Stocks
Nifty, Sensex strong upmove to continue - Tuesday Closing Report

Nifty will continue to rise subject to dips

 

Indian benchmarks gained nearly 2% to hit a new all-time high on Tuesday on across-the-board buying. The S&P BSE Sensex hit a record high of 28,829 while NSE's CNX Nifty recorded a new high of 8,707 at about 3pm.
 
The 50-share Nifty index extended gains in the fourth straight session to surge past its crucial psychological resistance level of 8,700 for the first time ever in trade, on intense buying in metals, banks and FMCG sectors on the hopes of a pick-up in growth and earnings in the coming quarters. Firm buying was witnessed in metal, realty, banking, power, oil & gas and IT sector stocks apart from midcap and small cap shares. 
 
The S&P BSE Sensex opened at 28,250 while NSE's CNX Nifty opened at 8,575. Sensex moved in the range of 28,324 and 28,787 while Nifty moved between 8,574 and 8,707. Sensex closed at 28,784 (up 522 points or 1.9%) while Nifty closed at 8,695 (up 145 points or 1.7%). NSE recorded a volume of 91.41 crore shares. 
 
The International Monetary Fund (IMF), like its twin the World Bank, has also lowered the global growth targets for 2015 and 2016 by 0.3% in both years. IMF said, India will be the fastest growing major economy in 2016, with projected GDP growth of 6.5% compared with China’s growth of 6.3%.
 
Brent crude oil prices fell towards $48 a barrel Tuesday after the IMF cut its forecast for global economic growth implying lower demand for fuel.
 
Ratings agency Fitch, on Tuesday said the recent interest rate cut by the Reserve Bank of India (RBI) will have minimal impact. Citing that falling commodity, food prices and gradual decline in long-term inflation expectations had created a more benign inflationary environment, Fitch said, "The extent to which the rate cut would have a long-term positive effect on bank asset quality remains uncertain."
 
Minister of Steel and Mines Narendra Singh Tomar on Monday said that simplification and transferability brought in the MMDR Act, 1957 through the Mines and Minerals (Development and Regulation) (Amendment) Ordinance, 2015 will attract private investment in the mining sector.
 
Coming back to stock markets, Sesa Sterlite Ltd (5.88%) and HDFC (5.78%) were the two top gainers among the 50-share Nifty. Tata Steel (4.74%), Axis Bank (4.39%), Tata Motors (3.98%), ITC (3.48%), Hindalco (3.21%), Reliance Industries (2.60%), NMDC (2.52%) and Jindal Steel (2.41%) were the other gainers.
 
State-run GAIL was the top loser with a fall of 2.62% to Rs429 on the Nifty. Tata Power (down 1.15%), Dr Reddy's Lab (down 0.72%), Powergrid Corp (down 0.64%) and Maruti Suzuki India Ltd (down 0.57%), were among the other losers today.
 
On the 50-share Nifty, 37 scrips recorded advances while 13 shares declined.
 
In global markets, European shares rose in early trade on Tuesday, tracking a rally in Asian shares after data showed China’s economic growth slowed less than feared.
 
At 0805 GMT, the FTSEurofirst 300 index of top European shares was up 0.5% at 1,417.33 points, just shy of a seven-year high hit in the previous session. 
 
Asian markets rallied in relief on Tuesday after China reported its economy had not slowed as far as many had feared, a rare glint of brightness amid gloom over the global outlook.  The Shanghai Composite Index bounced 1.8%, while the CSI300 index added 1.1%.
 
Markets were higher across most of the region led by a 1.5% gain in the Nikkei as the yen slipped and the Bank of Japan began a two-day policy meeting that should see it reaffirm its massive bond-buying campaign.
 
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.3%, while South Korea’s main index rose 0.8%. 
 
Hong Kong shares rose today after mainland indexes rebounded on comments by China’s securities regulator that it was not trying to suppress the market rally.
 
The Hang Seng index rose 0.9% to 23,951.16 points, while the China Enterprises Index gained 2.3% to 11,741.78 points. US index futures were strongly up. The US stock market was closed on Monday Martin Luther King, Jr. Day holiday.
 

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Get Justice for Online Banking Fraud
Did you know that there is something called Cyber Court where you can complain about online banking frauds and get justice?
 
Nitesh Gupta, a chartered accountant, was having  a quiet dinner with his wife at a restaurant sometime in June 2013. He had just opened the menu when he got a text message that said Rs44,000 was withdrawn from his account via an ATM. Later that year, Sharad Vishwanath Sahasrabuddhe found that Rs3.36 lakh was fraudulently withdrawn from his account via net-banking. He approached the police after the bank failed to act on his complaint. Dozens of such cases are reported every day. But, in all such cases, the customer is blamed for not keeping the PIN and other details secure. Banks act as if they are blameless; customers have no recourse to anyone.
 
