Stocks
Nifty, Sensex headed higher - Thursday closing Report
As long as Nifty stays above 8,140, the upmove would continue
 
We had mentioned in Wednesday’s report that Nifty was on an uptrend and it must close above 8,050 to avoid a downmove. This morning, Nifty made an early surge and maintained its upmove throughout the day. It closed near the day’s high. 
 
 
Finance minister Arun Jaitley has assured global investors that efforts are being made to reduce their concerns on expediting reform process, tax regime and policy stability by the Narendra Modi government. Jaitley, who began his 10-day trip to the US on Wednesday, met investors and said while there is "a lot of excitement and a lot of buzz" about India, there are concerns about the pace of reform process and policy stability also.
 
As a shot in the arm for Cairn India, its partner Oil and Natural Gas Corp has asked the government to extend the tenure of prolific Rajasthan oil block by 10 years without any changes in terms and conditions. Cairn, which holds 30% interest in the Rajasthan block, wants to retain the Rajasthan block beyond the contractual deadline of 2020. And for such an extension the nod of the state-owned firm, which is a licence of the block holding 30% interest, was necessary. ONGC has agreed to the Cairn proposal and written to the Oil Ministry saying the licence term should be extended by 10 years on the existing terms and conditions, a top official said. Unlike in 2011, when it had given conditional approval for Cairn being acquired by Vedanta Group to resolve the royalty dispute, ONGC has not put any pre-condition this time.
 
Orchid Chemicals & Pharmaceuticals’ shares surged after the drug firm received the nod from the US health regulator for generic anti-bacterial Gemifloxacin Mesylate tablets. The share price closed at Rs56.70, up 14.89%.
 
Fitch Ratings does not expect India to increase customs duties on steel imports to alleviate much of the pressure on steel producers, which have been challenged by cheap imports and weak domestic demand. Higher customs duties will result in only a marginal increase (between Rs500-Rs1,100 a tonne) in the landed costs of imported steel products, which in the short term will help close the gap between domestic output and the cheaper imports. 
 
Among top gainers of the NSE Nifty stocks, Reliance Industries closed 5.25% higher at Rs980.05. Among top losers of the NSE Nifty stocks, Zee Limited closed 1.67% lower at Rs345.25. 
 
Among BSE Sensex top gainers, Reliance Industries closed 5.41% higher at Rs981.45. The top loser was Coal India, which was down 0.92% to close at Rs394.10. Among BSE-100 top gainers, IOC closed 6.31% higher at Rs374.15 and among losers, Adani Power 6.46% lower at Rs27.50.
 
Among US indices, NASDAQ Composite closed at 5,064.88, up 0.18%. Dow Jones closed at 17,935.74, up 0.17%. In Asia, Nikkei closed at 19,990.82, down 1.13%. Hang Seng closed at 26,694.66, down 0.22%. Among European indices, FTSE 100 was down 0.21% and at 6,666.83. Athex Composite Share Price Index was down 0.20% at 679.51. US Index futures were in the green. 
 

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Count down begins to a record-breaking International Yoga Day
A staggering 37,000 yoga mats will be spread along Rajpath and the verdant lawns around India Gate on June 21 Sunday that will see Prime Minister Narendra Modi lead the nation in some early morning yoga - with 192 countries across the world joining in as the world marks the first International Day of Yoga in a global endorsement of an ancient Indian discipline.
 
India will seek to break a few records on the day, besides of the largest yoga gathering at a single spot with 37,000 people performing different yogic asanas or positions. More than 50 diplomats are expected to join in the yoga on Rajpath that day - another record.
 
Yoga events would be observed in 192 of 193 countries across the world on the day - another record. The only exception being Yemen which has been hit by civil war.
 
The UN General Assembly declared June 21 as the International Day of Yoga following a proposal by Prime Minister Modi during his speech at the UNGA on September 27 last year. The resolution for the Yoga Day was cosponsored by 175 of the 193 member nations in a short period of 75 days. Forty seven of the 56 members of the Organisation of Islamic Cooperation countries too joined as co-sponsors, in a telling example of the universality of yoga, said an official. While Pakistan did not co-sponsor it did not object to the resolution either, he added.
 
External Affairs Minister Sushma Swaraj will be travelling to New York on Friday to preside over the headline event at the UN where 30,000 people are to participate in a mass demonstration of yoga at Times Square. UN Secretary-General Ban Ki-moon is to deliver the keynote address at the start of the day's celebrations at the UN headquarters.
 
The mega preparations for the event in the national capital have begun in right earnest, with Rajpath - the greenery-flanked avenue in the heart of the capital's government district that sweeps down from Raisina Hill with the presidential palace at the crest - cordoned off and a huge stage coming up at the crossing. All the 150 foreign missions have been given invites for the event.
 
Participants, including government officials, members of the National Cadet Corps and school children, would do the asanas during the around 35-minute event.
 
The event, which would begin at around 6 a.m., would also be observed across India.
 
After a speech by Prime Minister Modi, the asanas would commence, according to the Common Yoga Protocol, which has been put together by the AYUSH ministry, which is organizing the celebration along with the ministry of external affairs.
 
At the events held across the world, yoga gurus from established yoga schools would be presiding over the function, including via web linkup.
 
The major yoga schools associated with the event are Sri Sri Ravi Shankar's Art of Living Foundation, which runs around 150 centres across the world, the Isha Foundation, the B.K.S. Iyengar Yoga Institute, Patanjanli International Yoga Foundation and the Gayatri Pariwar.
 
All participants would be required to know the Common Yoga Protocol beforehand and would have practised the asanas before attending the June 21 event.
 
The asanas are divided into different sections, beginning with the loosening up exercises, like neck bending and body twisting. The second section of asanas done in Standing Posture comprises six yoga exercises, including Tadasana or palm tree posture, and Vriksasana or the tree posture.
 
The third section is of Sitting Postures, with five asanas, including Sasankasana, or the hare posture and Vakrasana, or spinal twist posture. Then comes three Prone Postures, including Bhujangasana or the Cobra Posture. This is followed by the Supine Postures, which comprises three asanas, including the difficult Setubandhasana or the bridge posture, Pavanmuktasana or wind releasing posture and finally Savasana or the dead body posture. Breathing exercises like Kapalbhati and Pranayama follow, then a spot of dhyan or meditation, and finally the Shanti Path.
 
A two-day international yoga conference will be held in Delhi following the event.
 
It is estimated that 250 million people around the world practice yoga, over 20 million of them in the US. June 21 is also the Summer Solstice day in the northern hemisphere when the daylight hours are the longest.

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Missing Malaysian tanker found in Cambodian waters
A fuel-laden Malaysian tanker that "disappeared" off the east coast of Johor state on June 11, has been detected, repainted and renamed, in Cambodian waters, a naval officer said on Thursday.
 
The "MT Orkim Harmony", carrying 6,000 tonnes of petrol is being tailed from the air by Royal Malaysian Air Force (RMAF) aircraft, Malaysian Maritime Enforcement Agency (MMEA) and the Royal Australian Air Force (RAAF), the Malaysian Navy chief, Admiral Abdul Aziz Jaafar said.
 
"We have found the vessel and the RMAF, MMEA and RAAF aircraft are tailing it from the air," he told Bernama news agency.
 
Admiral Abdul Aziz said the tanker had been repainted and renamed.
 
The MT Orkim Harmony went missing at 8.57 p.m. on June 11 as it was ferrying petrol from Melaka on the west coast of Peninsular Malaysia to Kuantan on the east coast.
 
The vessel had 22 crew on board, 16 of them Malaysians and the rest Indonesians and Myanmarese.

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