Stocks
Nifty, Sensex in an uptrend; Bank Nifty subdued - Wednesday closing report
Nifty uptrend will remain intact until it closes below 8,450
 
We had mentioned in Tuesday’s closing report that only a close below 8,420 may mean a short decline for Nifty. In Wednesday’s trading, Nifty and Sensex closed with healthy gains while Bank Nifty was subdued. 
 
 
Expectations of a rate cut by the Reserve Bank of India and cheaper oil imports from Iran cheered investor sentiments which led a barometer index of the Indian equity markets to gain more than 265 points on Wednesday.
 
The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) closed the day's trade up by more than 265 points or 0.95%. The Sensex, which opened at 28,022.14 points, closed at 28,198.29 points, up 265.39 points or 0.95% from the previous day's close at 27,932.90 points. It touched a high of 28,218.37 points and a low of 27,986.48 points in the intra-day trade. The wider 50-scrip Nifty of the National Stock Exchange (NSE) closed 70 points or 0.82% up at 8,523.80 points.  
 
"Today's gains were made on the back of hopes that the Reserve Bank of India (RBI) will cut rates in its upcoming monetary policy review in August," Anand James, co-head, technical research desk, Geojit BNP Paribas, told IANS.
 
According to James, data points such as the Index of Industrial Production (IIP), Consumer Price Index (CPI) and Wholesale Price Index (WPI) have come in line with estimates. 
 
These data points coupled with a good monsoon have renewed hopes of an RBI rate cut in August. 
 
On July 10, the IIP showed a slowdown to 2.7% for May - against 4.1% in April.
 
On Monday, official data on Consumer Price Index (CPI) showed a rise in India's retail inflation to 5.40% in June, while the Wholesale Price Index (WPI) continued in the negative territory in June, falling to (-)2.4%.
 
"Another factor for the healthy buying is the Iran nuclear deal. The deal is important for India as it can now import more oil from Iran on cheaper rates and increase its exports of pharmaceutical and other products to that country," James added. 
 
Industry experts foresee oil prices to plunge -- as and when Iran resumes exporting oil at the pre-sanction levels. The Middle East state is believed to have around 25-30 million barrels of oil ready for exports.
 
After Tuesday's volatility, Brent index stood at $58.51 and the West Texas Intermediate (WTI) gained to $53 per barrel on Wednesday. The WTI had fallen to $44 per barrel on Tuesday.
 
Gaurav Jain, director with Hem Securities, said: "Markets closed on strong note as international oil prices will come down with the imminent lifting of sanctions against Iran and India will be one of the beneficiaries."
 
Jain cited that India is the world's fourth largest oil consumer and also the second biggest buyer of Iranian oil after China. 
 
"Strong rupee and continued buying interest by foreign portfolio investors has lifted the sentiment of the market," James added.
 
Sector-wise, the majority of the 12 sectoral indices of the S&P BSE closed higher, except the consumer durables index.
 
The S&P BSE automobile index zoomed by 249.27 points, healthcare index augmented by 169.26 points, the information technology (IT) index jumped by 124.51 points, capital goods index was higher by 78.98 points, and technology, entertainment and media (TECK) index rose by 60.23 points.
 
However, consumer durables index fell by 132.43 points. The major Sensex gainers during Wednesday's trade were: Maruti Suzuki, up 2.63% at Rs.4,155; Tata Motors, up 2.22% at Rs.394.30; Wipro, up 2% at Rs.577.85; Tata Consultancy Services (TCS), up 1.87% at Rs.2,546.25; and Mahindra and Mahindra (M&M), up 1.82% at Rs.1,292. The major Sensex losers were: Tata Steel, down 0.35% at Rs.280.70 and State Bank of India (SBI), down 0.11% at Rs.268.30.
 
Among the Asian markets, Japan's Nikkei was up by 0.38%, but China's Shanghai Composite Index plunged by 3.02%, and Hong Kong's Hang Seng declined by 0.26%.
 
In Europe, the London FTSE 100 index was up by 0.19%, the French CAC 40 was higher by 0.18%, and Germany's DAX Index gained by 0.15 percent at the closing bell here.
 
The top gainers and losers in the shares in the major indices are given in the table below:
 
 
The closing values of Asian stock market indices are given in the table below:
 
 
Among European indices, DAX was at 11,530.49, up 0.12% and FTSE 100 was at 6,762.29, up 0.13%. Greek stock market and banks were still closed. 

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COMMENTS

Sundararajan

2 years ago

what's found subdued on wednesday, raising at faster rate on thursday --!!!!!!

BSE cracks down on 530 companies without a woman director
Stock exchange BSE has cracked the whip on 530 companies that have not appointed a woman director, asking them to pay up the fine for non-compliance, said an official.
 
