Stocks
Nifty, Sensex may be range bound; Bank Nifty still weak – Wednesday closing report

Nifty has been trendless. Trend may emerge after the budget 

 

We had mentioned in Tuesday’s closing report that NSE’s CNX Nifty and Bank Nifty continue to remain weak but the chances of a further fall will reduce, if Nifty closes above 8,800 and Bank Nifty above 19,200. Nifty opened Wednesday above the level of 8,800 and moved further higher to hit a higher high. The 50-share benchmark then moved in a range upto around 1.50pm, after which it started moving lower. After trading near the Tuesday’s closing level for more than an hour, the benchmark closed Wednesday marginally higher.
 
S&P Sensex opened at 29,115 while Nifty opened at 8,802. Sensex reached up to 29,270 while Nifty hit a high at 8,841. The indices did not breach Tuesday’s low. Sensex hit a low at 28,968 while Nifty moved down to 8,751. Sensex closed at 29,008 (up 3 points or 0.01%) while Nifty closed at 8,767 (up 5 points or 0.06%). NSE recorded a volume of 80.97 crore shares. India VIX fell 3.60% to close at 20.7750. Bank Nifty fell 0.80% to close at 18,733. The February futures & options segment expire on Thursday. 
 
The railway budget for 2015-16 will be presented by Minister Suresh Prabhu on Thursday, while the Economic Survey will be out on Friday.
 
The Ministry of Petroleum & Natural Gas, after trading hours Tuesday, said that Shashi Shankar, Director (T&FS), ONGC has committed gross misconduct while dealing with a tender for Procurement of Twenty One Blowout Preventers (BOP). Taking strong note of the lapses the government on 23 February 2015, he ordered suspension of Shankar with immediate effect to ensure fair and transparent inquiry.
 
The Rajya Sabha Tuesday passed the Public Premises (Eviction of Unauthorised Occupants) Amendment Bill, 2014 that seeks to empower Delhi Metro Rail Corporation, other Metros, Public Transport Companies, Companies of Delhi Government, New Delhi Municipal Council and successors to Major Port Trusts to get their properties and premises evicted of unauthorised companies in a speedy manner. This Amendment Bill was already approved by the Lok Sabha during the monsoon session of Parliament.
 
Rating agency Moody's Investors Service said its assessment of India's credit ratings will be determined mainly by the extent of the country's fiscal reforms, and not on recent revisions to its economic growth data. The rating agency said that rising private external debt levels and banking sector challenges will continue to pose sovereign credit risks to India. Moody's rates India at "Baa3", the lowest investment grade rating, with a "stable" outlook.
 
There is huge anticipation that the Indian government will rationalise excise duty structure for the cement sector.
 
The union government is likely to cut its annual fertiliser subsidy by 4% to around Rs70,000 crore in its budget proposals for fiscal year 2015-16, two government sources with knowledge of the matter told media. The government's push to locally manufacture defence equipment sees the sector can fetch close to $17 billion from exports. Recently the government increased FDI in the sector to 49%.
 
The government has said that it has initiated the process of developing four airports through public private partnership mode but there was no move to privatise them as of now.
 
Coming back to Indian stock markets, Siemens (5.40%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today.
 
Central Bank of India (8.07%) was the top loser in ‘A’ group on the BSE. The stock hit its 52-week high yesterday. HDFC (2.43%) was the top gainer in the Sensex 30 pack. Dr Reddy’s Lab (2.48%) was the top loser in the pack.
 
US indices closed Tuesday in the green.
 
Federal Reserve Chairwoman Janet Yellen signalled to financial markets that the Fed would soon drop the word “patient” from its forward guidance.  She also mentioned that the outlook of inflation will be the deciding factor of when the Fed will hike rates for the first time since 2006.
 
US services sector expanded in February 2015 at its fastest pace since October, according to a preliminary reading from financial data firm Markit. US consumer confidence fell more than expected in February 2015 from a multi-year high, according to industry group the Conference Board.
 
Asian indices showed mixed performance. NZSE 50 (2.09%) was the top gainer while SET Composite index of Thailand (0.58%) was the top loser.
 
The preliminary HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, rose to 50.1 in February compared with a final reading of 49.7 in January, HSBC Holdings PLC said today.
 
European indices were trading lower. US Futures were trading flat.
 
