Stocks
Nifty, Sensex highly overbought – Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex have bucked the weakness, and headed higher. The major indices of the Indian stock markets have been on an upswing since Tuesday, but have not sustained all the gains. On Friday, the market was bearish with losses of around 0.85%-0.96% over Thursday’s close. Over the week, the major indices have closed with small gains. The trends of the major indices in the course of the week’s trading are given in the table below:
 
 
Positive global cues and healthy inflow of foreign funds pushed the Indian equity markets to a striking distance of all-time highs by the end of the session on Tuesday as healthy buying was witnessed in all the 19 sub-indices of the BSE, led by stocks of banking, automobile and consumer durables. The BSE market breadth was tilted in favour of the bulls -- with 1,624 advances and 1,126 declines. On the NSE, on Tuesday, there were 938 advances, 524 declines and 60 unchanged. The Indian stock markets were closed on Monday on account of Ganesh Chaturthi.
 
Reliance Capital, a part of the Anil-Ambani-led group, on Tuesday said it has raised $300 million through private placement of debentures with tenures of 5 and 10 years. "The issue size offered was $ 150 million with an option to retain oversubscription by way of a greenshoe option of up to $150 million). The issue was fully subscribed, including the greenshoe option, and will be listed," the company said in a regulatory filing. The company’s shares closed at Rs558.00, up 2.46% on the BSE.
 
Profit booking subdued the Indian equity markets on Wednesday, as the key indices closed the day's trade on a flat note. Selling pressure was witnessed in consumer durables, oil and gas, and finance stocks. The BSE market breadth was tilted in favour of the bulls -- with 1,404 advances and 1,356 declines. On the NSE, there were 801 advances, 807 declines and 68 unchanged.
 
State-run power equipment manufacturer Bharat Heavy Electricals (BHEL) on Wednesday reported a rise of 54.21% in its standalone net profit for the first quarter of 2016-17. The company's Q1 net profit stood at Rs77.77 crore from Rs50.43 crore reported in the corresponding quarter of 2015-16. The company posted a net profit after three consecutive quarters of losses. BHEL’s total income from operations for the quarter under review increased by 28.72% to Rs5,622.46 crore from Rs4,367.70 crore for the corresponding period of last fiscal. Its net sales edged up by 29.03% to Rs5,522.76 crore from Rs4,280.02 crore during the first quarter of 2015-16. According to the company, it has an outstanding order book position of Rs108,000 crore at the end of Q1 2016-17. The company’s shares closed at Rs159.80, up 15.50% on the BSE.
 
Healthy quarterly results, consistent buying by foreign funds and a rise in global crude oil prices buoyed the Indian equity markets on Thursday. The key indices closed the day's trade in the green as healthy buying was witnessed in stocks of healthcare, automobile and consumer durables. However, gains were capped due to profit booking at higher levels and caution ahead of a key global financial event. The BSE market breadth was tilted in favour of the bulls -- with 1,608 advances and 1,151 declines. On the NSE, on Thursday, there were 905 advances, 552 declines and 68 unchanged.
 
ICICI Bank on Thursday became the first bank in India to deploy ‘software robots that emulate human action, in its over 200 business processes thereby reducing the response time to customers by up to 60%. "We have re-engineered over 200 business processes which are powered by software robots across various functions of the bank. We plan to more than double the software robots to over 500 by end of this fiscal," Chanda Kochhar, MD and CEO, ICICI Bank, said. 
 
According to the Federal Reserve’s Beige Book released in the afternoon, reports from the twelve Federal Reserve Districts suggest that national economic activity continued to expand at a modest pace on balance during the reporting period of July through late August. "Labour market conditions remained tight in most districts, with moderate payroll growth noted in general. Price increases remained slight overall," said the Beige Book. The Fed has been in focus recently, with investors pondering over when the US central bank will decide to raise interest rates. The Federal Open Market Committee, the Fed's monetary policy arm, is set to meet on September 20-21. On the economic front, the number of job openings increased to 5.9 million on the last business day of July, the US Labour Department reported on Wednesday.
 
Profit booking, coupled with negative global markets and lower crude oil prices, dragged down the Indian equity markets during the mid-afternoon trade session on Friday. The BSE market breadth was tilted in favour of the bears -- with 1,470 declines and 1,113 advances. Initially on Friday, the benchmark indices opened in the red due to negative Asian markets. Besides, caution ahead of the release of key macro-economic data such as the factory output -- Index of Industrial Production (IIP) -- for July and inflation figures for August weighed heavy on the indices. In addition, depreciation in the rupee's value dampened investors' sentiments. Negative global markets due to ECB's (European Central Bank) decision not to inject more liquidity and profit booking led the equity markets to trade lower, pointed out market analysts.

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Beware: OneCoin luring Indians by selling tokens for cryptocurrency
Just last week, Sanjay Saxena, the Joint Commissioner of Police at Mumbai told a packed audience at a Moneylife Foundation seminar that if you have lost money to a get-rich-quick scheme, then the only thing to blame is your greed as basic human nature and weaknesses does not change. Despite the fiasco of BitCoin and several other cryptocurrencies, one more virtual cryptocoin OneCoin is being aggressively marketed in India under the pretext of selling educational material and ‘once in a lifetime opportunity’.
 
According to information received from sources, several intelligent and influential people involved in this 'business' are approaching others under the pretext of offering 'future of payments'. Authorities from many countries like Bulgaria, Finland, Sweden, Norway and Latvia have warned citizens of potential risks involved in business like OneCoin.
 
