Stocks
Nifty, Sensex may stall – Wednesday closing report
Nifty has to close above 8,115 for the upmove to continue
 
We had mentioned in the Tuesday’s closing report that Nifty, Sensex are still on track for a rise and that Nifty has to stay above 8,075 for the rally to continue. The major indices in the Indian stock markets were volatile during the day’s trading and closed with small gains. 
 
 
The indices were choppy throughout the day's trade driven by investors’ anxiety over the upcoming quarterly results and rising crude prices. The indices were depressed after the International Monetary Fund (IMF) report downgraded India's growth to 7.3% for the current fiscal. Another major dampener came as international crude oil prices rose sharply in the past few days and were hovering around the $50-mark, after rallying nearly five dollars on Tuesday. The jump in the oil prices comes after the US Energy Information Administration cited lower inventory build-up and Russia's decision to hold talks with other major producers to discuss the market situation. Profit booking was witnessed in information technology (IT) and banking stocks.
 
The rupee too made gains during the day's trade. It gained by 43 paise to close at a new eight-week high of 64.98 to a US dollar from its previous close of 65.41 against the greenback.
 
Sector-wise, automobiles, metals and oil and gas stocks witnessed healthy buying, whereas, information technology (IT) and technology, entertainment and media (Teck) scrip came under intense selling pressure.
 
The S&P BSE automobile index zoomed by 243.48 points, metal index augmented by 197.05 points and oil and gas index rose by 115.92 points.
 
The S&P BSE IT index receded by 188.49 points and Teck index declined by 87.10 points.
 
Major Sensex gainers during Wednesday's trade were: Hindalco Industries, up 9.64% at Rs.81.90; Vedanta, up 5.83% at Rs.90.70; Tata Steel, up 4.25% at Rs.236.80; ONGC, up 3.99% at Rs.256.90; and Bajaj Auto, up 3.14% at Rs.2,452.30.
 
The major Sensex losers were: Axis Bank down 1.92% at Rs.496.90; Infosys, down 1.88% at Rs.1,133.15; Wipro, down 1.78% at Rs.589.10; Bharti Airtel, down 1.66% at Rs.343.30; and Tata Consultancy Services (TCS), down 1.51% at Rs.2,655.10.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of Asian indices are given in the table below:
 
 
 
 

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Cabinet okays Rs.2,142 cr National Watershed Management Project
The cabinet on Wednesday approved the National Watershed Management Project (NWMP) to ensure access to irrigation for every farm, union Shipping Minister Nitin Gadkari said.
 
The NWMP will be a component of the Pradhan Mantri Krishi Sinchayi Yojana (PMKSY) and will ensure access to irrigation for every farm and efficient use of water (Per Drop More Crop), he said following the cabinet meet.
 
"The total outlay of the project (Neeranchal National Watershed Project) which is done with the World Bank's assistance is Rs.2,142 crore," he said, adding, "The government's share is Rs.1,071.15 crore (50 percent) and the rest is the loan component from the bank."
 
"The project will be implemented in nine states of Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Rajasthan and Telangana," he said.
 
The decision taken at the cabinet meet, chaired by Prime Minister Narendra Modi, will bring about institutional changes in watershed and rain-fed agricultural management practices in the country, a government statement said.
 
The project will also build systems which will ensure watershed programmes and rain-fed irrigation management practices are better focussed, and more coordinated and have quantifiable results. 
 
These systems will also devise strategies for the sustainability of improved watershed management practices in the areas, even after the withdrawal of project support, the statement said.
 
"The programme will lead to reducing surface runoff of rainwater, increasing recharge of ground water and better availability of water in rain-fed areas resulting in incremental rain-fed agriculture productivity, enhanced milk yield and increased cropping intensity through better convergence related programmes in project areas," it said.
 
"The erstwhile 'Integrated Watershed Management Programme (IWMP)' was implemented since 2009-10 by the Department of Land Resources (DoLR), for supporting watershed development in 28 states. From 2015-16 onwards, the IWMP will be implemented as the Watershed Component of PMKSY," the statement added
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Rs.1,030.02 crore bonus for non-gazetted railway employees
Ahead of the festive season, the union cabinet on Wednesday declared a productivity linked bonus for Indian Railways' employees to the tune of Rs.1,030.02 crore for the current year.
 
The bonus - equivalent to 78 days' wages - will be calculated according to the prescribed ceiling for the eligible non-gazetted railway employees at Rs. 3,500 per month.
 
The maximum amount payable per eligible railway employee is Rs.8,975 for 78 days.
 
In a statement, the government said the bonus has been declared considering the good financial performance of railways and is expected to motivate employees for working towards improving the same in future.
 
About 12.58 lakh non-gazetted railway employees are likely to benefit from the decision.
 
The highest such bonus amounting to 78 days wages was paid for the fiscal years 2010-11, 2011-12, 2012-13 and 2013-14.

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