Nifty is likely to make a sharp move soon. It's bearish only below 7,590
The move on the Indian bourses on Thursday was an indecisive one. The S&P BSE Sensex opened marginally higher at 25,669 and moved in the range of 25,526 and 25,778 before closing at 25,589 (down 76 points or 0.30%). The NSE's CNX Nifty opened lower at 7,651 and moved between 7,630 and 7,709 and closed at 7,649 (down 23 points or 0.30%). NSE recorded a low volume of 72.54 crore shares. India VIX fell 1.12% to close at 14.1375.
The only five gainers among the NSE indices were PSE (0.52%), CPSE (0.45%), Energy (0.25%), Commodities (0.02%) and Dividend Opportunities (0.01%). The top five losers were IT (1.35%), Smallcap (0.78%), Service (0.58%), Midcap (0.47%) and Nifty Midcap 50 (0.39%).
Of the 50 stocks on the Nifty, 27 ended in the green. The top five gainers were ACC (2.97%), Jindal Steel (2.82%), Tata Steel (1.11%), Kotak Mahindra Bank (0.91%) and Bhel (0.89%). The top five losers were PNB (2.62%), Infosys (2.12%), HCL Technologies (1.82%), Bank of Baroda (1.64%) and Sesa Sterlite (1.56%).
Of the 1,605 companies on the NSE, 554 companies closed in the green, 970 companies closed in the red while 81 companies closed flat.
The government has opened up the defence and railway industries to more investment by foreign firms, in a move to attract more international capital and expertise to the sectors. The Union Cabinet on Wednesday approved raising the maximum amount of foreign ownership allowed in military-equipment making firms to 49% from the previous cap of 26%. It also agreed to allow up to 100% foreign direct investment in railway-construction companies.
Reserve Bank of India (RBI) Governor Raghuram Rajan says global markets are at a risk of a "crash". He said in an interview in Central Banking Journal. Rajan was prescient about the 2008 crash which is why people are paying a lot of attention to his comments.
Jindal Steel & Power (JSPL) (3.04%) was among the top three gainers in ‘A’ group on the BSE. The company gave a clarification in regard to the news item titled "Naveen Jindal to Exit Oil & Gas, Sell Stakes to Cut Debt", that its oil & gas is not a part of the consolidated results of the listed entity and it will as usual explore all possible options including monetizing / exiting non-core assets to cut debt.
Bhushan Steel continued to be the top loser (19.99%) today as well in ‘A’ group on the BSE. In connection with the Syndicate Bank bribery case, the anticipatory bail plea of Neeraj Singhal, vice chairman of Bhushan Steel was dismissed by the Delhi court.
Tata Steel (0.96%) was the top gainer in Sensex 30 pack. The company was recently in the news for ramping up production at its facility in the northeast of England to surpass its nominal 170,000 tonnes per year capacity to support rising customer demand.
Infosys (1.68%) and TCS (1.56%) were the top two losers in the Sensex 30 stock. IT stocks were affected after Cognizant Technology Solutions Corp at the time of announcement of Q2 results on Wednesday forecasted slowest full-year sales growth in its 20-year history.
US indices closed Wednesday flat with a positive bias. On the economic data front, US trade deficit narrowed more than expected in June. The drop was driven by a 1.2% fall in imports, largely on account of a sharp decline in petroleum imports. On the other hand, exports edged up 0.1% supported by a surge in automobiles.
Except for Jakarta Composite (0.17%), Nikkei 225 (0.48%) and NZSE 50 (0.10%) all the other trading Asian indices closed in the red. Shanghai Composite (1.34%) was the top loser.
European indices were showing mixed trading while US Futures were trading in the green.
According to Nomura, vegetable prices continue to climb during July and these one-off price shocks have become too frequent to be ignored
In India, retail vegetable prices, which were largely contained until June, have rocketed during July. Vegetable prices rose 37% month-on-month in July 2014 compared with an average of 20% during FY11 to FY13. According to Nomura, these one-off price shocks have become too frequent to be ignored.
"This is not demand-pull inflation, so the government needs to take measures to improve the vegetable supply chain. If such supply shocks become too frequent, as appears to be the case, then they can start to have a lasting effect on inflation expectations," Nomura said in a research note.
