As of now, the market has reversed into a short pre-budget rally that may last for 3-4 days
The market, which was sideways for a major part of the trading session, witnessed a smart recovery from the lows to close in the positive for the second day in a row. As of now, the market has reversed into a short pre-budget rally that may last for three-four days. The National Stock Exchange (NSE) saw a volume of 53.89 crore shares and advance-decline ratio of 1022:495.
The domestic market opened almost unchanged from its previous close on weak cues from the Asian markets which were mostly lower in morning trade. Markets in the US were closed on Monday for a local holiday.
The Nifty opened two points up at 5,900 and the Sensex resumed trade at 19,524, a gain of 23 points over its previous close. The benchmarks witnessed a high degree of volatility in subsequent trade, moving in and out of the red in the morning session.
The Telecom Commission, on Monday approved provision for companies holding internet services licences with spectrum to provide phone call service by paying additional fee of Rs1,658 crore each. The announcement led telecom operators like Bharti Airtel, Reliance Communications and Idea Cellular were trading lower today.
Selling in metals, capital goods, banking stocks pushed the market into the negative in noon trade. The lower opening of the European indices on a fall in auto sales in the region also added to the woes of domestic investors.
The benchmarks slipped to their lows at around 1.30pm with the Nifty down to 5,883 and the Sensex falling to 19,457. The market witnessed a splendid recovery from the lows with the indices emerging into the green.
Buying in realty, IT, healthcare and power sectors helped the market hit its high in the last half hour. At this point the Nifty went up to 5,940 and the Sensex rose to 19,635.
The market closed near the high-point of the day on across-the-board buying as investors brushed aside concerns relating to the budget. The Nifty gained 42 points (0.70%) to 5,940 and the Sensex closed the session 135 points (0.69%) higher at 19,636.
The broader indices outperformed the Sensex today, as the BSE Mid-cap index gained 1.12% and the BSE Small-cap index climbed 0.94%.
All the sectoral indices were in the positive; the top gainers were BSE Realty (up 1.90%); BSE IT (up 1.66%); BSE Healthcare (up 1.38%); BSE Power (up 1.16%) and BSE TECk (up 1.10%).
Twenty two of the 30 stocks on the Sensex closed in the positive. The chief gainers were ONGC (up 4.03%); Bajaj Auto (up 2.36%); Maruti Suzuki (up 2.19%); BHEL (up 2%) and Cipla (up 1.96%). The major losers were Bharti Airtel (down 1.94%); GAIL (down 1.37%); Hero MotoCorp (down 1.37%); Coal India (down 1.35%) and Jindal Steel (down 0.79%).
The top two A Group gainers on the BSE were—Eicher Motors (up 6.26%) and IFCI (up 5.52%).
The top two A Group losers on the BSE were— Bharti Airtel (down 1.94%) and Zee Entertainment (down 1.67%).
The top two B Group gainers on the BSE were—Thakral Services (up 19.99%) and Jindal Photo (up 19.97%).
The top two B Group losers on the BSE were— Gallantt Metal (down 12.88%) and Chromatic India (down 10%).
Out of the 50 stocks listed on the Nifty, 42 stocks settled in the positive. The major gainers were ONGC (up 4.33%); DLF (up 3.70%); ACC (up 3.22%); Ranbaxy (up 2.99%) and UltraTech Cement (up 2.58%). The key losers were Bharti Airtel (down 1.99%); GAIL (down 1.51%); Hero MotoCorp (down 1.50%); Coal India (down 1.37%) and Jindal Steel (down 0.95%).
Markets across Asia settled mostly down in the absence of fresh triggers. Speculations that Chinese policymakers will initiate new limits to tame real estate prices also weighed on the sentiments.
The Shanghai Composite tanked 1.60%; the Hang Seng dropped 1.02%; Jakarta Composite fell 0.22%; the KLSE Composite contracted 0.36% and the Nikkei 225 lost 0.31%. On the other hand, the Straits Times gained 0.23%; the Seoul Composite rose 0.20% and the Taiwan Weighted settled 0.22% higher.
At the time of writing, the key European indices pared early losses and were in the positive with gains between 0.37% and 0.98%. At the same time, the US market futures were in the green, indicating a positive opening for US stocks.
Back home, foreign institutional investors were net buyers of shares totalling Rs142.92 crore on Monday while domestic institutional investors were net sellers of stocks amounting to Rs110.55 crore.
After the recent price hike, Maruti Suzuki has ruled out price hike in the near term, and expects the sales growth of about 6% in the current financial year ending next month. The stock rose 1.35% to close at Rs 1,499.80 on the NSE.
NHC Foods is planning to raise Rs25 crore through qualified institutional placements (QIPs) in March 2013, which it would utilize this fund to meet the working requirement for its proposed expansion plans. NHC Foods down 7.28% to close at Rs40.75 on the BSE.
FIPB can clear investment proposals worth up to Rs1,200 crore. As IKEA’s planned investment is higher than this, the proposal has to be cleared by the CCEA
The Cabinet Committee on Economic Affairs (CCEA) is expected to take up Swedish home furnishings retailer IKEA’s Rs10,500-crore investment proposal shortly, Commerce and industry minister Anand Sharma said today.
