Stocks
Nifty, Sensex to move sideways – Wednesday closing report

If Nifty closes below 8,700, bearishness will continue

 

We had mentioned in Tuesday’s closing report that the NSE’s CNX Nifty may move sideways and that if it does not go below 8,720, it is likely to move up to 8,800. Wednesday was the fifth consecutive session for the index to make a lower low. Today the benchmark witnessed a volatile range bound session between 8,720 and 8,780 but by the end of the session it broke the lower range and hit the day’s low and closed near to it.
 
The S&P BSE Sensex opened at 29,130 while Nifty opened at 8,789. Sensex moved in the range of 28,825 and 29,134 while Nifty moved between 8,704 and 8,793. Sensex closed at 28,883 (down 117 points or 0.40%) while Nifty closed at 8,724 (down 33 points or 0.38%). NSE recorded a 107.46 crore shares. India VIX rose 1.22% to close at 20.0500.
 
Prime Minister Narendra Modi on Tuesday said that his priority was for India to establish global benchmarks in areas such as governance, transparency and taxation. Among other things, he also mentioned that the priority of the government is economic growth and to create jobs.
 
The HSBC India Services PMI Business Activity Index edged up to 52.4 in January 2015, from 51.1 in December 2014. According to survey responses, the latest increase in the services activity reflected further growth of new business during the month.
 
"We still have concerns about inflation. Given the deflationary environment elsewhere, it's actually easier for us because we are not fighting inflation in an environment where inflation is picking up elsewhere," Reserve Bank of India (RBI) governor Dr Raghuram Rajan said in a conference call with analysts.
 
India's securitisation market can provide funds needed for financing infrastructure, housing and urbanisation projects as the country's economy grows, rating agency Moody's Investors Service has said.
 
The oil marketing companies on Tuesday slashed petrol prices by Rs2.42 a litre and diesel price by Rs2.25 a litre in line with the decline in global oil prices.
 
Coming back to Indian stock markets, Kaveri Seed (10.19%) was the top gainer in ‘A’ group on the BSE. The stock gained inspite of posting weak results. Its board of directors has declared for payment of second interim dividend of 125% i.e., Rs2.50 per share.
 
Alembic Pharma (11.08%) was the top loser of the group. Today it reported an improved December 2014 quarter result over the year ago period.
 
Hindalco (3.89%) was the top gainer in the Sensex 30 pack while Axis Bank (4.64%) continued to be the top loser of the pack.
 
US indices closed Tuesday in the green.
 
January US car sales topped analysts' expectations, as low gasoline prices and easy credit terms helped fuel sales of utility vehicles and big pickups.
 
Except for Shanghai Composite (0.96%) and SET Composite index of Thailand (0.17%) all the other Asian indices closed in the green. Nikkei 225 (1.98%) was the top gainer.
 
The HSBC Hong Kong Purchasing Managers Index (PMI) contracted in January, a signal of the city's deteriorating output at the start of 2015 amid China's economic slowdown. HSBC said Wednesday that January's manufacturing PMI fell to 49.4 from 50.3 in December. The HSBC China services purchasing managers index fell to a six-month low at 51.8 in January from 53.4 in December.
 
European indices were trading lower while US Futures were trading marginally in the red.
 
On Tuesday, Greece's Finance Minister Yanis Varoufakis reportedly said that Athens was working on a road map to lessen the burden of his country's hefty debt pile, and he hoped to have an agreement with Greece's creditors by the beginning of June. That is a sign Greece's new government was moving closer in its negotiations with its creditors to easing the terms on the country's 240 billion-euro bailout in 2012.
 

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SEBI asks Amazan Agro, directors not to garner money from investors

SEBI also restrained Amazan Agro Products and its directors from accessing the securities market and disposing off their assets

 

Market regulator Securities and Exchange Board of India (SEBI) has directed Amazan Agro Products Limited (AAPL) not to mobilise funds from investors. SEBI also barred the company and its directors from markets for illegally raising money through issue of secured redeemable non-convertible debentures (NCDs) and redeemable preference shares (RPS).
 
Kolkata-based Amazan Agro Products had raised more than Rs29 lakh from about 1169 allottees through issue of secured non-convertible redeemable preference shares during 2009-10.
 
In its order, SEBI restrained the company as well as its past and present directors from accessing the securities market. This includes Joydeb Garai, Sunil Kumar Brahmachari, Manigrib Bag, Dilip Kumar Gangopadhyay, Debabrata Ghosh, Pahari Basu, Basudeb Garai, Dinabandhu Das, Gargi Biswas and Samir Das.
 
These entities have also been prohibited from issuing prospectus or any offer document or come out with advertisement for soliciting money from the public for the issue of securities, in any manner till further directions.
 
SEBI said that steps have to be taken in the instant matter to ensure only legitimate fund raising activities are carried on by AAPL and no investors are defrauded.
 
The market regulator also asked Amazan Agro and its past and present directors to provide a full inventory of the company's assets and properties. In addition, SEBI directed these entities not to dispose or divert of any assets.
 

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SEBI income surplus revised to Rs156.27 crore from Rs193.37 crore

SEBI's revised income estimates of Rs156.27 crore are lower than Rs193.37 crore original budget estimates for FY2014-15 due to lower income from offer documents, fee from mutual funds and AIFs

 

Market regulator Securities and Exchange Board of India (SEBI) is expecting an income surplus of more than Rs156 crore after taking into account operational as well as capital expenses for the current financial year.
 
The revised estimates of Rs156.27 crore are lower than Rs193.37 crore original budget estimates for the current fiscal.
 
The main reasons for downward revision are fall in income from offer documents, fee from mutual funds as well from alternative investment fund and investment advisors, among others.
 
As per SEBI's document on mid-term review of budget estimates, revised total income from fees from stock market intermediaries stands at Rs330.31 crore, for the current financial year, down from Rs378.38 crore original estimates.
 
The capital market regulator's income from investment is expected at Rs162.67 crore, an increase from the original estimates of Rs157.88 crore.
 
An amount of Rs12.24 crore was received towards fee from filing of offer documents during April-December 2014 as against estimated income of Rs24.72 crore for the whole of 2014-15.
 
During the first nine months of 2014-15, only 23 offer documents were filed with SEBI as against expected 52 such filings for the whole of financial year.
 
It is now expected that 25-30 offer documents would be filed in the current fiscal.
 
Moreover, fee amount received from mutual funds stood at Rs15.33 crore during April-December 2014 as against estimated income of Rs33.68 crore for the current fiscal.
 
As per the mid-term review, revised capital expenditure stands at Rs69.66 crore, down from budget estimates of Rs80.40 crore.
 
Total revised revenue expenditure is at Rs281.23 crore for the fiscal against budget estimates of Rs280.69 crore.
 

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