Stocks
Nifty, Sensex to remain weak – Tuesday closing report
While Nifty is oversold on an intraday basis and due for a short bounce, the trend is down
 
We had mentioned in Monday’s closing report that Nifty, Sensex will make a laboured rise and that Nifty is headed higher subject to small dips. The market was bearish on Tuesday and all major indices in the Indian stock markets suffered sharp losses of around 1.5%. Trading volumes were also not too high due to the festival season.
 
The trends of the major indices during the day’s trading are given in the table below:
 
 
Both the bellwether indices opened Tuesday in the negative territory on the back of bearish sentiments following the BJP's rout in the Bihar election, heightened chances of a US rate hike and disappointing quarterly results.
 
In the automobile sector, low interest and fuel costs supported by a pent up demand and new launches during the festive season gave a boost to the domestic passenger car sales last month. The domestic passenger car sales grew by 21.80%, industry data showed on Tuesday. According to data furnished by the Society of Indian Automobile Manufacturers (SIAM), passenger car sales during October stood at 194,158 units against 159,408 units in the like month of the previous year.  The data revealed that the total passenger vehicle sales, which include cars, utility vehicles and vans, went up by 21.46% to 268,629 units from 221,163 units sold in October 2014. Furthermore, sales of utility vehicles rose by 20.82% to 58,120 units. The off-take of vans increased by 19.79% to 16,351 units. The industry data for last month showed a 12.73% growth in the overall commercial vehicles segment sales, which is a key indicator of economic activity. The commercial vehicles segment off-take for October stood at 58,596 units from 51,978 units sold during the corresponding month of 2014. Overall exports across categories for the month under review was lower by 5.56% at 289,309 units sold abroad from 306,357 units shipped out during October, 2014. The S & P BSE Auto index rose by 0.1% in Tuesday’s trading.
 
Thanks to a dip in the prices of gold this year, brisk buying of the precious metal was seen as people opened their purse strings for Dhanteras. The newly minted "Made in India" gold coin also saw good sales. The gold coin launched by the government last week, with the images of Ashok Chakra and Mahatma Gandhi, also saw some good buying. "Till 4 p.m. we expect at least 5,000 coins to have been sold across our 18 outlets in India," an official of the Metals and Minerals Trading Corporation (MMTC) told IANS, declining to be named.  MMTC, a state-run unit, is the official manufacturer of this coin. About 15,000 coins of 5 gm, 20,000 coins of 10 gm and 3,750 gold bullions were made available through MMTC outlets initially, the government said on the day of launch.
 
The top gainers and top losers of the indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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Delhi elevated road opens - costing 40% less than budgeted!
Delhi Chief Minister Arvind Kejriwal and union Minister M. Venkaiah Naidu on Tuesday inaugurated a six-lane elevated road that was to cost Rs.247 crore but ended up costing only Rs.143 crore.
 
Speaking on the occasion, Kejriwal gave due credit for the project to his predecessor and Congress leader Sheila Dikshit while Naidu of the BJP praised the Delhi government for completing the road on a reduced budget. 
 
The 1.6-km road on the Ring Road connects Azadpur and Prembari Pul in north Delhi. It is expected to cut down commuting time as it will bypass three major intersections at Ashok Vihar, Shalimar Bagh and Keshav Puram. 
 
Addressing the gathering, Kejriwal said: "The credit for this elevated road from Azadpur to Shalimar Bagh goes to Shiela Dikshit. The foundation stone was laid in June 2013 during Dikshit’s tenure.
 
“The sanctioned cost for the project was Rs.247 crore but it was completed at an actual cost of Rs.142 crore by Delhi's PWD (Public Works Department). 
 
"It is unbelievable,” Kejriwal went on. “This can happen only in an honest government.”
 
Naidu also praised Delhi government’s PWD for completing the project at a lesser cost.
 
“It is for the first time I came to know that a project of Rs.250 crore was completed in Rs.150 crore. I congratulate the Delhi government’s PWD department for this achievement,” Naidu said.
 
The project was delayed for months as it was pending before the National Green Tribunal, which did not give permission to cut trees. 
 
The PWD had sought permission to cut around 1,200 trees but was permitted to fell around 700 trees. 
 
Dikshit was Delhi's chief minister for 15 long years before Kejriwal's Aam Aadmi Party (AAP) ousted her government in December 2013, with Kejriwal himself defeating Dikshit. But Kejriwal resigned after just 49 days.
 
The AAP again took power in Delhi in February this year with a full majority.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Leslie Menezes

1 year ago

PWD engineers completing any project at lower than budgeted cost !!!! Questions How was the budgeting done?? Is the present cost also a overrun or a real saving ??? What about the other projects by the PWD. Are they "similarly" budgeted??. One can have an idea how Congress governments budget projects - almost at twice the cost. Any assurance similar patterns are not followed now. After all the engineers and bureaucrats are the same

Passenger car sales up 21.80 percent in October: SIAM
Low interest and fuel costs supported by a pent up demand and new launches during the festive season gave a boost to the domestic passenger car sales last month.
 
The domestic passenger car sales grew by 21.80 percent, industry data showed on Tuesday.
 
According to data furnished by the Society of Indian Automobile Manufacturers (SIAM), passenger car sales during October stood at 194,158 units against 159,408 units in the like month of the previous year. 
 
The data revealed that the total passenger vehicle sales, which includes cars, utility vehicles and vans, went up by 21.46 percent to 268,629 units from 221,163 units sold in October, 2014.
 
Furthermore, sales of utility vehicles rose by 20.82 percent to 58,120 units. The off-take of vans, increased by 19.79 percent to 16,351 units. 
 
The industry data for last month showed a 12.73 percent growth in the overall commercial vehicles segment sales, which is a key indicator of economic activity. 
 
The commercial vehicles segment off-take for October stood at 58,596 units from 51,978 units sold during the corresponding month of 2014.
 
On the other hand, sales of three-wheelers inched-up by 0.10 percent in the month under review at 52,361 units from 52,307 units sold in October of 2014.
 
Sales of the overall two-wheelers segment which includes off-take for scooters, motorcycles and mopeds augmented by 13.31 percent to 1,656,235 units from 1,461,712 units sold in the like month of 2014.
 
On-product specific basis, scooter segments' sales in October rocketed by 36.80 percent at 525,138 units. Motorcycle segment reported a modest rise of 5.66 percent at 1,065,856 units.
 
However, moped segments' sales slipped by 5.54 percent at 65,241 units during the period under review.
 
Similarly, overall exports across categories for the month under review was lower by 5.56 percent at 289,309 units sold abroad from 306,357 units shipped out during October, 2014.
 
Notwithstanding sales abroad, total automobile sales in October were higher by 13.91 percent at 2,035,821 units from 1,787,160 units sold in the corresponding month of 2014.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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