Nifty is on a downtrend which may reverse if its closes above 8,570
On Thursday we had mentioned that if the NSE’s CNX Nifty closes below 8,540, a short decline would be on the cards. The 50-stock Nifty on Friday reversed almost the entire gain made in the previous day and closed below 8,540. After a range bound session, where the benchmark was trading slightly higher than yesterday’s close, the index started drifting lower in late afternoon.
The S&P BSE Sensex opened at 28,605, moved in the range of 28,409 and 28,652, and closed at 28,458 (down 105 points or 0.37%). Nifty, which opened at 8,584, moved between 8,524 and 8,588 and closed at 8,538 (down 26 points or 0.30%). The NSE recorded a volume of 93.57 crore shares. India VIX fell 3.98% to close at 11.9500.
India's Ministry of Railways today announced the setting up a High Level Committee (HLC) to identify factors, issues and avenues for improving financial health of Indian Railways. The HLC will examine the efficacy and sufficiency of the existing revenue structure in Indian Railways and avenue for raising revenues. The HCL will suggest ways and means for monetization of the resources of Indian Railway.
Market regulator SEBI has found 22 public sector companies including giants like ONGC, Coal India and IOC to have violated various capital market guidelines, while banking major SBI has filed for settlement of a case against it with the regulator, the Parliament was informed today. Others include SAIL, ITDC, HMT, Shipping Corporation, NTPC, NHPC, STC, Nalco, EIL, REC and Neyveli Lignite.
Defence Minister Manohar Parrikar in a written statement to Rajya Sabha on 2 December 2014 said that a total of 41 proposals for an indicative cost of Rs119,719.53 crore have been cleared by the defence acquisition council since June 2014. Pipavav Defence (9.99%) one such player in the sector was among the top three gainers ‘A’ group on the BSE.
Suzlon Energy (4.27%) was among the top three losers in the ‘A’ group on the BSE. ITC (2.27%) again was the top gainer in the Sensex 30 pack. The news of the government to take wider consultations before bringing any amendments to existing laws to restrict the sale of loose cigarettes helped the stock to rise higher. Dr Reddy’s Lab (2.23%) was the top loser in Sensex 30 stock.
On Thursday, US indices closed flat with a negative bias. US jobless claims in the week ended 29th November fell by 17,000 to 297,000, the Labour Department said yesterday.
Except for Taiwan Weighted (0.20%), all the other Asian indices closed in the green. Shanghai Composite (1.32%) was the top gainer. China's banking sector regulator has issued draft rules for banks are aimed at reducing funding costs for businesses as the economy slows.
European indices were trading in the green. US Futures were trading marginally higher.
European Central Bank President Mario Draghi said on Thursday the region's central bank will reassess stimulus next quarter. Draghi's comments damped speculation the central bank was poised to start a program of sovereign-debt purchases known as quantitative easing after policy makers kept interest rates unchanged.
In Europe, European Central Bank (ECB) left its key interest rate unchanged at 0.05% after a monthly monetary policy review on Thursday.
Germany's central bank Bundesbank cut the nation's growth forecast for the current and coming years. The Bundesbank now foresees German adjusted growth in gross domestic product to be 1.4% in 2014, down from a forecast of 1.9% in June. It projects a growth rate of 0.8% in 2015, compared with 1.8% previously, and a rate of 1.5% in 2016, down from 1.7%.
Every physician will prescribe drugs with generic names in legible and capital letters and also ensure that there is a rational prescription and use of drugs
The union government has amended rules in Indian Medical Council Regulations 2002, directing physicians to prescribe drugs with generic names in legible and capital letters, the Lok Sabha was informed Friday.
While agreeing with concerns of some parliamentarians that illegible prescription by doctors may lead to serious implications and even death in certain cases, Health Minister JP Nadda, told Lok Sabha that government has taken corrective measures.
“The Central government has approved to amend Indian Medical Council Regulations, 2002, providing therein that every physician should prescribe drugs with generic names in legible and capital latter and he/she shall ensure that there is a rational prescription and use of drugs,” Nadda said.
Replying to a question, he said Medical Council of India and state medical councils are empowered to enquire into professional conduct of any doctor, he said.
As sales volume of online shopping is increasing so are delayed delivery, sub-standard products and hidden charges
With increased use of internet through mobile applications, several online shopping portals like Flipkart, Snapdeal and Amazon are holding sales frequently. Despite some technical 'disasters', all these companies managed to reach ever-greater sales volumes on their special offer days. Unfortunately, a few issues have started cropping up, which have the potential to derail or slow down the online shopping juggernaut.
Two of the most immediate issues that online shopping portals need to pay heed to, are timely delivery and product quality. Besides, several customers face issues with order cancellations, refunds and hidden charges.
Delivery: Most of the items bought online are expected to reach the customer within a specified period. However, there are no standard delivery times. For example, Flipkart and one of its sellers WS Retail have a delivery period of three-four days for regular customers (those who have not subscribed to their express delivery service). However, a “privileged customer” may get the same product next day without paying any extra charge. This is fine. And when the seller fails to deliver the product within the specified time, Flipkart compensates the privileged customers for the delay. However, what if somebody has ordered a product to be given as a gift, let’s say on a birthday or other such events? How would Flipkart deal with the repercussions on people's plans if delivery is delayed in such cases?
