Stocks
Nifty, Sensex may rally - Wednesday closing report
If Nifty holds Wednesday’s lows, it may rally till 7,970
 
We had mentioned in Tuesday’s closing report that NSE’s CNX Nifty and S&P BSE Sensex may head higher however, there could be plenty of intraday volatility. On Wednesday, benchmarks in the Indian stock market were unable to sustain Tuesday’s recovery after the crash on Monday. The market fell again on Wednesday by over 1% and the bulls have beaten a retreat. 
 
 
Weakness in the Chinese market, despite an interest rate cut, weakness in the US markets on Tuesday and the upcoming derivatives expiry led to the 30-stock Sensex, shedding 318 points on Wednesday. Sensex opened at 26,063.27 points, closed at 25,714.66 points -- down 1.22% from its previous close at 26,032.38 points. The Sensex touched a high of 26,156.61 points and a low of 25,657.56 points during intra-day trade. The broader 50-scrip Nifty too closed lower at 7,791.85 points, with losses of 88.85 points, or 1.13%. 
 
What worried the market participants is the China’s interest rate cut administered by the People's Bank of China (PBOC) inter-policy decision on Tuesday. The move looked desperate. It might have propped-up the currency markets a bit, but its impact on yuan and thereafter the Indian rupee can be counter-productive.
 
The yuan has fallen by 4.6% till now since 11th August. 
 
The rate easing in China coupled-with a stalled domestic reforms process has greatly damaged the investors’ morale in the Indian markets.
 
Sector-wise, out of the 12 BSE sub-indices, only power and metal managed to remain in the green. 
 
The S&P BSE banking index plunged by 331.35 points, the healthcare index plummet by 198.20 points, capital goods index receded by 147.88 points, the automobile index declined by 124.04 points and the information technology (IT) index fell by 105.14 points.
 
On the other hand, the S&P BSE power index gained by 29.54 points and metal index was up 16.37 points.
 
Major Sensex gainers in Wednesday's trade were: BHEL, up 3.45% at Rs.240.20; Tata Motors, up 2.31% at Rs.336.80; Bajaj Auto, up 1.79% at Rs.2,244.15; Wipro, up 1.46% at Rs.549.75; and Coal India, up 1.22% at Rs.358.20.
 
The major Sensex losers were: HDFC, down 3.77% at Rs.1,102.45; Hero MotoCorp, down 3.45% at Rs.2,391.95; Mahindra and Mahindra, down 3.07% at Rs.1,215.30; State Bank of India (SBI), down 3% at Rs.245.80; and Bharti Airtel, down 2.57% at Rs.339.75.
 
The top gainers and top losers in the major indices are given in the table below:
 
 
Among the Asian markets, Japan's Nikkei gained by 3.20%. However, China's Shanghai Composite Index lost 1.30% and Hong Kong's Hang Seng dropped by 1.52%.
 
The closing values of the major Asian indices are given below:
 
 
European markets opened sharply lower but have managed to recover all their losses. 

User

Beware! Incense smoke may be as bad as cigarette smoke
Burning incense at home may put your health at great risk including cancer as the pleasant smell from incense smoke contains certain particles that are more toxic than those found in cigarettes, warns a new study.
 
Incense burning is a traditional and common practice in many families and in most temples in India and other parts of Asia. 
 
It is not only used for religious purposes, but also because of its pleasant smell. During the burning process, particle matter is released into the air. 
 
"Clearly, there needs to be greater awareness and management of the health risks associated with burning incense in indoor environments," said lead researcher Rong Zhou from South China University of Technology in Guangzhou.
 
The researchers assessed the health hazards associated with using incense smoke in the home and compared the results for the first time with mainstream studies of cigarette smoke. 
 
They tested incense scented with agarwood and sandalwood, which are among the most common ingredients used to make this product. 
 
Tests on animals showed that incense smoke contains chemical properties that could potentially change genetic material such as DNA, and therefore cause mutations. 
 
It was also more cytotoxic and genotoxic than the cigarette used in the study. 
 