"We have sent notices to 530 listed companies out of 4,262 companies that are eligible for trading. The total number of companies that are listed in BSE are 5,712 and out of them 1,450 have been suspended," the official, who didn't want to be named, told IANS over phone from Mumbai.
 
According to him, the BSE till date has issued advisory letters to 530 companies regarding levy of fines for non-appointment of women directors.
 
Markets regulator Securities and Exchange Board of India (SEBI) had stipulated listed companies should have at least one woman representative on their board. Several of the companied met the SEBI deadline of March 30 by finding suitable persons and some by appointing close relatives of promoters.
 
However, industry watchers said the BSE action will not be very effective. 
 
"The penalty amount is very low and is not a deterrant for non-compliance," Prime Database managing director Pranav Haldea told IANS over phone from New Delhi.
 
According to SEBI, listed companies that comply with the norm between April 1-June 30 would be levied a fine of Rs.50,000.
 
For companies that comply with the stipulation between July 1-September 30, the fine will be a total of Rs.50,000 plus Rs.1,000 per day from July 1 till the date of compliance.
 
For listed companies that appoint women directors on or after October 1, the fine is Rs.142,000 plus Rs.5,000 per day from October 2015 till the date of compliance.
 
For any non-compliance beyond September 30, SEBI may take any other action, against the non-compliant entities, their promoters and/or directors or issue such directions in accordance with law, as considered appropriate.

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Sports stars take the moolah, others left penniless in Haryana
The revelation has come from Haryana's sports department itself before the Punjab and Haryana High Court
 
Encouraging medal-winning international sports stars from Haryana is seeing other sportspersons in the state losing out.
 
The revelation has come from Haryana's sports department itself before the Punjab and Haryana High Court.
 
The Haryana government, which has been showering largesse on medal winners of international sporting winners, has admitted that all funds have been exhausted in giving cash rewards and other prizes to winners of Commonwealth Games and other events. It has further admitted that release of money to other international, national and state-level athletes has not been done for want of funds.
 
Bhupinder Singh Hooda's previous Congress government in Haryana (2005-2014), under its policy of promoting sports, had given away millions of rupees to sports stars from the state who won medals at the Olympics, the Asian Games and the Commonwealth Games.
 
The admission by the state government came in response to a public suit filed by high court lawyer H.C. Arora. The petition had sought directions to the state government to release cash awards to medal winners at state- and national-level championships.
 
"The budget for giving cash awards to sportspersons was exhausted on medal winners of the CWG. The proposal for giving cash awards to medal winners of state/national/international competitions is pending for approval of the higher authorities and money would be disbursed after getting the go-ahead," Haryana's additional director-sports O.P. Sharma told the high court in an affidavit.
 
The petitioner had pointed out the cases of athletes Sudesh, Poonam, Ritu and Sheetal of Kaithal, who had won medals in national and state level School Games in 2013-14 and were entitled to cash awards of Rs.15,000, Rs.10,000 and Rs.7,000 for gold, silver and bronze medals respectively. They were also entitled to a monthly scholarship.
 
The petition pointed out that the families of the medal-winning athletes did not have a sound financial status and the players had to spend money from their own pockets to participate in sporting events.
 
Hooda had distributed huge cash rewards, given jobs in police and other departments and distributed luxury cars like Audis and SX-4s, smartphones, land for sports academies, stadiums for villages of sportspersons and hundreds of kilograms of 'desi ghee'.
 
Between 25 and 30 percent of all medal-winning sportspersons for the country in the Olympics, Asian Games and Commonwealth Games in recent years had a Haryana connection.
 
In the 2010 Delhi Commonwealth Games, out of 101 medals won by India, 35 were claimed by players from Haryana. In the 2014 Glasgow CWG, out of India's 64 medals, 22 were bagged by Haryana players.
 
In the 2012 London Olympics, the 83-member Indian contingent had 19 players from Haryana. Out of the six medals (2 silver, 4 bronze) won, Haryana's players bagged four.
 
Boxers like Vijender Singh, Akhil Kumar and Jitender Kumar, wrestlers like Sushil Kumar, Yogeshwar Dutt and discuss thrower Krishna Punia are all from Haryana.
 
Even players from other places like wrestler Sushil Kumar (Delhi), badminton ace Saina Nehwal (Hyderabad) and shooter Gagan Narang (Hyderabad), who had family connections with Haryana, benefitted from the cash and other rewards.
 
Hooda, who himself is a badminton and tennis enthusiast and plays regularly, did not miss any opportunity to honour sportspersons.
 
His government enhanced cash rewards for winners of gold, silver and bronze medals in the next Olympic Games to Rs.5 crore, Rs.3 crore and Rs.2 crore . The rewards were also enhanced for the Asian Games and the Commonwealth Games.
 
In the past decade, 14,901 sportspersons got cash rewards of nearly Rs.82 crore from the Hooda government, while Rs.700 crore was spent on sports and sportspersons in this period.

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