Stocks
Nifty, Sensex still on an uptrend; Bank Nifty is weak - Wednesday closing report
A close below 8,050 will mean a small downside for Nifty
 
We had mentioned in Tuesday's report that the NSE’s CNX Nifty may move further higher however for this, the 50-stock index has to stay above 8,020. The benchmark opened Wednesday higher however it started moving lower. After reaching ear previous day's close, Nifty started moving in a range. After 1.21pm, the 50-stock benchmark gained momentum and moved up to hit a four day (including today) high. After hitting the day's high, Nifty made a quick plunge and closed near to the dip it made.
 
 
India Vix value for the day was 16.73, down 2.56%. NSE turnover was at 72.97 crore.
 
Greece’s central bank warned Wednesday that failure to clinch a deal with international creditors on its future funding needs could lead the country into an “uncontrollable crisis,” describing the issue as being of historical significance for the nation. The Bank of Greece’s report amounts to an appeal to Greece’s government and its international creditors to overcome the differences between them, which the bank suggests are not unbridgeable in terms of the fiscal numbers. But the conflict between Greece’s government and its lenders has become politically charged, with both sides deeply mistrustful of the other and neither willing to give ground.
 
Glenmark Pharmaceuticals shares surged over 5.09% to close at Rs971.10 on Wednesday on hopes of revival in the US business. According to market analysts, recovery in the company's business in the States is on the cards given it has received four approvals from the US Food and Drug Administration (FDA) in the past month for its Rufinamide, Desmopressin, Calcipotriene and Levonorgestrel drugs. 
 
Finance Minister Arun Jaitley will hold meetings with foreign institutional investors (FIIs) and select top chief executives of American financial companies during his nine-day visit to the US.  On Tuesday, Jaitley left for a nine-day visit to the US, the Finance Ministry said in a statement. After reaching New York on Wednesday, he will hold luncheon meeting with executives of top US companies. Jaitley will also address portfolio managers from FIIs as well as executives of US companies operational in India, comprising banks, insurance and pension funds, the statement said. "He will hold meetings (on June 18) with USIBC and FICCI executives and would discuss about reform measures put in place by the Government of India to make India a top investment destination," said the statement.
 
Nestle India said it's investigating the complaint of live beetles reportedly found in a baby milk food supplement produced by it and is fully cooperating with the authorities on the matter. "We are aware that a consumer in Coimbatore has reported insects in a pack of our Cerelac Stage 3, infant cereal. The quality and safety of our products are non-negotiable priorities for our company and we always take such reports seriously," a Nestle India spokesperson was quoted as saying in media reports. Nestle's popular Maggi noodle has been banned by food safety regulator FSSAI due to presence of lead and taste enhancer monosodium glutamate (MSG) beyond permissible limits. 
 
Among BSE Sensex top gainers, Cipla was up 3.85% to close at Rs612.95. Vedanta was the top loser, which was down 3.14% to close at Rs173. Among BSE 100 top gainers, Glenmark was up 5.09% to close at Rs971.10. Vedanta was the top loser, which was down 3.14% to close at Rs173. Among Nifty stocks, the top gainer was CIPLA, which was up 4.11% to close at Rs612.90. Vedanta was the top loser, which was down 3.47% to close at Rs172.30.
 
Among US indices, NASDAQ 100 was up 0.52% to close at 4,455.90 and NASDAQ Composite was up 0.51% to close at 5,055.55.  
 
In Asia, Shanghai Composite was up 1.65% to close at 4,967.90 and Hang Seng was up 0.70% to close at 26,753.79. 
 
Among European indices, FTSE 100 was down 0.51% while Athex Composite Share Price Index was down 1.15%. US futures were flat.
 

User

Centre approves Minimum Support Price for kharif crop
The Cabinet Committee on Economic Affairs on Wednesday gave its approval for Minimum Support Price (MSP) for crops during this year's kharif season.
 
The MSPs are based on the recommendations of the Commission for Agricultural Costs and Prices (CACP) and taking into consideration production cost, aggregate demand-supply situation in the Indian economy, domestic and international prices and other factors.
 
However, in view of large surplus of cereals in contrast to huge deficit in pulses, the cabinet decided to give a bonus of Rs.200 per quintal for pulses over and above the recommendations of the CACP.
 
"This is expected to give a strong signal to farmers to increase acreage and invest for increased productivity of pulses," a statement from the CCEA said.
 
MSP for common rice has been fixed at Rs.1,410 per quintal while pulses like 'moong' and 'tur' have been priced at Rs.4,850 and Rs.4,525 per quintal, respectively.
 
The price band of Rs.1,570 and Rs.1,590 per quintal has been fixed for two varieties of 'jowar' while medium and long staple ranges of cotton has been priced at Rs.3,800 and Rs.4,100, respectively.
 
Under the MSP system, the Centre purchases the produce from farmers at the declared price, thereby preventing distress sale.

User

Indian Navy to observe Yoga day across oceans
The Indian Navy on Wednesday said it will launch multiple initiatives to introduce the practice of Yoga to its community on the first International Yoga Day on June 21.
 
Yoga day will be observed by the Navy units located at distant places as well as on the sea.
 
"The Navy will observe the first International Day of Yoga and celebrate the richness of Indian culture through a unique endeavour that only it can - Yoga across the oceans," the Navy's official statement said.
 
The statement said the naval community has been sensitised to the conduct and significance of the first International Day of Yoga through a message relayed widely to units at dispersed geographical positions in India and overseas.
 
"Accordingly, Indian Navy units located as far as the Mediterranean Sea on the west, the Western Pacific Ocean on the east and the Southern Indian Ocean in the south will participate in observing the occasion," the statement said.
 
"Widely dispersed ships of the Navy will conduct Yoga sessions that commence at the pre-decided local time of 7.00 a.m. (the exact time at which the occasion will be observed at Rajpath, New Delhi), such that as the sun moves across time zones in its passage from the Pacific Ocean to the Mediterranean Sea, it will find personnel of the Indian Navy greeting it successively with their asanas across a vast geographical swath," the statement said.
 
The statement added that events have been planned at all naval units, including Navy schools, community facilities and welfare centres. These will comprise mass participation of personnel in basic asanas, which will be followed by qualified Yoga instructors expounding to the community on the long-term benefits of Yoga.
 
Handouts with descriptions of basic Yogasanas derived from the document "Common Yoga Protocol" issued by the government will also be distributed in large numbers.
 
To encourage children of all ages to be part of the event, painting and essay writing competitions are being organised at all naval schools.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)