In short, whichever company wants to grow big in the online shopping space, needs to pay attention to logistics and timely deliveries.
Note: This delivery delays are not limited to online shopping portals. This is same with shopping malls and big retailers like Reliance Digital, e-Zone, Vijay Sales and Chroma. Most of the time, these shopkeepers do not handover the product to you on spot, except for a few products like mobiles and smaller items. All other big products, like LED TVs and Home Theatre systems are delivered over 48 hours, and the poor buyer comes to know of this only after paying the bill!
Sub-standard products: I remember purchasing several products from eBay a few years back. However, one of the issues with it at the time was that most of the 'impressive' looking products were actually sub-standard, re-furbished products and cheap knock-offs or 'Chinese' items as we like to call them in India.
The situation is not too different these days, an image of a pair of shoes, goggles, watches or earrings may look very attractive online, but when you get the delivery, the actual product may not be that 'rosy'. Or the quality of the product may not even be worth the money you paid. A goggle with a fancy, ‘foreign-sounding’ brand name sold at online portals for few hundred rupees can actually be bought for Rs100-Rs250 on the streets of Mumbai. So be aware and do not fall for fancy, foreign ‘brands’. Even for well-known brands, you better check out its price from authorised sellers and if the price difference is not much, buy it from the local store. This helps in case you need to take help from the service centre or if there is any issue with the product.
For example, on Amazon.in, one seller sells ‘Rico Sordi’ brand watches. It also sells two watches for just Rs250, excluding delivery charges. However, what is this ‘Rico Sordi’ brand? Have you heard the name before? I doubt. Because, this is not just a brand name but also the name of the seller from Delhi.
Credibility of Seller: With online portals adopting stricter policies for empanelling sellers, the issue of being duped has now reduced considerably. Yet, there are some sellers who do not offer to deliver products bought online, to each and every location. The seller rating system does not offer much help in these matters.
Hidden Charges: This is one of the most common reasons that customers feel cheated. And they are justified in feeling so. There are several products sold online where the cost of delivery is hidden.
Again, this is not limited to online portals. Indiatimes Shopping regularly uses a smaller font size to mention delivery charges. The advertisement published by Indiatimes Shopping in its group newspapers, shows fancy products at dirt-cheap prices. However, the asterix besides the price goes on to say that, the shipping charges will be additional. Most of the time, shipping cost is at Rs299 or Rs399 or Rs499 depending upon the product.
Delivery charges may be more: This is one of the most egregious fleecing techniques used by some retailers. This happens most often when you buy products worth less than Rs500. For example, Vissco’s Tennis Elbow support is available on Flipkart at 10% discount. However, when you add the delivery charges, it becomes more than the maximum retail price (MRP).
Another example from Flipkart is the Eveready DL Torches that are sold for Rs95, as against the MRP of Rs100. However, the buyer will have to pay Rs40 for delivery. This means, the torch will cost the buyer Rs140 or a whopping 47% more. Won’t the buyer simply walk to his next-door shop and buy it for just Rs95 or even lesser amount?
For Axe deodorant, Snapdeal charges Rs30 for delivery. The product cost is Rs180. Therefore, instead of paying Rs210 for the product that would be delivered later, beter visit your next-door shopkeeper, who may even give you some discount.
Customer Service: Although all three online portals mentioned above take customer service seriously, it still leaves a lot to be desired. For example, the tone and query handling of the customer service representatives is more like a machine. They have yet to become humans while answering queries from customers. All of us have faced a barrage of un-solicited commercial communications (spam calls) from the machine like tone of the caller from call centres.
Unclear Terms & Conditions: Unfortunately, when it comes to terms and conditions, they are often at the end of the page in a smaller font size. In this, the online portals follow their offline cousins.
This is an important point to keep in mind, especially if you are buying a wearable product like shoes, trousers, or salwar-kameez. If there were any issue with size or fitting, you would end up facing and explaining the issue to the customer support, who may deliver a blow using the same terms and conditions that you were not aware of. So, better check all the terms and conditions before buying such products.
Refunds: Actually, the customer hopes to get automated refund if he cancels the order. However, it turns out that the procedures are much more complicated and the customers have to follow it up several times. One way to get rid of this issue is by giving cash on delivery. However, not every seller offers this facility. In case the customer has paid beforehand and then wants refund or cancels the order, then all online portals need to follow the example of IRCTC. When you cancel a railway ticket, IRCTC automatically refunds the money to the same account from where it was received, after deducting some charges. Why can’t online shopping follow this same model?
User-friendly mobile apps: I tried my hand at the mobile apps from all three, Snapdeal, Flipkart and Amazon. However, none is up to the mark and lacks in several fields. For example, try searching ‘trekking shoes’. You will get all results for trek and shoes but the products are mostly not trekking shoes.
In November, Chinese online retail giant Alibaba pulled in sales worth a whopping $9.3 billion on its annual Single's Day event, making it the world's biggest online retail shopping day. Alibaba shipped 278 million orders and 43% of them were placed from mobile devices. This shows why online shopping portals need to have a user-friendly mobile app.