Eurozone finance ministers yesterday backed new reforms proposed by Greece in
exchange for a four-month financial lifeline that will keep the country afloat and in the single currency for the time being.
 

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Kejriwal govt cuts power tariff by 50% for up to 400 units in Delhi
Besides the cut in power tariff, the AAP government would also supply 20,000 litres of free water for every household per month in Delhi
 
The Arvind Kejriwal-led Delhi government on Wednesday slashed power tariff by 50% for consumption of up to 400 units per month. The move would benefit around 90% of the families in the national capital.
 
The decision was taken at a Cabinet meeting presided over by Chief Minister Arvind Kejriwal. The cut in tariff will be effective from Sunday.
 
Deputy Chief Minister Manish Sisodia also announced that the Government will also provide 20,000 litres of free water to every household per month.
 
However, water tariff will be charged if the consumption limit exceeds 20,000 litres. The free water scheme will come into force from 1st March.
 
Sisodia said consumers getting free water will not be required to pay for sewer charges.
 
On the free power scheme, Sisodia said government will review the power rates after CAG completes audit of the accounts of the power distribution companies.
 
In its manifesto, AAP had promised to cut power tariff by 50% immediately after coming to power.
 
The AAP had also promised 20 kilolitres (20,000 litres) of free water to every household per month. The previous AAP government had introduced the free water scheme but it was discontinued after it quit. 
 

 

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COMMENTS

manoharlalsharma

2 years ago

Kejriwal govt cuts power tariff by 50% for up to 400 units in Delhi-The way DELHI Gove., thought for POOR should be taken as MODEL for all states and do follow.

vishal

2 years ago

what is not clear to me is how 400 units power tariff is cut by 50% and on what basis. Why other states are not doing this? Regarding water, it is scarce and this will lead to heart burnings among other people in other states.

Abu Salem, driver sentenced to life imprisonment in Pradeep Jain murder case

For killing Mumbai builder Pradeep Jain in 1995, gangster Abu Salem and his driver Mehndi Hassan were sentenced to life imprisonment by special TADA court. Another accused, 86-year old Virendra Jhamb’s sentence was set off against the period of detention undergone by him 

 

Extradited gangster Abu Salem on Wednesday was sentenced to life imprisonment by a special TADA court in the 1995 murder case of Mumbai-based builder Pradeep Jain.
 
"Abu Salem is sentenced to life imprisonment for the offences of murder and criminal conspiracy," observed special TADA Judge GA Sanap while reading out the verdict.
 
The court also handed out life imprisonment to Salem's driver Mehndi Hassan. Another accused Virendra Jhamb's sentence was set off against the period of detention undergone by him in prison during the various stages of investigation in the case.
 
86-year-old Jhamb was in jail for nearly nine months after his arrest in 2005 in connection with the murder of Jain.
 
Earlier, the Court rejected prosecution's demand of death sentence to Hassan.
 
According to police, on 7 March 1995, Jain was shot dead by assailants outside his Juhu bungalow after he allegedly refused to part with his huge property to Salem.
 
Since then, Salem, Jhamb and Hassan were facing trial in the case. While accused Naeem Khan turned approver, another accused Riyaz Siddiqui, who had also become approver, later turned hostile in the court.
 
Trial of Siddiqui was later separated.
 
In January 2014, the Court had dropped some sections against Salem in the case after the prosecution sought for the same saying that some charges need to be withdrawn in order to maintain cordial relations between two sovereign countries - India and Portugal.
 
Salem, an accused in the 1993 Mumbai serial blasts, was extradited from Portugal on 11 November 2005, after a prolonged legal battle.
 
The Supreme Court of Portugal, in 2012, had dismissed an appeal of the Central Bureau of Investigation (CBI), which had challenged termination of his extradition. Salem also moved Supreme Court of Portugal seeking directions to the Indian government to execute its order of cancelling his extradition.
 
In June 2012, Salem was shot at in Taloja Central jail in Navi Mumbai allegedly by gangster Devendra Jagtap alias JD, an accused in the murder case of advocate Shahid Azmi who had represented a 26/11 Mumbai attack accused.
 

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COMMENTS

manoharlalsharma

2 years ago

Abu Salem, driver sentenced to life imprisonment in Pradeep Jain murder case- A 40 crore costed to the Gov.,to bring back and still to cost keeping whole life like a INSURANCE COVER !!

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