Stocks
Nifty, Sensex headed sideways with a negative bias – Wednesday closing report
If Nifty decisively crosses 8,530, bulls have a chance
 
We had mentioned in Tuesday’s closing report that Nifty, Sensex are precariously poised and that if Nifty is unable to head above 8,550, it may head lower. The major indices in the Indian stock market recovered to close with marginal gains. Bank Nifty, which had closed higher on Tuesday, failed to sustain its gains and closed lower in today’s trading. 
 
 
The S&P BSE Sensex, which opened at 27,851.81 points, closed at 27,931.64 points -- up 100.10 points or 0.36% from the previous day's close at 27,831.54 points. The Sensex touched a high of 28,021.39 points and a low of 27,721.25 points in the intra-day trade.
 
According to analysts, recovery in rupee value and the Chinese markets supported the domestic exchanges in the day's trade. 
 
Concerns had grown about the Chinese markets, after various efforts by the government, brokerage firms and mutual funds were not able to arrest the fall.
 
Some estimates point out that the continuous slide in the exchanges of the $10-trillion strong economy has wiped off 40%-45% of the entire stock value in the last three months. 
 
The Chinese situation has brightened hopes of a delay in the US rate hike, the decision for which will come in the Federal Open Market Committee (FOMC) meet slated for September 16-17.
 
Higher interest rates in the US are expected to lead the FPIs (Foreign Portfolio Investors) away from emerging markets such as India.
 
Other concerns such as rupee depreciation were off-set by gains in export-oriented stocks like information technology (IT), pharma and fast moving consumer goods (FMCG). These sectors benefit from the Indian rupee's devaluation and fall in commodity costs.
 
The Indian rupee touched a new two-year low of Rs65.44 per dollar during the intra-day trade on Wednesday. Notwithstanding the slide, the rupee gained strength later in trade and closed at Rs65.24 per dollar.
 
Sector-wise, buying was observed in healthcare, consumer durables, capital goods, automobiles and information technology (IT) stocks. However, metals, banks, realty oil and gas and power sectors came under selling pressure.
 
The S&P BSE healthcare index rocketed by 470.17 points, consumer durables index zoomed by 160.37 points, capital goods index augmented by 91.65 points, automobile index gained by 90.31 points and IT index rose by 84.47 points.
 
On the other hand, the S&P BSE metal index was down by 103.51 points, bank index receded by 99.01 points, realty index declined by 14.26 points, oil and gas index lost 10.24 points and power index slipped by 1 point.
 
Major Sensex gainers during Wednesday's trade were: Sun Pharma, up 4.32% at Rs927.25; Lupin, up 2.28% at Rs1,795.35; Wipro, up 2.15% at Rs583.60; Hero MotoCorp, up 1.82% at Rs2,690; and Cipla, up 1.79% at Rs695.90.
 
The major Sensex losers were: Hindalco Inds, down 3.14% at Rs86.30; State Bank of India (SBI), down 2.08% at Rs278.05; Coal India, down 1.96% at Rs356.90; Axis Bank, down 1.13% at Rs554.60; and NTPC, down 0.94% at Rs126.10.
 
The top gainers and losers in the major indices in the stock market are given in the table below:
 
The closing values of major Asian indices are given in the table below:
 

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Is Fadnavis favouring Nagpur region for filling up government job vacancies?
Based on an RTI reply, activist Anil Galgali points out that Konkan and Pune are being ignored, while the government is filling vacancies from Nagpur, and that there is injustice towards women
 
Every Chief Minister (CM) tries to develop his home district, and Maharashtra’s current CM Devendra Fadnavis is no different, reveals a reply received on a Right to Information (RTI) query. According to the reply, received by activist Anil Galgali, Nagpur region is receiving full priority for filling up the government vacancies though it is way down in the list requiring attention. “Possibly due to the favouritism shown by the CM,” says Galgali. 
 
Amravati, Konkan, Pune and Nasik are way above in the list requiring attention as the vacancies are higher in these areas. The CM has now finalised the priority of Nagpur, Amravati, Aurangabad and Nasik in cyclical order to fill up the pending vacancies through direct recruitment or promotions to the posts. This information has been provided by the government to Galgali. In this cyclical process, the regions of Konkan and Pune have been given a short shrift.
 
