Nifty, Sensex uptrend may continue – Friday closing report

Nifty has to stay above 5ema for the rally to continue


We had mentioned in Thursday’s closing report that the S&P CNX Nifty has to stay above 8,217 for the rally to continue. Today the benchmark opened in the green but started moving lower after hitting the day’s high. At the beginning of the noon session the index made a sudden plunge into the red and stayed there for less than an hour and came back into the green. This was followed by the index surging higher after Infosys declared its results and falling back into the red again. Ultimately, in the last hour of the session the Nifty regained strength and moved higher. The premium in futures went up from around 20 to 35.
Sensex opened at 27,404 while Nifty opened at 8,285. Sensex moved lower to the level of 27,120 after hitting the high of 27,508 which Nifty moved from the level of 8,303 to 8,191. Sensex closed at 27,458 (up 184 points or 0.67%) while Nifty closed at 8,285 (up 50 points or 0.61%). NSE recorded a volume of 82.75 crore shares. India VIX fell 3.14% to close at 15.9550.
Market today awaited for Infosys to post its December 2014 quarter result. With the rupee weakening, it had raised the revenue growth guidance for FY 2015 in rupee terms to 7% to 9% for FY 2015 from earlier 5.6%-7.6% in October 2014. It rose 5.02% after posting a better than expected result.
On Monday government will unveil industrial production data for November 2014 and on CPI inflation for December 2014.
As the excise duty concessions have been removed, Society of Indian Automobile Manufacturers (SIAM) foresees a marginal growth of around 1% in the current financial year against an earlier expectation of 4%.
The government is likely to exempt state-run firms ONGC and Oil India from payment of fuel subsidy during the remainder of the FY2014-15 due to a steep decline in global oil rates to around US $50 per barrel.
Videocon Industries (19.99%) was the top gainer in the ‘A’ group on the BSE. It announced that Petroleo Brasileiro SA (Petrobras), the operator of the BM-SEAL-11 concession (the concession) had discovered a new oil accumulation in Farfan area in the Sergipe Basin. Petrobras holds 60% participating interest in the concession and IBV Brasil (a Brazilian joint venture company equally held by Videocon Energy Brazil, a wholly-owned overseas subsidiary of Videocon and BPRL Ventures N.V., a wholly owned subsidiary of Bharat Petroleum Corporation (BPCL)) holds the remaining 40% participating interest in the concession. The consortium will carry on operations in the area to further confirm the extent of the hydrocarbons in place and the characteristic of the reservoir conditions encountered.
Ashok Leyland (3.85%) was among the top two losers in the ‘A’ group on the BSE. The stock hit its 52-week high yesterday.
Hindustan Unilever (5.94%) was the top gainer in the Sensex 30 pack. Its December 2014 shareholding showed an increase in retail shareholding from 13.80% to 13.89%.
NTPC (3.31%) was the top loser among Sensex 30 stocks on the media report that it has cancelled a Rs2,000-crore deal with Russia’s state-owned Technoprom Export (TPE) for supply of main equipment (boilers) to its 1,980 MW super thermal power project (STTP) at Barh in Bihar’s Patna district, due to inordinate delays and breach of contract terms by TPE. BSE has sought for clarification from NTPC.
On Thursday, US indices again went up sharply. Initial jobless claims declined by 4,000 to 294,000 in the seven days stretching from December 27 to January 3, the Labor Department said Thursday. A year earlier, claims were 13% higher at 333,000. It has remained below the key 300,000 mark for the 16th time in 17 weeks.
The US Labor Department reports monthly payroll data for December 2014 today.
Except for Shanghai Composite (0.24%), Straits Times (0.20%) and Taiwan Weighted (0.24%) all the other Asian indices closed in the green. Seoul Composite (1.05%) was the top gainer.
China's consumer inflation remained tepid in December, while prices at the factory gate continued to slide. The consumer price index rose 1.5% year-on-year in December, up slightly from a 1.4% year-on-year rise in November, data from the National Bureau of Statistics showed today.
European indices were trading in the red. US Futures too were trading lower. The German industrial production declined fractionally in November, pulled down by declining activity in the energy sector, data released today. According to regular data compiled by the economy ministry, industrial output eased by 0.1% in November, after increasing by a revised 0.6% in October. Manufacturing output increased by 0.3% while energy output was down by 2.4% and construction output declined by 0.6%, the ministry calculated.


JSPL connived with coal officials to mine illegally: CBI

The CBI probe in the coal scam points fingers at officials in the government and the company in the mining allowances given to the company


A CBI investigation report into the coal scam has said that Jindal Steel and Power Limited (JSPL) and Coal Ministry officials connived to allow JSPL to mine coal illegally.
JSPL was headed by Congress MP Naveen Jindal. The agency has also filed 17 new FIRs in the coal scam under the Prevention of Money Laundering Act (PMLA).
A PTI report said that as against an approved mining volume of 1.35 million tonnes for four years leading up to 2002-03, JSPL had mined a total of 5.9 million tonnes.
The CBI has filed cases under both, the Indian Penal Code and Prevention of Corruption Act against officials of companies it is investigating in connection with the coal scam.
The agency is working with the Enforcement Directorate on various cases.
The JSPL stock fell on the new revelations in the case, it closed the day down by 2.99% at Rs152.75 on the Bombay Stock Exchange.



Dr Anantha K Ramdas

2 years ago

Though we "elect" the people to represent us, we attach too much importance to them and do not even have the guts to protest when there is enough information available about their "not doing the job, in the right and legal manner".

If JSPL officials "connived" with "coal officials", the least that the government machinery can do, is to order suspension of both until the investigations are complete.

An investigating group has to take over such a responsibility and carry out the job, however unplesant it may be.

We cannot allow this kind of virus to spread. Pending completion of the investigation, all the officials concerned, on both sides, need to be kept under "suspension" and a time frame should be set up to get to the bottom of the mess.

guilty needs to be punished, regardless.

Massachusetts Tightens Rules on Restraining, Secluding Students

Under new rules, Massachusetts schools will not be allowed to use certain techniques to restrain or isolate students as frequently and will have to report all restraints and injuries


Schools in Massachusetts will be subject to new limits on physically restraining or isolating public school students under reforms ushered in late last year.
School staff members will no longer be permitted to pin students face-down on the floor in most instances and will need a principal's approval to keep children in a "time out" away from class for more than a half-hour.  The changes -- which will be phased in this fall and officially take effect in January 2016 -- also require state officials to collect comprehensive data on how often schools restrain or seclude students and how often someone is hurt as a result.
Massachusetts' reforms were shaped, in part, by a June story by ProPublica and NPR that showed physical holds and isolation remain common in public schools across the country. Our analysis of federal data revealed these techniques were used more than 267,000 times in the 2012 school year, with some schools employing them dozens – or even hundreds – of times.
There's a growing awareness that, in some cases, children can suffer serious injuries and lasting trauma from such treatment. At least 20 children have died while being held down or left alone in seclusion rooms.
Spurred by tougher state and federal regulations, as well as professional standards, psychiatric and health care institutions have worked diligently over the past decade to limit their use of restraints and seclusion.
But rules governing public schools have remained more scattershot. The U.S. Department of Education issued restrictions, but made them voluntary. State and local authorities passed a patchwork of regulations that left dangerous techniques illegal in some places but perfectly acceptable in others. For instance, some states don't let schools use restraints that can restrict breathing – such as face-down "prone" restraints –on any children. But others do.


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