Stocks
Nifty, Sensex still trapped in a narrow range – Tuesday closing report

Nifty will move higher if it closes above 8,280

 

We had mentioned in Monday’s closing report that a close below 8,215 will increase the chances of a decline. The Indian benchmark opened Tuesday higher and moved in a narrow range. However, it just managed to keep itself above the level of 8,215.


The S&P BSE Sensex opened at 27,478 while NSE’s CNX Nifty opened at 8,260. Sensex moved in the range of 27,312 and 27,478 while Nifty moved between 8,221 and 8,268.

 

Sensex closed at 27,404 (up 8 points or 0.03%) and Nifty closed at 8,248 (up 2 points or 0.02%). NSE recorded a volume of 65.08 crore shares. India VIX rose 1.92% to close at 14.8625.


The Indian cabinet Monday gave an approval to the Land Acquisition Act through the ordinance route for amendments. The government said that urgency of the land acquisition ordinance was because under Section 105 of the Act, 13 pieces of legislation including the Atomic Energy Act 1962, Railways Act 1989, National Highways Act 1956, and Metro Railways (Construction of Works) Act, 1978 needed clarity on which provisions of the Act applies to them. In addition, their exclusion deadline ends on 1 January 2015.


The Indian economy is better placed than it was six months ago because of slowing inflation, political stability and a lower current account deficit, but the banking sector remains subdued because of weak demand for credit and pressure on asset quality, the Reserve Bank of India (RBI) said in its bi-annual Financial Stability Report (FSR).


Coming back to stock markets, Adani Ports (7.70%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today. BEML (7.15%) was among the top two gainers of the group. The stock rose on the news of changes in Land Acquisition Act that will help infrastructure companies. In other news, Singareni Collieries Company Ltd purchased a ten cubic metre shovel from BEML for Rs12 crore.


PMC Fincorp (4.97%) and Rasoya Proteins (4.93%) continued to be among the top losers in the ‘A’ group on the BSE.


BHEL (1.51%) was the top gainer in the Sensex 30 pack. It has joined hands with Midhani and HSL to set up a consortium that will build submarines indigenously and bid for a Navy project.


Hero MotoCorp (2.09%) was the top loser in the Sensex 30 stock.

US indices closed Monday flat. Except for Jakarta Composite (0.94%) all the other Asian indices closed in the red. Nikkei 225 (1.57%) was the top loser.    


European indices were trading in the red. US Futures were trading marginally lower.
Disappointing inflation data from Spain and growing concerns over political tensions in Greece affected market sentiments.

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Kejriwal pledges to take on online retailers: report

According to the AAP leader, e-commerce is an online scam that benefitted a select few and it must be investigated

 

Aam Aadmi Party (AAP) convener Arvind Kejriwal has pledged to take on online retailers. According to a report from Economic Times, Kejriwal, lending his weight behind brick and mortar retailers has called e-commerce as an online scam that benefitted a select few.

 

Speaking with the newspaper, the AAP leader said, "Investigation is the only alternative left with us. Selling an item which costs Rs20 for Rs18 is no business logic."

 

Kejriwal, however clarified that his party is not opposed to e-commerce because of its convenience to customers.

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COMMENTS

jhakaas

2 years ago

Biased article against AAP....please listen to his speech carefully....AAP will investigate cases of 'predatory pricing'.......its not against e-commerce...it will infact promote it

Amit Khanna

2 years ago

link Re-Posted..

https://http://www.change.org/p/prime-minister-narendra...

Amit Khanna

2 years ago

Know more about this issue ..
https://http://www.change.org/p/prime-minister-narendra...

REPLY

CHOON TSHERING LEPCHA

In Reply to Amit Khanna 2 years ago

Useless link..doesnt work

Amit Khanna

In Reply to CHOON TSHERING LEPCHA 2 years ago

Reposted correct link yet seems the input format of moneylife has some issues and it truncates the url making it useless.

Please Visit change.org under recent petitions tab find one addressed to PM Narendra Modi ..

That Petition this link is supposed to redirect.

Cars, bikes to get dearer as Govt to roll back Excise concessions to auto industry

The UPA government had cut excise duty on the auto industry to help growth. The tax holiday was extended past its first expiry on June 30, till December 31 by the Modi government.

 

Cars, SUVs and two-wheelers will become expensive from 1 January with the government deciding not to extend the reduced excise duty rates provided to the sector.

 

"The government is not extending the excise duty concessions on the auto sector," a senior finance ministry official was quoted by PTI News as saying.

 

In the interim budget during the previous government, the UPA had cut excise duty on cars, SUVs and two-wheelers. Excise duty was reduced to 24% from 30% in the case of SUVs, for mid sized cars to 20% from 24% and for large cars to 24% from 27%.

 

The auto industry had shown growth of 10.01 percent in April-November period this fiscal at 1.33 crore units v/s 1.21 crore units in the year-ago period. This came on the back of two years of sales slump. In November, car sales in India rose by 9.5%  in November riding on continued relief in excise duty and lower fuel prices, after declining for two months in a row.

 

Domestic car sales in November stood at 1,56,445 units, up 9.52% compared to 1,42,849 units in the same month of 2013, according to the data released by Society of Indian Automobile Manufacturers (SIAM).

 

Maruti Suzuki India Chairman RC Bhargava had said if the incentive is not continued, automobile prices would go up further in the next year. "It could derail the auto industry. If it lapses, then prices go up by 4% and we will have to pass on the burden to the customer," reports said.

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