This means that incense smoke is potentially more toxic to a cell, and especially to its genetic contents, the researchers noted.
 
Mutagenics, genotoxins and cytotoxins have all been linked to the development of cancers.
 
Taken together, the incense smoke samples contained 64 compounds. While some of these are irritants or are only slightly harmful (hypotoxic), ingredients in two of the samples are known to be highly toxic.
 
The study was published in Springer's journal Environmental Chemistry Letters.

User

Govt looking for successor to Sinha as SEBI chief
The appointment will be based on the recommendation from the Search-cum-Selection Committee. However, the Committee is free to identity and recommend any other person who has not applied for the post  
 
The Central Government has started the process to select new Chairman for market regulator Securities and Exchange Board of India (SEBI). The five-year tenure of UK Sinha, the current chief of SEBI is coming to an end in February next year.
 
According to a notification issued by the Financial Markets Division of the Department of Economic Affairs under the Ministry of Finance, the government is inviting applications for filing up the post of Chairman in SEBI. "The Chairman shall hold office for such period not exceeding 5 years and shall not hold office beyond 65 years of age, whichever is earlier. He is eligible for re-appointment," the notification (No2./10/2015-RE) says. 
 
 
The notification says, "The appointment shall be made by the Central Government on recommendation of a Search-cum-Selection Committee as provided in the SEBI (Terms and Conditions of Service of the Chairman and Members) Rules, 1992. It may, however, be noted that the Search-cum-Selection Committee is free to identity and recommend any other person also, on the basis of merits, who has not applied for the post."
 
"The Chairman shall have an option to receive pay, (a) as admissible to a Secretary to the GoI or (b) a consolidated salary of Rs4.50 per moth," the notification says. 
 
In the notification, the government has not restricted the job only for government employees but had said 'eligible candidates" can submit application. The last date to submit applications for the post is 7 October 2015.
 
On 18 February 2011, Sinha took over from CB Bhave, who did not get an extension. Originally, Sinha was given a three-year term, which was subsequently extended by two more years. He is the only Chairman of SEBI among past four chiefs to get an extended term. Sinha's predecessors, GN Bajpai (2002-2005), M Damodaran (2005-2008) and CB Bhave (2008-2011) had only a three-year term. DR Mehta, with a term of seven years, is the only SEBI Chairman to have held the post for a longer duration than Sinha.
 
Sinha, prior to taking over as SEBI chief, was the Chairman and Managing Director of UTI Asset Management Co (AMC).
 

User

COMMENTS

Dr Anantha K Ramdas

1 year ago

While I agree that the Government must establish a Talent Pool so that the best of the Managers available, both in private and public sector, be chosen for such important positions.

As far as Mr UK Sinha is concerned, I think he has done a fairly good job and my own experience in dealing with him has been very satisfying. We must remember the contributions that he has made, and it is worthwhile considering him for the job for a second term.

REPLY

MG Warrier

In Reply to Dr Anantha K Ramdas 1 year ago

I agree with the view that GOI should aim at having people in position at top level for longer tenures and even consider relaxations in age for giving extensions for persons who are doing well. So far, certain vested interests were at work, managing vacant positions or having 'yours obediently'retirees/about to retire incumbents to man top positions in public sector organisations and statutory bodies.This has done damage to organisations like UTI in the past.

R Balakrishnan

1 year ago

RSS must be searching its membership registers

MG Warrier

1 year ago

Succession plans for top level in statutory bodies and PSUs should get more attention.
At this stage of development, induction of external talent at various levels in organisations which have to handle a variety of specialised work needing different skills, though should not be made a regular feature, cannot be avoided. For government with constraints including those about compensation and need for transparency in procedures, it becomes all the more tough to fill top level vacancies like the one now advertised for. In the present scenario, government should consider formalising maintenance of ‘Talent Pool’ for different specialised jobs, from atomic research to field level studies for improving agriculture practices, which could be accessed by organisations in public and private sectors and government in times of need. While procedures and processes are unavoidable, maintenance of such talent pools for different disciplines will give an idea as to who can compete/aspire for what position.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)