Though the world’s largest furniture maker had received the FIPB (Foreign Investment Promotion Board) approval earlier, this as well as a fresh proposal from the Swedish retailer that was subsequently cleared, will have to be approved altogether.
FIPB can clear investment proposals worth up to Rs1,200 crore. As IKEA’s planned investment is higher than this, the proposal has to be cleared by the Cabinet.
CCEA will now have to clear the Rs10,500-crore investment proposal which includes stores and cafeterias. “It (IKEA’s proposal) will go to the CCEA,” Sharma told reporters after the India-UK CEO Forum meeting in New Delhi.
Asked about a tentative timeline for the CCEA approval, Sharma said that it would be taken up soon.
The Rs10,500-crore investment proposal in India through IKEA’s 100% owned subsidiary is for opening 25 retail stores across the country.
The India-UK CEO Forum meeting was attended by Tata Group chairman emeritus Ratan Tata, Godrej Group chairman Adi Godrej, ICICI Bank chief Chanda Kochhar, ITC Group chairman YC Deveshwar, Standard Chartered CEO Peter Sands and Balfour Beatty Plc chief executive officer Ian P Tyler.
Over the weekend, #Akshay2000crore, a tag created by fans of Akshay Kumar was trending worldwide on Twitter. The hash tag was created to celebrate the Rs2,000 collection mark crossed by Akshay's films
Akshay Kumar, the versatile Bollywood actor, has created a new record in box office collection. With his new movie 'Special26’ becoming hit on the box office, the Bollywood star has emerged as top earner in the Hindi film industry. He is the first star from Bollywood whose films have collected Rs2,000 crore on the box office so far. In a recent list by Forbes India, Akshay Kumar was ranked fourth in the list of top celebs based on their income and popularity in 2011-2012.
Over the weekend, fans of Akshay Kumar created a hash tag #Akshay2000crore, which was trending worldwide till Monday. In a reply on Twitter, Akshay Kumar said, “Honestly blessed to have you all Akkians in my life. Special thanks to my fan clubs who support me so much selflessly time & again. Thank you for the #Akshay2000crore tag only possible coz of you all”.
During 2009 to 2011 Akshay was going through a rough patch, but in 2012 the Khiladi star returned with two successes, ‘Housefull2’ and ‘Rowdy Rathore’, both of them grossing over Rs100 crore ($18.2 million) on the box office.
Akshay made his debut in Bollywood with the 1991 film ‘Saugandh’. This was followed by thriller film ‘Khiladi’. Since then, he starred in several movies, commonly called as ‘Khiladi series’ that also gave him the tag of ‘Khiladi’ star. Akshay’s Khiladi series includes, ‘Khiladi’ (1992), ‘Main Khiladi Tu Anari’ (1994), ‘Sabse Bada Khiladi’ (1995), ‘Khiladiyon Ka Khiladi’ (1996), ‘Mr and Mrs Khiladi’ (1997), ‘International Khiladi’ (1999), ‘Khiladi 420’ (2000) and ‘Khiladi 786’ (2012).
So far, Akshay Kumar has starred in about 120 films, with his home production 'Oh My God' being his 116th film.
Apart from acting, Akshay has worked as a stunt actor; he has often performed many dangerous stunts in his films, which has earned him a reputation as the “Indian Jackie Chan”. The year 2008 marked his television debut as the host of the show “Fear Factor – Khatron Ke Khiladi”. In 2009, he founded a production company called “Hari Om Entertainment”. In 2008, the University of Windsor conferred an Honorary Doctorate of Law on Akshay Kumar in recognition of his contribution to Indian cinema. The following year he was awarded the Padma Shri by the Government of India.
While the record of Rs2,000 crore earning so far looks great for Akshay Kumar, it may soon be broken by Salman Khan. While other stars from the famous ‘Khan’ trilogy, like Shahrukh and Aamir are also good earners on the box office, when it comes to reach the Rs100 crore club fastest, there is no match for Salman. Salman’s ‘Ek Tha Tiger’ is the second Bollywood film to gross over Rs300 crore, just behind Aamir starrer ‘3 Idiots’. Interestingly, 'Ek Tha Tiger' is the first film to cross Rs100 crore collections in just five days. Salman's 'Dabaangg2' took six days to reach that mark.
While the stars of Shahrukh Khan seem to have faded, Aamir does selective films. This leaves only Salman, from the Khan trilogy, to carry the torch to the box office. Salman's ‘Ready' released in 2011 and ‘Dabangg’, released in 2010 are the third and fourth highest-grossing Bollywood films of all times, respectively. In nine separate years, Salman’s films have emerged as highest grossing films of the year, which is a record on its own. Eight of the films he acted in have accumulated gross earnings of over Rs100 crore ($18.2 million) worldwide.
So, it would be interesting to see, when Salman breaks the record of Rs2,000 crore collection set by Akshay Kumar.