Nifty stocks, the top five stocks for the week were BHEL (9%); JSPL (8%); Sesa Sterlite (7%); Asian Paints (7%) and Tata Motors (5%) while the top five losers were M&M (-2%); Bajaj Auto (-1%); Punjab National Bank (-1%); Reliance Industries (0%) and BPCL (0%).

Of the 1,483 companies on the NSE, 1,203 companies closed in the green, 258 companies closed in the red while 22 companies closed flat.

Out of the 27 main sectors tracked by Moneylife, the top five and the bottom five sectors for this week were:


ML Top sector


ML Worst sector








Oil & Gas


Non-Ferrous Metals




Financial Services




Farm & Farm Inputs






Apple accused of misleading consumers about iPhone storage

Owners of iPhones and iPads with iOS 8 who have quickly run out of storage space may be interested in a new lawsuit filed in California federal court accusing Apple Inc. of deceptive advertising.


The class-action lawsuit, filed earlier this week in the Northern District of California by two Florida residents, alleges that the company falsely states its products as having 8 GB or 16 GB of storage space when in reality they have substantially less once iOS 8 is installed. Worse, says the lawsuit, the company then prompts owners to purchase iCloud storage to get more room:


“Using these sharp business tactics, Defendant gives less storage capacity than advertised, only to offer to sell that capacity in a desperate moment, e.g., when a consumer is trying to record or take photos at a child or grandchild’s recital, basketball game or wedding.”


The $5 million suit says that Apple fails to adequately disclose that the iOS 8 operating system it pre-installs on its devices or allows users to download can “devour” bytes, taking up as much as 23 percent of storage space.


“Upgrading from iOS 7 to iOS 8 will cost a device between 600 MB and 1.3 GB of space — a result that no consumer could reasonably anticipate,” the suit contends.

Read Full Story here


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When a Patient’s Death is Broadcast Without Permission

The ABC television show “NY Med” filmed Mark Chanko’s final moments without the approval of his family. Even though his face was blurred, his wife recognized him. “I saw my husband die before my eyes.”


Anita Chanko could not sleep. At 4 a.m., on an August night in 2012, she settled onto the couch in her Yorkville living room with her dog, Daisy, and her parrot, Elliott, and flipped on the DVR. On came the prior night's episode of " NY Med," the popular real-life medical series set at NewYork-Presbyterian Hospital, starring Dr. Mehmet Oz. Mrs. Chanko, 75, was a fan of the show and others like it.


"It starts off, there's a woman with stomach cancer and her family, and then there's somebody with a problem with their baby, I think it was a heart," she remembered. "And then I see the doctor that treated my husband."


Mark Chanko, her husband, had died 16 months earlier, in April 2011, after being struck by a sanitation truck while crossing a street near his home. The doctors and nurses at NewYork-Presbyterian Hospital/Weill Cornell Medical Center tried in vain to save his life.


On the TV screen, she saw the chief surgery resident Sebastian Schubl, responding to an emergency in which a man is hit by a vehicle.


"And then I see, even with the blurred picture, you could tell it was him," she said. "You could hear his speech pattern. I hear my husband say, 'Does my wife know I'm here?'."


There was no doubt in her mind: The blurred-out man moaning in pain was her husband of almost 46 years, the Korean War veteran she met in a support group for parents without partners.


"I hear them saying his blood pressure is falling. I hear them getting out the paddles and then I hear them saying, 'OK, are you ready to pronounce him?'."


Read full story here




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