The RTI activist had filed a query with the state government seeking information about the government resolution (GR) issued on filling up the vacancies for various posts either through direct recruitment or through promotions in the region wise rotation for recruitment. The Under Secretary and Public Information Officer (PIO) in the General Administration Department (GAD) AK Gagare informed Galgali that, the government on 28 April 2015 issued a GR for filling up vacancies in the revenue department for Group A and Group B of gazetted and non-gazetted officers through direct recruitment or through promotions.
 
Prior to the notification, on 3 March 2015, Fadnavis, the CM issued an order in supersession of the Divisional Cadre structure and Divisional Cadre allotment for direct appointment by nomination to the posts of Group A and Group B Gazetted and Non-Gazetted of Government of Maharashtra rules 2010.  At the end of year 2014, vacancies all over state was 13.79%, with Amravati division being the highest at 16.61%, followed by Konkan division at 15.3%, Pune division at 14.18%, Nasik at 13.18%, Nagpur at 12.26%, and Aurangabad division at 11.14%. 
 
“However, the CM gave priority for Nagpur division and issued orders for filling up the vacancies in the rotational order of Nagpur, Amravati, Aurangabad, and Nasik totally overlooking the need of Konkan and Pune divisions. Also, in the order leaving apart category of widows and abandoned women the women recruitment has also been ignored,” Galgali said. 
 
After widespread criticism of the GR, Maharashtra Chief Secretary Swadheen Kshatriya called for a meeting on 21 May 2015, inviting office bearers of 11 different unions.
 
Recruitment through direct nomination and promotions rules of 8 June 2010 was cancelled and the Cabinet approved new rules on 9 April 2015, but the approval of the law department was taken much later. The government further modified its order in the cabinet meeting held on 16 June 2015, in which the  postings of spouses in the same place, persons with three years pending for retirement was left out, and the implementation of the order for police and sales tax department was stayed for one year.
 
RTI activist Anil Galgali has questioned the motive of CM Devendra Fadnavis on according priority to some divisions when there are widespread vacancies all over the state. Also, the priority should be given to areas where there are a higher percentage of vacancies in a simple understanding policy, giving priority for Nagpur over Konkan and Pune divisions, where the ratio of vacancy is higher amounts to injustice stated Galgali. 
 
In a letter addressed to the CM and CS, Galgali demanded that equal Justice should be applied to all divisions.
 
There were 1,30,251 posts vacant in the state.
 
“The vacancies in the end of year 2014 all over state were 1,30,251 out of 9,44,713 jobs in six division with Konkan division being the highest at 32,703. There were 8,14,462 staff working throughout the six divisions. There are 27,040 vacancies in Pune, 18,400 in Amaravati, 18,300 in Nasik, 18,256 in Aurangabad and 15,552 in Nagpur division. Why are the facts and figures being ignored by the Chief Minister is a question,” says Galgali.

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11 payment banks get in-principle approval
The list includes Reliance, Post Office and two telecom companies 
 
RBI (Reserve Bank of India) has given in principle approval to 11 applicants for payment banks under the guidelines for Licensing of payments banks issued on 27 November 2014.
The list includes:
  1. Aditya Birla Nuvo Limited
  2. Airtel M Commerce Services Limited
  3. Cholamandalam Distribution Services Limited
  4. Department of Posts
  5. Fino PayTech Limited
  6. National Securities Depository Limited
  7. Reliance Industries Limited
  8. Dilip Shantilal Shanghvi (Sun Pharma)
  9. Vijay Shekhar Sharma (Paytm)
  10. Tech Mahindra Limited
  11. Vodafone m-pesa Limited
After announcing the monetary policy on 4th August, Reserve Bank of India (RBI) governor Dr Raghuram Rajan had said that the Reserve Bank had received recommendations from the external advisory committees and it would announce the names of companies that have won the first lot of licences for payments and small finance banks by the end of this month.
 
About 41 companies had applied for the permit, the RBI said, adding, "some of the entities which did not qualify in this round could well be successful in future rounds."
 
Payments banks can accept deposits of up to Rs1 lakh and can offer current and savings account deposits. They can also issue debit cards and offer internet banking. But they are not allowed to lend or issue credit cards.

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