Stocks
Nifty, Sensex in uncharted territory – Weekly closing report
The indices have made an all-time high and will continue to drift higher
 
The S&P BSE Sensex closed the week that ended on 31st October at 27,866 (up 1,015 points or 3.78%), while the NSE's CNX Nifty ended at 8,322 (up 308 points or 3.84%). Last week, we had mentioned that Nifty and Sensex will struggle to make fresh highs. However, contrary to our anticipation, the benchmarks closed the week at their life time highs.
 
The indices on Monday however, opened higher and immediately fell. Nifty closed near the day’s low. Nifty closed at 7,992 (down 23 points or 0.29%).
 
On Tuesday, the market closed in the positive following the surge witnessed on the bourses at around 1.40 pm. Nifty closed near the intra-day high at 8,028 (up 36 points or 0.45%). Data from China's statistics bureau showed profits as China's industrial companies grew 0.4% last month, compared with a 0.6% drop in August.
 
On Wednesday market moved higher, in line with its Asian counterparts. Nifty closed at 8,090 (up 63 points or 0.78%). Moody's retained its negative outlook on  India’s banking system, citing high leverage in the corporate sector that may prevent any meaningful recovery in asset quality.
According to a latest survey by Nielsen, India remained the most bullish consumer market, while Italy became the most pessimistic.
 
NSE witnessed huge volume with the October futures and options expiry on Thursday. US Federal Reserve's statement at the conclusion of its meeting on Wednesday showed more confidence in American economic growth prospects and the Indian government announced relaxation of rules for foreign investment in property development and construction, these factors boosted the market sentiments and the Nifty closed at 8,169 (up 79 points or 0.97%).
 
Global credit rating agency Moody's Investors Service said that the Government of India and the Reserve Bank of India's recent economic, fiscal and financial measures will, if successfully implemented, sustain higher GDP growth and address some of the constraints on India's sovereign credit profile.
 
Strong stimulus by Japan fuelled a global rise in indices on Friday. Positive US economic data posted on Thursday also supported the current positive move. Nifty closed at 8,322 (up 153 points or 1.87%).
 
Fiscal deficit touched 82.6% of the budget estimates for 2014-15 to cross Rs 4.38 lakh crore at the end of September. During the same period of the 2013-14 fiscal, the deficit was at 76% of the budget estimates.
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 
 

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Nifty, Sensex to head higher – Friday closing report
Strong stimulus by Japan today has fuelled a global rise in stocks, which should continue
 
We had mentioned in Thursday's closing report that the indices may try to push further higher. Today the benchmark opened higher and then continued moving higher for the entire session today.
 
Sensex opened at 27,439 while Nifty opened at 8,201. Hitting the intra-day low at almost the same level, the benchmark began its onward journey. At the close of the session the benchmarks hit their intra-day high at 27,894 and 8,331. Sensex closed at 27,866 (up 520 points or 1.90%), while Nifty closed at 8,322 (up 153 points or 1.87%). NSE recorded a volume of 107.74 crore shares. India VIX rose 0.22% to close at 13.2950.
 
The Finance Minister pointed out among other things that the senior officers of the Central Board of Direct Taxes (CBDT) should not lose sight of domestic black money keeping in view of its much higher magnitude, while speaking at a Review Meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners and Directors General of Income Tax in order to assess and analyse the achievements of the Budget Targets for Revenue Collections for the Financial Year 2014-15. He asked the senior officers of the income tax department to make their best efforts to chase those sectors where the domestic black money is most prevalent. He said that the recovery of black money and taxes due thereon will also help the department in achieving its tax collection targets.
 
Favourable steps taken by the government for property development and the construction sector helped the market move higher.
 
Fiscal deficit touched 82.6% of the budget estimates for 2014-15 to cross Rs 4.38 lakh crore at the end of September. During the same period of the 2013-14 fiscal, the deficit was at 76% of the budget estimates.
 
Hindustan Construction (11.64%) was among the top two gainers in ‘A’ group on the BSE. The company could stand to gain on the exchange in spite of posting poor net profit performance in its September 2014 quarter over the year ago period.
 
Titan (6.39%) was the top loser in ‘A’ group on the BSE. The stock hit its 52-week low on Thursday. It posted a net profit of Rs 239.98 crore for the September 2014 quarter as compared to Rs 186.65 crore in the September 2013 quarter. Revenue increased from Rs 2,328.97 crore to Rs 3,593.07 crore for the relevant period.
 
GAIL (3.83%) was among the top two gainers in the Sensex 30 pack. The stock hit its 52-week high today. It posted a net profit of Rs 1,302.90 crore for September 2014 quarter as compared to Rs 915.67 crore for September 2013 quarter. Revenue has increased from Rs 14,002.45 crore to Rs 14,129.72 crore for the relevant period.
 
Bharti Airtel (2.26%) was the lone loser in the Sensex 30 stock. The company has posted good net profit performance in its September 2014 quarter over the year ago period.
 
US indices closed in the positive on Thursday.
 
Among economic data in US, US GDP rose an annualized 3.5% in the three months ended September, after a 4.6% gain in the second quarter, a Commerce Department report showed yesterday. Separate data yesterday showed fewer Americans filed applications for unemployment benefits over the past month than at any time in more than 14 years.
 
All the Asian indices closed in the green. Nikkei 225 (4.83%) was the top gainer.
Bank of Japan (BOJ), after a monetary policy review today, unexpectedly boosted its unprecedented monetary easing.
 

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Devendra Fadnavis sworn in as the first BJP CM of Maharashtra

Governor Vidyasagar Rao administered the oath to Devendra Fadnavis in the presence of PM Modi, Amit Shah, L K Advani and senior leaders of the BJP and Congress Party in Maharashtra.

 

Devendra Fadnavis was officially sworn in as the Chief Minister of Maharashtra, at the Wankhede Stadium today. In a grand ceremony designed and executed by Nitin Desai, Fadnavis became the first BJP leader to become the CM of Maharashtra.

 

The elaborate ceremony included entertainment as the guests walked in, stories of leaders such as Shivaji and other Maratha warriors told by Marathi Baana performers.

 

Uddhav Thackeray was present on stage as Fadnavis took oath; Thackeray agreed to attend the ceremony only at the last minute, at the personal invitation of Amit Shah and Fadnavis.

 

Of the over 5,000 VIPs in attendance, there were statutory dignitaries, MLAs, MLCs, MPs, Consul Generals etc. A separate section housed Bollywood celebrities, sports stars and businessmen.

 

The BJP also had 25 lotuses in fishing boats off Marine Drive. The concept was based on former PM Atal Behari Vajpayee’s 1980 poem, in which he said that, he would like to see the lotus blooming in the field of politics one day.

 

Other than the CM, 7 other Cabinet Ministers and 2 Ministers of State were also sworn in. Following the swearing-in of the ministers, the new CM took a victory lap of the stadium along with his senior ministers.

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