Stocks
Nifty, Sensex still in a downtrend – Wednesday closing report
Nifty will reverse its current downtrend if it closes above 7,700
 
We had mentioned in Tuesday’s closing report that Nifty is in a downtrend, which will get over if it closes above 7,655. After a major correction previous day, the Nifty today moved in a narrow range and remained in the positive zone for most of the session. The trends of the major indices in Wednesday’s trading are given in the table below: 
 
 
The wider 50-scrip Nifty of the National Stock Exchange (NSE) made marginal gains. It inched up by just 11.15 points or 0.15 percent, to 7,614.35 points.
 
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 24,978.86 points, ended the day's trade at 24,900.63 points -- up a mere 17.04 points or 0.07 percent from the previous close at 24,883.59 points.
 
The Sensex touched a high of 25,000.65 points and a low of 24,834.16 points during the intra-day trade.
 
In contrast, the BSE market breadth was tilted in favour of bulls -- with 1,650 advances and 906 declines.
 
The barometer index had plunged by 516.06 points or 2.03 percent on Tuesday, while the Nifty receded by 156 points or 2.01 percent.
 
On Wednesday, both the key indices of the Indian equity markets opened on a flat-to-positive note in-sync with their Asian peers.
 
Further, value buying, after Tuesday's plunge, supported prices.
 
Besides, healthy macro-economic data on composite PMI (purchasing managers' index) restored investors' risk taking appetite.
In addition, rise in crude oil prices cheered investors.
 
Even, Tuesday's 25 basis points cut in key lending rates by the Reserve Bank of India (RBI) gave a positive cue to the equity markets.
The rate cut was announced during the RBI's first bi-monthly monetary policy review for 2016-17.
 
However, the FOMC (Federal Open Market Committee) minutes expected to be released on late Wednesday evening and the start of the fourth quarter (Q4) results season capped gains.
 
The FOMC minutes assume significance -- as they can give vital cues to a likely US rate hike. A hike in the US interest rates is expected to lead away Foreign Portfolio Investors (FPIs) from emerging markets such as India.
 
Metal, cements and reality were top gainers followed by media and auto indices.
 
Foreign institutional investors (FIIs) were net sellers during the day's trade, while the domestic institutional investors (DIIs) bought stocks.
The data with stock exchanges showed that FIIs sold stocks worth Rs.493.56 crore, while the DIIs bought stocks worth Rs.258.68 crore.
Sector-wise, healthy buying was witnessed in stocks of metal, capital goods and automobile, whereas scrip of banking, IT (information technology), and technology, entertainment and media (TECK) came under selling pressure.
 
The S&P BSE metal index increased by 170.03 points, followed by the capital goods index, which gained by 141.19 points; and the automobile index rose by 101.27 points.
 
However, the S&P BSE banking index receded by 78.25 points, followed by the IT index, which declined by 57.61 points; and the TECK index slipped by 17.72 points.
 
Major Sensex gainers during the day's trade were Tata Steel, up 5.24 percent at Rs. 328.45; Tata Motors, up 1.81 percent at Rs.377.20; Lupin, up 1.54 percent at Rs. 1,485.55; Bharti Airtel, up 1.30 percent at Rs.334.65; and Larsen and Toubro (L&T), up 1.22 percent at Rs.1,209.55.
 
Major Sensex losers during the day's trade were Axis Bank, down 1.71 percent at Rs.424.85; Infosys, down 1.44 percent at Rs.1,201.10; ICICI Bank, down 1.20 percent
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of major Asian indices are given in the table below:
 

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Cabinet gives ex post facto clearance to OROP
New Delhi : The union cabinet chaired by Prime Minister Narendra Modi on Wednesday gave ex post facto approval for the implementation of the 'One Rank One Pension' (OROP) scheme.
 
The defence ministry has said that pensions under the OROP have already been disbursed to most beneficiaries. The scheme has been brought into effect from July 1, 2014.
 
A total of 15.91 lakh pensioners have been given the first instalment under the OROP till March 31, totalling Rs.2,861 crore.
 
As per the scheme, pension will be re-fixed for those retiring in the same rank and with the same length of service as the average of the minimum and maximum pension drawn by retirees in 2013. Those drawing pensions above the average will be protected.
 
The benefit would also be extended to family pensioners, including war widows and disabled pensioners.
 
Detailed OROP tables were released by the department of ex-servicemen welfare on February 3.
 
The 101 tables in these implementation orders contain revised pensions of different ranks and categories.
 
In future, the pension would be re-fixed every five years.
 
The scheme will cost the exchequer around Rs.10,925.11 crore for payment of arrears apart from additional annual financial implication of Rs.7,488.7 crore.
 
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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Saradha scam accused Madan Mitra has assets worth Rs.88 lakh
Kolkata : Former West Bengal minister and Trinamool Congress candidate Madan Mitra -- who is in custody over the multi-crore-rupee Saradha scam -- possesses assets in excess of Rs.88 lakh, according to his affidavit filed with the Election Commission on Wednesday.
 
According to the affidavit, Mitra has moveable assets worth over Rs.52.94 lakh while his immoveable properties are valued at Rs.35.37 lakh.
 
Mitra, who is defending the Kamarhati seat in North 24 Parganas district, has shown his annual income for 2014-15 as Rs.7.09 lakh.
 
His moveable assets include bank deposits and investments in excess of Rs.43 lakh, and Rs.1.70 lakh worth of jewellery. There are no vehicles registered in his name.
 
Mitra's immoveable assets include two residential buildings in the city and currently carry a market value of Rs.35.37 lakh.
 
While his annual income jumped from Rs.4.26 lakh in 2010-11, his total assets have seen a jump of Rs.8 lakh only in the last five years.
 
During the 2011 assembly polls, he possessed properties worth over Rs.80 lakh including Rs.34.47 lakh in moveable assets and Rs.45.97 lakh in immoveable properties.
 
His wife Archana, who has shown her annual income for 2014-15 as Rs.2.21 lakh, possesses properties in excess of Rs.62.30 lakh, including Rs.38.03 lakh in immovable assets.
 
Her moveable assets, worth over Rs.24.28 lakh, include two vehicles valued in excess Rs.12 lakh and jewellery worth over Rs.6 lakh.
 
Mitra's wife did not have any immoveable properties in her name in 2011.
 
Her immovable property comprises a residential building with 1,462 square feet area in the city.
 
Arrested in December 2014 for his alleged complicity in the Saradha scam, Mitra has been accused of several offences including rioting, criminal conspiracy and criminal breach of trust.
 
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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