Nifty, Sensex likely to rally – Weekly closing report
Nifty can rally till 8,100 as long as it does not go below the last week’s low of 7,841
The S&P BSE Sensex closed the week that ended on 26th September at 26,626 (down 464 points or 1.71%), while the NSE's CNX Nifty ended at 7,969 (down 153 points or 1.88%). Last week, we had mentioned that the Nifty may rally haltingly and it is likely that the index may cross 8,200 but may be brought down by selling.
As we had anticipated, the Indian market opened weak on Monday only to gather momentum by the end of the session, making the Nifty close in the positive for the fourth consecutive session. Nifty closed at 8,146 (up 25 points or 0.31%). One of the highlights of the day was the CBI telling a special court that it would not file further final reports for the time being in any coal blocks allocation scam case as the Supreme Court has restrained it from doing so.
The upmove came to a pause on Tuesday against what we anticipated on Monday. Nifty closed sharply at 8,018 (down 129 points or 1.58%). There was news of the Delhi government announcing up to 20% increase in circle rates. The circle rates are minimum rates below which a property cannot be registered. It forms the basis of stamp duty and registration charges for property.
The weakness on the bourse continued on Wednesday. Nifty closed at 8,002 (down 15 points or 0.19%). The Supreme Court scrapped all but four of the coal blocks allocated between 1993 and 2010, which the court had termed illegal earlier. The bench also directed the companies, which were allocated coal blocks but had not operationalised them, to pay compensation to the government for the loss of exchequer.
On Thursday, Nifty closed at 7,912 (down 91 points or 1.13%). The Cabinet Committee on Economic Affairs once again deferred a decision on revising gas prices. It has been deferred for a third time in view of next month's assembly elections in Maharashtra and Haryana.
Prime Minister Narendra Modi on Thursday launched the 'Make in India' campaign which is aimed at making the country a global manufacturing hub.
With the news on S&P raising the outlook for India on Friday, Nifty broke three days of negative move and closed at 7,969 (up 57 points or 0.72%). S&P raised the outlook for India to "BBB-minus" rating, back to "stable" from "negative". It also said it could raise India's rating if the growth in the economy reverted back to a real per capita gross domestic product of 5.5% per year, and if its fiscal, external and inflation metrics improve.
The Reserve Bank of India will undertake its fourth bi-monthly monetary policy review on 30 September 2014.
For the week, among the other indices on the NSE, the only top performer was FMCG (2%), while the worst two performers were Realty (9%) and Smallcap (7%).
Among the Nifty stocks, the top five gainers were ITC (3%); HCL Technologies (2%); ONGC (2%); Hindustan Unilever (2%) and Mahindra & Mahindra (1%), while the top five losers were Jindal Steel & Power (13%); BHEL (9%); PNB (9%); Tata Steel (7%) and Asian Paints (6%).
Of the 1,464 companies on the NSE, 197 companies closed in the green, 1,257 companies closed in the red while 10 companies closed flat.
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:


IIPM restrained from offering MBA, BBA courses, publishing advertisement

IPM and Arindam Chaudhuri are directed by Delhi HC not to offer MBA or BBA courses as well as refrain from publishing advertisement as management and business school


The Delhi High Court has asked Arindam Chaudhuri and his Indian Institute of Planning and Management (IIPM) not to offer management courses like Master in Business Administration (MBA) and Bachelor of Business Administration (BBA). The HC also restrained IIPM from publishing advertisements as a management and business institute.


The High Court also slapped a cost of Rs25,000 on IIPM for misleading students by claiming to be a B-school even though it is not recognised by any statutory body including All India Council for Technical Education (AICTE).


In the verdict, Chief Justice G Rohini and Justice Rajiv Sahai Endlaw, said, "IIPM admittedly does not have AICTE approval. It is thus not entitled to run a BBA or MBA course or to advertise itself as conducting any course or programme in management or to advertise itself as a management school or a business school or a B-school."


Chaudhuri and IIPM have been using full page advertisements in several newspapers in an effort to establish itself as premier management school. However, IIPM was never recognised by either AICTE or by University Grants Commission (UGC)


While asking Chaudhuri to prominently display on IIPM website that they are not recognised by any statutory body or authority to offer courses, the Bench said, "IIPM and its management or officials including its dean Arindam Chaudhuri are restrained with immediate effect from using the word 'MBA, BBA, management course, management school, business school or B-school' in relation to the courses or programmes being conducted by them or in relation to the representations if any made to the public."


Earlier in May 2014, the UGC issued a circular informing public at large and students that IIPM was not a a recognised university and cannot award MBA/BBA degrees. "As per Section 22 of the UGC Act, 1956, the IIPM does not have the right to conferring or granting degrees as specified by the UGC under Section 22 (3). It is further clarified for information that IIPM is neither entitled to award MBA/BBA. BCA degree nor it is recognised by UGC," the Commission said in an advertisement dated 18 May 2014.


