Stocks
Nifty, Sensex struggling to rally - Thursday closing report
Nifty will remain in an uptrend, as long as, it is above 8,545
 
We had mentioned in Wednesday’s closing report that the Nifty will remain in an uptrend as long as it closes above 8,500. The major indices in the Indian stock markets were range-bound and made marginal gains during the day’s trading. 
 
 
The top gainers and losers in major indices are given in the table below:
 
 
 
A day after it gained over 150 points, a benchmark index of the Indian equity markets closed in the green and inched up to a nearly two-week high on Thursday.
 
The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) closed the day's trade 75 points up at more than 28,220 points.
 
The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed in the positive territory. It was up 20.70 points or 0.24 percent at 8,588.65 points.
 
The S&P BSE Sensex, which opened at 28,291.88 points, closed at 28,298.13 points, up 75.05 points or 0.27 percent from the previous day's close at 28,223.08 points.
 
The Sensex touched a high of 28,359.96 points and a low of 28,163.69 points in the intra-day trade.
 
According to analysts, Indian markets opened positively tracking the SGX Nifty and Wednesday's data which showed healthy growth in services PMI (purchasing managers' index). Sentiment was also helped by upbeat economic data from China.
 
Markets gained due to the positive response to the Reserve Bank of India (RBI) governor's comments on the economy. Positive sentiments surrounding Cognizant’s quarterly results supported the rally across information technology (IT) stocks. 
 
The FIIs were net buyers in the cash market segment on Wednesday. They bought shares worth Rs.447.90 crore.
 
Sector-wise, healthy buying was observed in capital goods, consumer durables, healthcare, banking and automobile stocks. However, fast moving consumer goods (FMCG), metal and oil and gas sectors came under selling pressure.
 
The S&P BSE capital goods index zoomed by 306.14 points, followed by consumer durables index which augmented by 213.21 points, healthcare index gained 198.56 points, banking index edged higher by 120.30 points and automobile index rose by 110.80 points.
 
The S&P BSE FMCG index receded by 93.05 points, metal index fell by 48.51 points and the oil and gas index was lower by 25.29 points.
 
Major Sensex gainers during Thursday's trade were Larsen and Toubro (L&T), up 2.74 percent at Rs.1,827.30; Dr.Reddy, up 1.79 percent at Rs.4,270.10; Tata Motors, up 1.63 percent at Rs.382.90; Lupin, up 1.37 percent at Rs.1,703.15; and
Tata Consultancy Services (TCS), up 1.28 percent at Rs.2,574.30.
 
The major Sensex losers were: ITC, down 1.70 percent at Rs.326.05; Coal India, down 1.59 percent at Rs.431.10, Reliance Industries, down 0.84 percent at Rs.979.40; Vedanta, down 0.78 percent at Rs.126.90; and NTPC, down 0.62 percent at Rs.135.65.
 
Among the Asian markets, Japan's Nikkei was up 0.24 percent, while Hong Kong's Hang Seng declined by 0.57 percent. China's Shanghai Composite Index also was lower by 0.88 percent. 
 
In Europe,  the London FTSE 100 index inched up by 0.09 percent. Germany's DAX Index and French CAC 40 also gained 0.20 percent and 0.37 percent, respectively, at the closing bell here.
 
The closing values of major indices in the Asian stock markets are given in the table below:
 
 
 
Among European indices, FTSE 100 was at 6,736.28, down 0.24% and the DAX was at 11,644.23, up 0.07%. Athex Composite Share Price Index was at 666.63, up 3.64%.
 

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Adanis to withdraw from mega Australian coal mine project?
With Australia's Federal Court declaring invalid the approval of the Adani Group's $16 billion coal mine in central Queensland, there is speculation that the Gautam Adani-led Indian conglomerate may decide to walk away from the controversial project.
 
According to Australian media reports, the approval was set aside by the court after it was found that Federal Environment Minister Greg Hunt had not properly considered advice about endangered species like the yakka skink and the ornamental snake.
 
The Tony Abbott-led federal government had approved the mega open-cut and underground coal mine in Queensland's Galilee Basic region in July 2014.
 
From the very beginning, the project has been dogged by a number of controversies. Various environment groups and indigenous people have been opposing what is projected to be the biggest Australian coal mine project. While the Federal Court has ruled in favour of an environment protection group, the challenge mounted by the indigenous Australians is yet to get a hearing.
 
The Mackay Conservation Group had challenged the project earlier this year over the risk to vulnerable species like the yakka skink and the ornamental snake.
 
To make the matters worse for the well-connected Indian conglomerate, Australia's Commonwealth Bank has withdrawn financial support for the project.
 
It appears the Adani Group has already made up its mind to look somewhere else for the fuel to power its energy plants. A strong hint came a few months back, when it was announced that the company had "frozen" the project because of uncertainty over various court challenges and state government delays - and that it might scuttling the mine.
 