Nomura said it believes that higher vegetable prices have not yet had any spillover effect on other food or core prices, i.e. this is not a broad-based rise. However, it said it expect higher vegetable prices to push headline CPI inflation to 8.1% year-on-year (y-o-y) in July (due 12th August) compared with 7.3% in June.
"This uptick (in average vegetable prices) has continued during the first week of August as well. The rise in vegetable prices this fiscal year (April to date) is starting to outpace last year's acceleration, which was a 'one-off' rise. If the current pace continues, then the anticipated moderation in CPI inflation in second half of 2014 on account of the favourable base effect may disappear," Nomura added.
Prerana is a path-breaking initiative to show the red light to Mumbai’s red-light areas, says Queency Raichada
‘Prerana’ means inspiration in Hindi and Sanskrit. It is also the name of a Mumbai-based non-profit organisation which works against human trafficking.
Children born in the red-light areas get trapped into a vicious circle; they are eventually forced into prostitution, generation after generation. This cycle needs to be broken, to give innocent young lives the opportunity to be masters of their own destiny. Prerana provides exactly this opportunity to children of prostitutes to break away from a demeaning profession and live life on their own terms.
Founded in 1986 by Pravin and Priti Patkar, Prerana celebrates 28 years of fighting injustice and protecting rights of women/children who are victims, or potential victims, of prostitution. “Human trafficking is one of the biggest criminal activities and India is one of the main destinations for this,” says Priti Patkar who chose to join the fight to put an end commercial sexual exploitation and trafficking (CSE&T) many decades ago.
She and her husband began with setting up a night care centre at Kamathipura, a notoriously squalid red-light area of Mumbai. The idea was to provide a safe ‘home away from home’ environment to vulnerable children of prostitutes. The initiative sought to ensure that the second generation is not exposed to the exploitation of their mothers. It was a revolutionary idea then and has achieved success and recognition.
A year after it was set up, Prerana conceptualised an institutional placement programme (IPP), to provide long-term residential care and development of the children of sex workers.
Former US President James A Garfield once said, “Next in importance to freedom and justice is popular education, without which neither freedom nor justice can be permanently maintained.” Identifying with this belief, Prerana initiated an education support programme (ESP) for the children living in red-light areas to ensure social mainstreaming. But merely educating actual/potential victims was not enough. Prerana wanted to be involved in stopping exploitation, so it started an anti-trafficking centre (ATC) and went on to set up the Naunihal Girl’s Shelter for children in dire need of protection and rehabilitation. Finally, its post-rescue operation (PRO) initiative provides professional intervention for rescued victims of sexual exploitation. This includes emergency aid, legal help and, later, counselling, social integration and livelihood opportunities for those seeking to rebuild their lives.
Prerana partners with other NGOs and corporates and receives monetary and non-monetary assistance for its work. Johnson & Johnson helps Prerana with some of its activities. The Blue Star Foundation provides health insurance for up to 200 children. Goldman Sachs helps organise team work activities, and so on. ADM Capital Foundation is an important NGO partner with which Prerana has a joint initiative called ‘Aarambh’ which addresses issues related to sexual exploitation of children from multiple perspectives.
Over the years, Prerana has expanded its reach to over 10,000 children. It has shifted 1,500 children from the red-light areas to welfare institutions. It shelters 250 children on any given night at its three night care centres and covers 1,800 children through a comprehensive educational support programme.
Good work never goes un-noticed and Prerana has received many awards from organisations like UNAIDS and The International STAR Impact Award. It is also a source of knowledge for several national and international organisations, such as UNICEF, UNDP, UNODC, Maharashtra State Commission for Women, Asian Development Bank, and the state and Union government.
Prerana’s work requires a steady supply of caring volunteers and funds. You can help Prerana by donating or joining its mission to stop exploitation. “If you want to see the change, be a part of it,” says Ms Patkar.
Donations to Prerana are tax-exempt under Section 80-G.
Khetwadi Municipal School (Dagdishala) Behind Alankar Theatre
1st Lane, Khetwadi, Grant Road (East), Mumbai 400 004
Phone: +91 22 2387 7637
Email: [email protected]