Stocks
Nifty, Sensex may log in more gains – Wednesday closing report
Nifty may rally till 8,700 and Bank Nifty till 19,000
 
We had mentioned in Tuesday’s closing report that NSE’s CNX Nifty is still in uptrend and may head lower again only if it closes below 8,430. The 50-share benchmark opened Wednesday marginally lower and showed no momentum till 12.45pm after which it surged and hit a six day high.
 
The S&P BSE Sensex opened at 27,955 while Nifty opened at 8,484. Sensex hit a low of 27,889 while Nifty hit a low of 8,465. The 30-share Sensex reached the level of 28,298 and closed at 28,260 (up 303 points or 1.08%). Nifty reached the level of 8,603 and closed at 8,586 (up 95 points or 1.12%). Bank Nifty was on a gradual up move today. It opened at 18,205 and immediately hit a low of 18,131. From there it moved to the high of 18,669 and closed at 18,618 (up 411 points or 2.26%). NSE recorded a volume of 76.03 crore shares. India VIX fell 5.71% to close at 13.6650.
 
India's stock markets remain closed on Thursday and Friday for Mahavir Jayanti and Good Friday, respectively.
 
The eight Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP) have recorded 1.4% growth in February 2015 over February 2014, data showed on Tuesday.
 
Data released by the Indian government after trading hours Tuesday showed that total natural gas production in India declined 8.1% in February 2015 over February 2014 and crude oil production declined 1.9% in February 2015 over February 2014. The total coal production jumped 11.6% in February 2015 over February 2014. Electricity generation increased 5.2% in February 2015 over February 2014.
 
The Cabinet Committee on Economic Affairs (CCEA) approved a major policy intervention, to supply gas at uniform delivered price to all fertilizer plants on the gas grid for production of urea through a pooling mechanism. It is expected that the cost of production of urea at pooled price would be less than the price of imported urea, which will encourage the existing urea units to produce beyond their reassessed capacity.
 
State-run Indian Oil Corp (IOC) today announced a reduction in retail selling price of diesel by Rs1.21 per litre at Delhi (including state levies) with corresponding decline in price in other states. IOC announced reduction in petrol price by 49 paise per litre.
Coming back to Indian stock markets, Tata Elxsi (10%) was the top gainer in ‘A’ group on the BSE while PMC Fincorp (9.90%) was the top loser.
 
Sun Pharma (5.51%) was the top gainer in the Sensex 30 pack while Infosys (2%) was the top loser in the pack.
 
On Tuesday, US indices closed in the red. Monthly US nonfarm payroll data is due on Friday.
 
Jeffrey Lacker, president of Federal Reserve Bank of Richmond and a voting member of the Federal Open Market Committee, Tuesday said he expects solid growth and rising inflation this year, and as a result, would urge the US central bank to start raising interest rates relatively soon.
 
Asian indices showed mixed performance. Shanghai Composite (1.66%) was the top gainer while Jakarta Composite (0.94%) was the top loser.
 
China's official March manufacturing purchasing manager's index (PMI) unexpectedly edged up to 50.1 in March from February's 49.9.
 
In Japan, the headline big manufacturers’ index remained unchanged from the previous quarter at +12, the Bank of Japan's Tankan survey showed today.
 
European indices were trading in the green while US Futures were trading in the red.
 
Markit's final March manufacturing Purchasing Managers' Index (PMI) for the euro zone was at a ten-month high of 52.2, up from 51.0 in February and the 21st month in a row.
 

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India unveils new Foreign Trade Policy to lift exports
With Prime Minister Narendra Modi's "Make in India" campaign in the backdrop, India's new five-year Foreign Trade policy was unveiled on Wednesday.
 
Declaring that she wants to "make India a significant factor in world trade by 2020, Commerce Minister Nirmala Sitharaman announced the foreign trade policy 2015-20. 
 
She said mega regional agreements like the proposed Trans Pacific Partnership (TPP) Regional Comprehensive Economic Partnership (RCEP) will profoundly affect the country's future trade.
 
In its blueprint for enhancing exports, the government has merged all earlier export promotion schemes under the two plans - the Merchandise Exports from India Scheme (MEIS) and the Served from India scheme (SFIS) for services exporters.
 
The import duty exemption scrips valued at 10 percent of foreign exchange earned, which is given to service exporters as an incentive, have now been made tradeable and can be used for service tax, customs and excise duty payments.
 
"There is no conditionality in any of the scrips issued under these schemes, (MEIS, SEIS)," Sitharaman said.
 
Moreover, as a measure to boost the special economic zones (SEZs) units within them will now be able to avail the benefit of the MEIS and SEIS schemes.
 
The new policy has come at a time when India's merchandise exports continue to log a decent growth, having expanded by just 0.88 percent in the first 11 months of the current fiscal.
 
Declining for the straight third month, India's exports fell by over 15 percent to $21.54 billion in February, even as the trade deficit narrowed to $6.85 billion on the back of declining international crude oil prices.
 
The commerce minister unveils the country's Foreign Trade Policy for five years and a review is conducted annually. The previous policy was for 2009-2014, but neither was a new policy announced in 2014 nor a review conducted.

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Mahindra tractor sales fall by 31 percent in March 2015
The farm equipment division of Indian automotive-maker Mahindra and Mahindra on Wednesday said its total tractor sales for March fell by 31 percent at 12,254 units against 17,673 for the same month last year owing to dampened demand.
 
Domestic sales of tractors fell by 37 percent at 10,392 units against 16,571 units during March 2014. Exports, however, rose by 69 percent for the month at 1,862 units.
 
"Unseasonal rains and hailstorms have adversely affected market sentiments," the company's president and chief executive of farm equipment and two-wheeler division Rajesh Jejurikar said in a statement.
 
The company's overall automobile, two-wheeler and farm equipment sales in March fell by 12 percent at 45,212 units against 51,636 sold in the corresponding month of 2014.
 
Total sales for the fiscal year 2014-15 declined by eight percent at 464,848 units from 507,176 units sold in the previous fiscal.

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