Stocks
Nifty, Sensex precariously poised – Monday closing report
A close below 8500 on Nifty may lead to a strong decline 
 
We had mentioned last week that NSE’s CNX Nifty has to remain above 8,460 for the uptrend to continue. The 50-stock benchmark opened Monday marginally lower. It moved in the green for almost the entire session and dipped in the end, recording marginal gains.
 
 
India VIX rose 5.63% to close at 15.3900. NSE recorded a volume of 111.03 crore shares.
 
Last week's announcement of Rs70,000 crore infusion into public sector banks (PSBs) in the next four years continued to boost banking stocks. The wider 50-scrip Nifty, however closed flat during the day's trade. It edged-up only 10.20 points or 0.12% at 8,543.05 points. The 30-scrip S&P BSE Sensex, which opened at 28,089.09 points, closed at 28,187.06 points, up 72.50 points or 0.26% from the previous day's close at 28,114.56 points.
 
According to analysts, domestic markets remained positive on the back of a surge in banking and auto stocks ahead of the RBI's monetary policy review on Tuesday. 
 
The markets rise was arrested by the higher levels of profit booking which trimmed some of the early gains due to weak Greece and Chinese stock markets, cited analysts.
 
India Inc expects a rate cut by the RBI during RBI’s review tomorrow. Indian industry feels that the upcoming review might be the last chance by RBI to cut rates in this calendar year before inflation spirals up and the US Fed decides on its own rates in September. However, the continuous slide in the Chinese markets, weakening of the rupee, oil and global commodities prices had a negative impact on the Indian markets.
 
The slide in the Chinese markets in the last two months has eroded nearly 40% of the stock value and caused panic. More importantly, the inability of the Chinese government, fund houses and brokerage firms to arrest the fall has led to global sell-offs.
 
Major Sensex gainers during Monday's trade were State Bank of India (SBI), up 3.94% at Rs.281.05; ICICI Bank, up 3.40% at Rs.312.80; Maruti Suzuki, up 2.29% at Rs.4,429.60; Dr Reddy's Lab, up 2% at Rs.4,146.85; and BHEL, up 1.58% at Rs.283.10.
 
The major Sensex losers were Vedanta, down 2.50% at Rs.126.90; Mahindra and Mahindra, down 2.04% at Rs.1,333.80, Coal India, down 1.96% at Rs.430.70; Lupin, down 1.93% at Rs.1,663; and HDFC Bank, down 1.49% at Rs.1,094.60.
Sector-wise, healthy buying was observed in banking, consumer durables and automobile stocks. However, metal, information technology (IT) and oil and gas scrips came under selling pressure.
 
The S&P BSE banking index zoomed by 212.49 points, the consumer durables index rose 151.42 points and the automobile index went up 139.27 points.
 
The S&P BSE metal index declined by 93.86 points, followed by the IT index which fell 58.81 points while the oil and gas index was lower by 50.20 points.
 
The top gainers and losers in the major indices are given in the table below:
 
 
Among the Asian markets, Japan's Nikkei was down 0.18% and Hong Kong's Hang Seng fell by 0.91%. China's Shanghai Composite Index was lower by 1.11%.
 
In Europe, the London FTSE 100 index inched down by 0.02%. Germany's DAX Index moved up by 0.84%. The French CAC 40 was higher by 0.67%.
 

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Uber launches debit card payment in India
Uber, the technology-based cab service provider, on Monday launched debit cards as an additional payment option for all users across the 18 cities that Uber operates in, in India.
 
In July, credit card payments was re-introduced in India for all Android users, in partnership with MobiKwik. Now, users across iOS and Android platforms have the option to pay via debit/credit cards.
 
"Adhering to RBI regulations, there will be a two-factor authentication flow built into the app and users will have to enter either their online banking pin or their one-time password to request for a ride using their debit/credit card," the company said in a statement.
 
Commenting on the new payment mode rollout, an Uber spokesperson said: "At Uber, we're about making transportation as convenient and hassle-free as possible."
 
"As we continue to focus on our mission to re-define urban mobility in India, riders will have the ability to chose from debit/ credit card payments, Paytm (digital wallet), and Cash (in 6 cities)," he added.
 
The company earlier said that it was allowing cash payments, too, in the six cities of Ahmedabad, Chandigarh, Hyderabad, Jaipur, Kochi and Pune. The move assumes significance as Uber's global business model does not allow cash transactions.

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COMMENTS

Navin Jain

2 years ago

Well.. Looks like RBI has still not removed its ban on the transactions from this company. Also, the iOS app has not been updated to remove the error that "this payment method is not valid for India" which comes when we select a card as the payment method before booking a ride.

SC issues notice to government on challenging Armed Forces Tribunal decisions in HC
Giving a ray of hope to veterans, disabled soldiers and military widows, the Supreme Court had issued notices to the Central Government seeking reconsideration of the entire issue 
 
The Supreme Court has issued a notice to the Central Government on a special leave petition (SLP) that seeks to reconsider restraint on accessing High Courts against orders passed by the Armed Forces Tribunal (AFT).
 
This gives a ray of hope to veterans, disabled soldiers and military widows whose writ petitions against orders of the AFT were recently disposed by High Courts finding their hands tied by a judgement of the Supreme Court.  
 
Earlier in March this year, the apex court held that orders of the AFT can not be challenged by affected parties before the High Courts. And the only remedy to challenge the same is before the Supreme Court by way of an appeal as provided in Sections 30 and 31 of the Armed Forces Tribunal Act, 2007. 
 
Appearing for aggrieved litigants, Aishwarya Bhati and Senior Advocate Arvind P Datar submitted that the current state leaves litigants remediless against orders of the AFT because of the statutory bar of "general public importance" for approaching the SC.
 
It was pointed out that a similar controversy pertaining to the Central Administrative Tribunal (CAT) had been addressed by a seven judge Constitution Bench of the SC when it was ruled that the apex court could not become the first appellate court for such service matters and that challenges to Tribunal decisions would be heard by Division Benches of HCs. It was also submitted that it was a known legal proposition that all Tribunals being mere creations of the statute were subordinate to the writ jurisdiction of Constitutional High Courts.  
 
Many ex-servicemen and veteran organisations had written to the Prime Minister and the Defence Minister to intervene in the matter since the provisions of the AFT Act and the March 2015 decision of the SC had left them without any remedy when the AFT refused to grant them relief. 
 
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