Nifty, Sensex to rally some more – Wednesday closing report

Nifty will face resistance at around 8,050


After hitting a 12-day high (including today) the Indian benchmarks made further gains for the fourth consecutive session Wednesday. After a gap up opening, the indices moved in a range and closed at the day’s high for the last trading day of Samvat 2070. The stock market will only be open for an hour from 6.30 pm Thursday for Diwali Muhurat trading. The markets are closed on Friday, 24 October 2014, for Diwali.

The S&P BSE Sensex opened at 26,783 and moved in the range of 26,712 and 26,818 and closed at 26,787 (up 212 points or 0.80%) while NSE’s CNX Nifty opened at 7,998 and moved between 7,975 and 8,005 and closed at 7,996 (up 68 points or 0.86%). NSE recorded a volume of 66.85 crore shares. India VIX fell 2.25% to close at 13.0300.

PMC Fincorp (15.33%), which hit its 52-week high, was also the top gainer in the ‘A’ group on the BSE. Jindal Steel (10.17%) continued to be among the top two gainers in the group. The upmove is supported by the Modi government stance to auction 74 coal-mining licenses to private companies over next three to four months. Natco Pharma (8.83%) was among the top three gainers. Its marketing partner in the US, Breckenridge Pharmaceutical Inc received a tentative approval from the US FDA for Armadafinil 50 mg, 150 mg, and 250 mg tablets. Armadafinil is a generic tablet used for improving wakefulness in adults.

Kailash Auto Finance (12.39%) was the top loser in the ‘A’ group on the BSE. The stock hit its 52-week low today. Havells (3.43%) was among the top loser in the group. Its September 2014 quarter result posted a fall in the net profit in spite of its revenue showing a growth.

Hero MotoCorp (4.03%) was the top gainer in the Sensex 30 pack. The stock hit its 52-week high today. It has informed BSE that it anticipates to clock close to 1.5 lakh in retail sales on October 21, 2014, Dhanteras, which will be a 40%-50% growth over the sales on Dhanteras day last year.

ONGC (1.97%) continued to be the top loser in the Sensex 30 stock.

US indices closed Tuesday in the green.

Sales of existing homes rose in September, hitting the fastest pace in one year and rebounding from an unexpected drop in August, the National Association of Realtors reported yesterday. The annual rate of 5.17 million was better than expected.
Except for Shanghai Composite (0.56%) all the trading Asian indices closed in the green.


Nikkei 225 (2.64%) was the top gainer.

European indices were trading marginally higher, while US Futures were showing mixed performance.


SEBI allows one waiver to exchanges for client code modification

Stock exchanges have also been directed to submit a quarterly report to SEBI on all client code modifications where penalties have been waived


Market regulator Securities and Exchange Board of India (SEBI) has allowed stock exchanges to waive penalty for modification of client code of non-institutional trades where a broker is able to produce evidence establishing that the modification was due to a genuine error.


In a circular issued late on Tuesday, SEBI said exchanges may give only one waiver per quarter for modification in a client code.


That is, if a waiver has already been given for client code modification from client code AB to client code BA, no more penalty waivers shall be allowed to the broker during the quarter for modifications related to client codes AB and BA.


However, proprietary trades (trades on the broker’s own account) would not be allowed to be modified as client trade and vice-versa, SEBI said.


Exchanges have been directed to submit a quarterly report to SEBI on all client code modifications where penalties have been waived. Exchanges have also been asked to take strict disciplinary action against brokers who frequently modify client codes.


Stock exchanges and clearing corporations have been directed to amend bylaws, inform brokers/ clearing members, disseminate the information on their Web sites, besides communicating the implementation status to SEBI.


CBI arrests Railway Board official for accepting Rs5 lakh bribe

The alleged bribe of Rs5 lakh was paid to the Railway Board official through Hawala channel to facilitate running of special trains and additional coaches for tourist purposes


The Central Bureau of Investigation (CBI) on Wednesday arrested Ravi Mohan Sharma, an official from the Railway Board for allegedly receiving a bribe of Rs5 lakh from a Mumbai-based tour operator for adding coaches in trains for tourist purposes.


Sharma, an Indian Railway Traffic service officer of 1997 batch was arrested at his residence in New Delhi while allegedly receiving a bribe of Rs5 lakh from a tour operator.


The sources said the bribe was allegedly paid by the Mumbai-based operator through hawala channel.


They said the alleged bribe was paid to facilitate the running of special trains and additional coaches for tourist purposes.


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