Another strong message that the Adanis are bailing out came when a spokeperson of the Indian group denied that the Australian bank had withdrawn because of lobbying by environmentalists. 
 
The group said, on the contrary, that it had ended the relationship with the Commonwealth Bank.
 
"Adani terminated the mandate on the basis of its own concerns over ongoing delays to a now five-year-long approvals process here in Australia," Australian media outlets have quoted an Adani spokesperson as saying.
 
The "concerns" are understandable as the Adani group has already sunk about AUS$3 billion ($2 billion/Rs.140 billion) on the project. This investment includes purchase of the Abbot Point port.
 
Regarding the legal setback, a challenge to the Federal Court decision is highly unlikely as both the Adani Group and the federal government "consented", or agreed, that the ruling was correct. 
 
Instead of being embarrassed about its approval being labelled "invalid", the Liberal party government is putting up a brave face.
 
"What the department said is 'look, we have a sense that the court might find something new as a new standard and so it might be better to remake the decision'," Federal Environment Minister Greg Hunt told reporters on Wednesday.
 
While environment protection groups are buoyed by the Federal Court decision, the so-called coal lobbyists are not amused over the delay in the project.
 
Legal loopholes are paving the way for anti-coal activists to delay billions of dollars in investment and impact thousands of jobs in Queensland.
 
If the social media is considered a standard, an overwhelming majority of Australians would have to be labelled "anti-coal" as Twitter and Facebook have been plastered with hundreds of messages praising the court ruling.

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Government moves bill to make bribe-giving an offence
Amid ruckus and disruptions in the Rajya Sabha, the government on Thursday moved a bill to amend the Prevention of Corruption Act making the giving of bribe also a crime along with receiving it.
 
The bill, introduced in the Rajya Sabha in 2013 and subsequently sent to a parliamentary panel, makes giving a bribe a specific offence.
 
It also covers retired public servants, but one controversial clause pertains to a provision requiring prior sanction to prosecute serving and former public officials.
 
"The government is committed to bring in more transparency and accountability in governance and to live by its pledge of maximum governance, minimum government," Minister of State in the Prime Minister's Office, Jitendra Singh, said while moving the bill.
 
"There are, in the amendments, certain measures which would disincentive bribe-giving and bring into the ambit of accountability and answerability the bribe-giver as well," he said.
 
"At the same time, it also envisages certain amendments that ensure that an honest and upright officer does not suffer from any intimidation or loss of initiative for which we are going to make certain amendments to enlarge the ambit of permission for initiating proceedings against an officer to all levels, regardless of his status, and similarly to also introduce procedure for seeking permission for prosecution of an officer even after he has superannuated," he said.
 
The bill, however, could not be taken up for discussion as the opposition created a ruckus, and said the bill cannot be discussed till the house was in order.

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COMMENTS

Ralph Rau

2 years ago

If the government is serious about introducing such a bill it should be announced well in advance and put in the public domain for consultation.

The answer to prevention of corruption is TRANSPARENCY. Specifications should be standardised so that competition is only on rates and not on specifcations.Quotes should be visible on the web.

What about the role of agents and middlemen when bribes flow indirectly and not directly ?

Dahyabhai S Patel

2 years ago

Bribe giving must be an offence, but it must be considered offence for the bribe giver and the person supposed to take/who has taken bribe must be punished and made to pay as fine at least 100 times the amount of the bribe, as the government official is paid his salary from the people's tax for the work he is supposed to do faithfully and in time. In case of urgency, extra money should be paid officially, not as bribe!!!!

manoharlalsharma

2 years ago

Government moves bill to make bribe-giving an offence/I wish to ask through u r organisation then what will u do in NEED of an URGENCY will u die or to PAY & SAVE U R LIFE ? and if u complain to any of the CENTRAL/STATE department u will have find FIRST IRRESPONSIBLE BABUS because NO CM or PM have time to devote in u r difficult time.

Dahyabhai S Patel

2 years ago

Further, there must be a well displayed procedure for applying for any service along with documents to be supplied (there must be no need of wasting papers for the documents as attachments/enclosures which are already with government; reference must be sufficient ) and time taken for the job to be completed.The applicant must be helped to file it properly and the document asked must be delivered at applicant's address by post saving time and fuel for transport conveyance. If the job is not done in time, the official must be severely punished and pay from his pocket.

Dahyabhai S Patel

2 years ago

I do not know exactly about the bill. The law must be enacted such that if any government official asks for the bribe or does not do his duty or prolong the job in order to extract money as bribe from Aam Aadmi, he must be punished, rather fired from his services. No body likes to give bribe. If asked for the bribe, it must be sufficient for Aam Aadmi to complaint about the official and onus of proving the complaint must be on government office bearer. If it is proved against Aam Aadmi, the latter must be punished to maximum,

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