OneCoin is marketed as a virtual cryptocoin, based on cryptocurrencies, but without an actual public and transparent blockchain. This is promoted by OneCoin Ltd, an offshore Gibraltar company led by Bulgarian Ruja Ignatova. As usual with several multilevel marketing (MLM) and money circulation operators, OneCoin also says it does not sell any cryptocoin but education material for trading. Members buy educational packages ranging from 100 euros to 25,000 euros and each package includes tokens, which can be assigned to "mine" OneCoins. 
 
According to Wikipedia, OneCoin is said to be mined by servers at two sites in Bulgaria and one site in Hong Kong. In a typical OneCoin recruiting meeting most of the time recruiters talk about investing in cryptocurrency and the educational material is barely even mentioned.
 
Talking about the hype and commotion around OneCoin, a report from UK-based Mirror says, "The audience was tempted with a Special Combo Package. You get 506,000 tokens, and six splits turn them into 32 million tokens. The cost was roughly £28,000 and those splits would turn that into £1.2million. And that’s also even if OneCoin doesn’t increase in value – that financial miracle again."
 
"OneCoin members even have a little sign they make to each other, holding their thumb and forefinger to make a circle. Maybe it’s meant to symbolise a coin. It certainly added to the feeling that this was more of a cult than a sound financial institution. To me the sign looked like the number zero – which happens to be the amount I would invest," the report by Andrew Penman says.
 
Earlier in July, Financial Services and Markets Authority (FSMA) from Bulgaria issued a warning about OneCoin stating that OneCoin has not received any form of recognition whatsoever from the Authority. "The same is true of the persons who are promoting OneCoin. They do not hold any authorisation or any other form of recognition from the FSMA," the Bulgarian Authority added.
 
In an article, Insidebitcoins.com says OneCoin is raising a lot of questions and providing next to no answers. "And the answers we can deduct point to OneCoin being a major MLM scheme are an attempt to lure in people with the words 'cryptocurrency' and 'Bitcoin'. All the while having nothing to do with either, by the looks of it. Use this website at your own risk," it concludes.

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COMMENTS

Muhammad Tauseef Ashiq

8 months ago

Being Invester of one coin, I have not noticed any fraudulent behaviour, the founder of one coin Dr.Ruja is herself devoted to more success this cryptocurrency. Few rumours are expected to prove this un_legitimate crypto currency. people's did Rumours same it is about Bitcoin coin.

REPLY

Sanj

In Reply to Muhammad Tauseef Ashiq 8 months ago

You sound like you have a vested interest. Usually when one is being cheated one doesn't expect the cheater to put a board on his or her forehead that he/she is a cheater!

Tim Tayshun

8 months ago

https://news.bitcoin.com/beware-definitive-onecoin-ponzi/#comments

Please read my very in depth, heavily researched and well referenced investigative report on the OneCoin scam and the history of its scammer founders and co-conspirators.

Not cited in that report is the fact that Onecoin CEO, Ruja Ignatova was convicted of fraud for embezzling money from her own employees and suppliers, as well as fraudulent accounting practices aimed at fraudulently bankrupting the company. She plead guilty to 24 counts of fraud this March in German court and was issued a suspended sentenced of 14 months probation and ordered to pay restitution for her theft to the Waltenhofen Gusswerks victims and suppliers she employed.

Cancel all Section 66A matters: MP Rajeev Chandrasekhar urges the PM
Rajeev Chandrasekhar, the independent Member of Parliament (MP), through a letter has urged Prime Minister Narendra Modi to immediately cancel all matters pertaining to Section 66A of the Information Technology Act and inform all police forces and courts across the country about the March 2015 judgement of the Supreme Court. 
 
Mr Chandrasekhar, who was amongst the petitioners that moved Court on the issue in 2013, noted that arrests under Section 66A increased despite the apex court's verdict in March last year. He sent a letter to the PM highlighting points to a disconnect between the verdict of the apex court, police and lower courts.
 
Last year in March, the Supreme Court struck down the 'draconian' Section 66A of the IT Act, guaranteeing citizens fundamental right to freedom of speech and expression. Section 66A of the IT Act has been repeatedly abused by powerful politicians, political parties and their followers to silence critics and violate human rights through abuse of the draconian power to arrest and jail those who speak their minds, especially on social media.  
 
Mr Chandrasekhar stated that this battle to uphold citizens' freedom of expression on the internet was a "long and arduous fight" and that the near doubling of charge sheets under the section in 2015. He also noted that 575 people currently "languish in jail" after arrests that are "illegal and void". 
 
The examples of misuse of Section 66A by politicians are many. In 2012, two young girls were arrested and terrorised by a mob for a harmless Facebook post criticising the shutdown of Mumbai for the funeral of Shiv Sena supremo Balasaheb Thackeray. One of them had merely ‘liked’ the post.
 
The two girls were first booked under Indian Penal Code (IPC) sections 295A (hurting religious sentiments). When it was realised the Shiv Sena is not a religious group the girls section 295A was dropped and section 505(2) (promoting enmity or ill-will between classes) and section 66A were applied.
 
Karti Chidambaram, son of former Union minister P Chidambaram, had a Puducherry businessman arrested at night for some posts on Twitter. This case, too, had sparked outrage on social media. Section 66A has even been applied with other provisions of the Indian Penal Code for cases involving cyber-squatting and impersonation.
 
Calling attention to how these arrests were contrary to the Digital India vision, MP Chandrasekhar observed, "these illegal arrests are sending a completely contrary message to India's citizens. If we are indeed serious about transforming India into a "Digitally Empowered Society and Knowledge Economy", then our institutions and policies must back this intent by aligning to this goal. The current data, however, points to a disconnect between the verdict of the apex court, the police and the lower courts, and may give citizens the impression that this government too, like the United Progressive Alliance (UPA), is keen on playing big brother." 
 

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