Stocks
Nifty, Sensex turning weak – Monday closing report
Nifty will be in a downward stretch if it closes below 8,115
 
We had mentioned in Friday’s closing report that Nifty, Sensex are looking overbought and that as long as Nifty stays above 8,000, bulls will be in control. Although the market was bullish at the beginning of the day, it could not be sustained. Overall, the major indices in the Indian stock markets ended the day with small losses of around 0.50%. The trends of the indices in the day’s trading are given in the table below:
 
 
Investor-anxiety over the ongoing quarterly results kept the Indian equity markets subdued on Monday. Initially, both the Sensex and Nifty opened in the green on the back of positive overseas markets. However, both indices soon ceded their gains, as investors were spooked regarding the uncertainty over the second quarter results. Notwithstanding the downward trend, hopes of healthy macro data points on industry output and inflation later in the day somewhat arrested the fall.
 
Analysts pointed out that the markets closed in the red due to the uncertainty over the second quarter results, which they fear might turn out to be below expectations due to currency fluctuations and slowing demand.
 
Asian markets closed on a positive note on Monday supported by a rally in the Chinese indices which were up 3%. The Chinese central bank had announced a stimulus package over the weekend. The Chinese government has also indicated its intentions to initiate reforms in the telecommunication sector.
 
Infosys was the first bluechip to come out with its results on Monday. The global software major reported a net profit of Rs.3,398 crore for second quarter registering a 9.8% growth year-on-year (YoY) and 12% on a sequential basis.
 
The factory output data for August and inflation figures for September will be released on Monday evening. Both the key data points will give future guidance to the Reserve Bank of India's next move on lending rates.
 
Sector-wise, information technology (IT), healthcare, technology, entertainment and media (Teck) and fast moving consumer goods (FMCG) stocks came under selling pressure. However, metals, capital goods and automobile scrip managed to stay afloat.
 
The S&P BSE metals index increased by 102.92 points, capital goods index gained by 52.02 points and automobile index was higher by 40.66 points. On the other hand, the S&P BSE IT index plunged by 239.73 points, healthcare index went down by 175.22 points, Teck index declined by 117.39 points and FMCG index was lower by 61.11 points.
 
Major Sensex gainers during Monday's trade were: Vedanta, up 7% at Rs.110.85; Hindalco Industries, up 5.98% at Rs.88.65; Gail, up 2.49% at Rs.319; Tata Motors, up 1.83% at Rs.362.40; and BHEL, up 1.76% at Rs.205.60.
 
The major Sensex losers were: Infosys down 3.88% at Rs.1,122.50; Lupin, down 2.16% at Rs.2,011.65; Cipla, down 1.71% at Rs.676.35; Sun Pharma, down 1.58% at Rs.892; and HDFC, down 1.44% at Rs.1,272.10.
 
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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Gajendra Chauhan yet to attend FTII office: RTI revelation
Several months since his controversial appointment as the FTII chairman, BJP member and television personality Gajendra Chauhan is yet to visit his office, a RTI query revealed here on Monday.
 
There is a lack of clarity even on the actual date of appointment of Chauhan as the Film and Television Institute of India (FTII) chief, said Mumbai-based RTI activist Anil Galgali.
 
While the FTII list of appointments to the august post shows the date as March 4, 2014 to March 3, 2017, another date provided is June 9, 2015 on which he was actually appointed, Galgali said.
 
"Whichever may be the date of appointment, he has not yet visited the Pune FTII office to take charge or meet with the institute officials and students. Though the appointment has been made, the institution remains virtually headless and mired in avoidable controversies," Galgali told IANS.
 
The situation was similar with other past chairpersons with former BJP union minister and actor Vinod Khanna, who held the position twice, attending it only two times, once in each term.
 
BJP MP Pawan Chopra, who had the shortest term of of three months, attended the FTII office only once and that too on the final day of his brief tenure.
 
However, Saeed Mirza, who was the chairman for three years, made it to the office 20 times. Girish Karnad in his one year term attended six times,
 
U.R. Ananthamurthy, who was appointed thrice, attended office 26 times in a period of eight years.
 
In the past 15 years, FTII has had nine persons holding the exalted position of one of the premier institutes of its kind in Asia, including eminent personalities like Shyam Benegal, Mrinal Sen and R.K. Laxman.
 
Galgali had also sought information about the educational qualifications and other eligibility details for the chairman's position.
 
The students of the premier institute have been on strike for over 100 days, with four meeetings between them and officials of the information and broadcasting ministry being inconclusive. 
 
The students are tentatively scheduled to meet Minister of State for Information and Broadcasting Rajyavardhan Singh Rathore in New Delhi on Tuesday.
 
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

Ravindra Shetye

1 year ago

Any person with some self respect would have resigned at least one month back. I do not know what is holding Chauhan back. May be the money that goes with the position?

Power sector employees to strike work on December 8
More than 12 lakh power sector employees and engineers across the country will go on a day-long strike on December 8 to protest an electricity bill, an engineers' association said on Monday.
 
"National Coordination Committee Of Electricity Employees and Engineers (NCCOEEE) has decided to observe a one-day strike/work boycott on December 8 against the Electricity (Amendment) Bill, 2014, introduced during the winter session of parliament last year," the All India Power Engineers Federation said in a statement here.
 
"The strike decision was taken by NCCOEEE in its meeting held in Delhi," the statement added.
 
All state units of power sector employees will hold conventions and mass demonstrations or rallies in the state capitals during November to mobilise support for the December 8 strike.
 
NCCOEEE also plans to hold a major demonstration on November 6 during a meeting of the state power ministers in Kochi.
 
The signatories to the strike notice include All India Power Engineers Federation, All India Federation of Power Diploma Engineers, All India Electricity Employees Federation, Electricity Employees Federation of India, Indian National Electricity Workers Federation and All India Power Mens Federation.
 
The Electricity (Amendment) Bill, 2014, introduced in the Lok Sabha last year seeks to segregate distribution business from electricity generation.
 
It also seeks to introduce multiple supply licensees that will give consumers a choice on their service provider.
 
According to employee unions, splitting the distribution sector into carriage and content would allow companies eyeing only profits to enter the supply business without any interest in investment for the development of the power sector.
 
It would also lead to rise in tariffs for the consumers, the NCCOEE said.
 
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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