However, interestingly, IIPM on its website claims that it has never applied to any body. Responding to questions about recognition by AICTE/UGC, the IIPM in its FAQ section says, "IIPM has never sought recognition from any statutory bodies and is proud of its world class course contents. Students bothered about statutory recognition of IIPMs programmes need not apply to IIPM."


The Arindam Chaudhuri-led institute also clarifies that it does offer MBA/BBA degrees. "The value of the IIPM certificate lies in the excellent course content and also placements that IIPM students get year after year and in the number of students who put their faith in the IIPM programme every year. However, students who do the IIPM programme in Planning and Entrepreneurship become eligible for a Post Graduate Degree in Management (comparable to MBA) / Graduate Degree in Management (comparable to BBA) from the International Management Institute in Brussels, Europe," IIPM says on its website.



Madhur Aggarwal

3 years ago

This IIPM has destroyed the lives of so many middle class and upcoming middle class families children who can not get admission In IIMS and lured into World class education fake propaganda.

Were regulatory bodies too weak to discontinue them.

You won;t believe me
- Th IIPM has published Full page ads in leading Newspapers of India- HT and TOI etc.
-SRK has been invited to give lecture in NOIDA campus.
- Almost entire class gets absorbed in IIPM and some people married themselves over there .

Chapter relating to IIPM
the beautiful and the damned siddhartha deb.

This is biggest crime committed in India according to me
Destroyed next generation of country .


3 years ago

Therefore in a huge democratic country like India now huge advertising like IIPM is become punishable now onwards.People misleading or cheating through small scale advt is allowed? Please clarify...

Nifty, Sensex may rally a bit more – Friday closing report

As long as Nifty does not go below today’s level, it can go up to 8,000-8,050


We had mentioned in Thursday’s closing report that we may see the NSE's CNX Nifty enjoy a short bounce back, however, for this it has to stay above the day’s low. On Friday, although the benchmark went below yesterday’s low, it managed to recover from the low and covered up more than half of yesterday’s losses. The upmove got support from Standard & Poor's raising the outlook for India to "stable".

The Indian indices opened Friday lower, S&P BSE Sensex at 26,429 while the 50-share Nifty at 7,886. Sensex managed to recover from the low of 26,220 and reached up to 26,721 while Nifty moved up from the low of 7,842 to 7,993. The benchmarks managed to break past three-day negative trend and closed in the positive. Sensex closed at 26,626 (up 158 points or 0.60%) while Nifty closed at 7,969 (up 57 points or 0.72%). NSE recorded a volume of 103.37 crore shares. India VIX fell 2.78% to close at 12.9275.

S&P raised the outlook for India to "BBB-minus" rating, back to "stable" from "negative". It also said it could raise India's rating if the growth in the economy reverted back to a real per capita gross domestic product of 5.5% per year, and if its fiscal, external and inflation metrics improve.

The Reserve Bank of India (RBI) will undertake its fourth bi-monthly monetary policy review on 30 September 2014.

The Indian government reportedly plans a big cut in diesel prices, while state oil companies are preparing to slash petrol rates ahead of elections, scheduled in Maharashtra and Haryana next month.

Jaiprakash Power Ventures (8.94%), which was the top loser in ‘A’ group on BSE was among the top two gainers in the group on Friday. The company has signed MoU with JSW Energy for selling three operational projects. The announcement comes a day after Jaiprakash Power's proposed sale of three hydro projects to Reliance Power was called off.

Suzlon Energy (4.98%), which has been falling for the past six trading sessions (including today) was the top loser in ‘A’ group on the BSE today. With Friday’s loss, the scrip has crashed 37% since 18 September 2014.

Hindalco (5.25%) was the top gainer in Sensex 30 pack. The company clarified that the cancellation of coal blocks by the Supreme Court is not expected to make a significant impact. Of the four coal blocks allocated, two were not in operation, one supplied to its Hirakud Smelter. According to the company, at a suggested levy of Rs295 per tonne on coal, the total one time impact on the company would be around Rs500 crore. It also said that the only incremental impact because of the cancellation of coal blocks would be on the cost of production at Hirakud smelter starting April 2015. This is not expected to be significant.

Dr Reddy Lab (2.61%) which hit its 52-week high yesterday gave up gains today and was the top loser in Sensex 30 stock.

US indices closed Thursday in the red. Except for Shanghai Composite (0.11%) and Straits Times (0.04%) all the other Asian indices closed in the red. Jakarta Composite (1.32%) was the top loser.

Japan’s annual core consumer inflation eased in August. This is another sign that the Bank of Japan could be forced into additional easing steps to meet its 2% price goal sometime next fiscal year. The core consumer prices, which include oil products but exclude fresh food, rose 3.1% in August from a year earlier.

European indices were trading in the green. US Futures too were trading higher.
In Germany, a sentiment survey released Friday showed that consumer confidence in the economy is expected to deteriorate for a second consecutive month in October. The monthly survey of GfK market research group showed consumer confidence falling to 8.3 points for October from an unrevised 8.6 points in September. Nonetheless, confidence remains "at a good level," GfK said.


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