Not anymore. Consider this. In January 2015, Maharashtra’s principal secretary (IT), Rajesh Aggarwal, directed Bank of Maharashtra, Andhra Bank, Karur Vysya Bank and Ideal Cellular to collectively pay Rs25.12 lakh compensation to a Pune-based partnership firm for failing to provide basic due diligence and security to customer, resulting in a phishing case. The fraudsters changed the mobile SIM of the firm's accountant and transferred money to three accounts with Axis Bank at Chandigarh (Rs4 lakh), Andhra Bank (Rs23 lakh) and Karur Vysya Bank (Rs12.50 lakh), both at Meerut. While the account-holder in Chandigarh returned the money to the firm, Rs13 lakh and Rs12.12 lakh were withdrawn by non-traceable account-holders from Andhra Bank and Karur Vysya Bank, respectively. 
 
While online banking is spreading fast, frauds have also galloped; so much so that, during 2014,India ranked third, after Japan and the US, among countries most affected by online banking malware, according to a report from ASSOCHAM-Mahindra SCG. 
 
Customers duped in online frauds, often find that no easy remedy is available. This, despite the Banking Codes and Standards Board of India (BCSBI) making it clear that, in electronic fraud, the onus of proving that the customer participated in the fraud or compromised the user ID and password will shift to the bank.
 
However, people duped in online frauds, can now use the Cyber Crime Court to get speedy justice. It is important for everyone to know about this Court and its jurisdiction. The Information Technology Act, 2000, (the Act) specifies the actions ,which are punishable under the Act. Under the Act, the state IT Secretary is the adjudicating officer who decides matters in which the claim for damage does not exceed Rs5 crore. You have to file your complaint in a specified format before the adjudicating officer (AO).
 
The AO has the powers of a civil court, which are conferred on the Cyber Appellate Tribunal under sub-section(2) of Section 58. In addition, all proceedings before the AO are deemed to be judicial proceedings within the meaning of Sections 193 and 228 of the Indian Penal Code (IPC) and to be a civil court for the purposes of Sections 345 and 346 of the Code of Criminal Procedure (Cr PC), 1973. There is a proforma for filing complaint that can be downloaded from http://tinyurl.com/n6fxreh
 
In Maharashtra, the complaint has to be submitted to the Officer, c/o Directorate of Information Technology, 7th Floor, Mantralaya, Madam Cama Road, Hutatma Rajguru Chowk, Nariman Point, Mumbai – 400021. The IT Act is a Central Act. So, all states should have similar arrangements and you can make a complaint before the AO or the Cyber Crime Court in your state.

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IS terrorist threatens to kill two Japanese hostages

The terrorist, in a video, says that the $200 million ransom demand is to compensate for non-military aid that Japanese Prime Minister Shinzo Abe pledged to support countries affected by the campaign against IS

 

The Islamic State (IS) group had threatened to kill two Japanese hostages unless it receives a $200 million ransom within 72 hours. However, Japan on Tuesday vowed it would not give in to terrorism. 
 
“Our country’s stance – contributing to the fight against terrorism without giving in – remains unchanged,” chief government spokesman Yoshihide Suga told a news conference in Tokyo.
 
IS has murdered five Western hostages since August last year, but it is the first time that the jihadist group – which has seized swathes of Syria and neighbouring Iraq – has threatened Japanese captives.
 
In footage posted on jihadist websites, a black-clad militant brandishing a knife addresses the camera in English, standing between two hostages wearing orange jumpsuits.
 
“You now have 72 hours to pressure your government into making a wise decision by paying the $200 million to save the lives of your citizens,” he says.
 
The terrorist says that the ransom demand is to compensate for non-military aid that Prime Minister Shinzo Abe pledged to support countries affected by the campaign against IS during an ongoing Middle East tour that on Tuesday saw him in Jerusalem.
 
But the Japanese government said it would not bow to extremism.
 
An official in the foreign ministry’s terrorism prevention division had said earlier that the government was investigating the threat and the authenticity of the video.
 
Since August, IS has murdered three Americans and two Britons, posting grisly video footage of their executions.
 
US journalists James Foley and Steven Sotloff, American aid worker Peter Kassig and British aid workers Alan Henning and David Haines were all beheaded.
 
The militant who appeared in the video threatening the Japanese hostages spoke with a very similar southern English accent to the militant who appeared in the footage posted of the executions of the Britons and Americans.
 
Abe, who was due to give a Jerusalem new conference at 0800 GMT, pledged a total of $2.5 billion in humanitarian and development aid for the Middle East on the first leg of his tour in Cairo on Saturday.
 
He promised $200 million in non-military assistance for countries affected by the Islamic State (IS) group’s bloody expansion in Iraq and Syria, which spurred an exodus of refugees to neighbouring countries.
 
The first hostage – Kenji Goto – is a freelance journalist who set up a video production company, named Independent Press in Tokyo in 1996, feeding video documentaries on the Middle East and other regions to Japanese television networks, including public broadcaster NHK.
 
The second hostage appeared in previous footage posted last August in which he identified himself as Haruna Yukawa and was shown being roughly interrogated by his captors.
 

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