Stocks
Nifty, Sensex upward trend continues – Tuesday closing report

A close below 8,600 for Nifty and 18,450 for Bank Nifty will mean weakness

 

We had mentioned in Monday’s closing report that NSE’s CNX Nifty is in a rallying mode and to continue rising it has to stay above 8,559. The 50-stock index opened Tuesday in the positive and made a serious effort of staying higher. However, after 10.53am, just before the Reserve Bank of India (RBI) announced status quo on policy rates, the benchmark lost all its strength and went down. A volatile intraday movement followed this but after 3pm, the indices regained strength and closed marginally higher.
 
The S&P BSE Sensex opened at 28,582 while Nifty opened at 8,684. Both Sensex and Nifty, moved from the high of 28,641 and 8,694 to the low of 28,274 and 8,587, respectively. Sensex closed at 28,517 (up 12 points or 0.04%), while Nifty closed at 8,660 (up 0.40 points). Bank Nifty barely managed to stay in green in the morning and was pulled lower after the RBI came out with its monetary policy review. It opened at 18,667 and hit a low of 18,352 after hitting a high at 18,670 and closed at 18,469 (down 136 points or 0.73%). NSE recorded a volume of 97.62 crore shares. India VIX fell 2.21% to close at 14.25.
 
In line with the market anticipation, the Reserve Bank kept its benchmark lending rate, repo rate, unchanged at 7.5%. It also kept the cash reserve ratio (CRR) unchanged at 4% of net demand and time liability (NDTL). The RBI said it would await transmission by banks of its front-loaded rate reductions in January and February into their lending rates.
 
The Reserve Bank will come out with final guidelines on priority sector lending for banks by the end of this month, which will be aimed at getting parity among all lenders, Governor Raghuram Rajan said.
 
Finance Minister Arun Jaitley, while speaking at a Confederation of Indian Industry (CII) conference in New Delhi said that legitimate taxes must be paid and should not be perceived as 'tax terrorism'. The government will do its share by creating a policy framework that enables economic growth.
 
The BSE has decided to shift stocks of 41 companies and NSE will move seven to trade-for-trade or the 'T' group segment, the restricted trading segment, from Thursday to ensure safety in capital markets and safeguard the interest of investors. Stocks that would be transferred on both the bourses include Euro Ceramics, GI Engineering Solutions, Rasoya Proteins, STL Global, Shri Lakshmi Cotsyn, Surana Industries and Uniply Industries.
 
Under the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.
 
The government on Tuesday invited foreign pension funds to participate in the infrastructure sector in the country.
 
Coming back to Indian stock markets, United Breweries (10.69%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today. PMC Fincorp (20%) was the top loser in the group. It again today hit a new 52-week low.
 
Tata Steel (4.89%) was the top gainer of the Sensex 30 pack. Axis Bank (1.69%) was the top loser of the pack.
 
On Monday, US indices closed in the green. 
 
All Asian indices, which were trading today, closed in the green. Shanghai Composite (2.52%) was the top gainer.
 
European indices were trading in the green. US Futures too were trading higher.
 
Markit Economics said that the growth rate of the eurozone economy continued to improve in March. At 54, up from 53.3 in February, the final Markit Eurozone PMI Composite Output Index rose to an 11-month high and its joint-highest level for almost four years.
 
March data signalled a further rise in service sector activity in Germany seasonally adjusted final Markit Germany Services Business Activity Index rising from February's 54.7 to 55.4. Germany Composite Output Index meanwhile, rose from February's 53.8 to an eight-month high of 55.4 in March.
 

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In Beijing Ikea bans customers from napping on furniture

In the Beijing Ikea store, people can commonly be found sleeping peacefully and unabashedly on the display sofas and beds, a fact verified by Efe

 

Swedish furniture chain Ikea has banned customers from napping on the furniture displayed in a store in Beijing, where hundreds of shoppers come everyday to enjoy the air conditioning and furniture comforts with no intention of buying, Efe news agency reported.
 
The ban and other measures seek to exclude from the store all but those making purchases and to improve the brand's local image, reported Chinese media on Tuesday.
 
In the Beijing Ikea store, people can commonly be found sleeping peacefully and unabashedly on the display sofas and beds, a fact verified by Efe.
 
In order to expose its products to the Chinese market, Ikea initially opened additional showrooms of furnishings, inviting shoppers to “take a nap” on beds and sofas, reported the news website China.com.
 
After the workers of Beijing Ikea complained that “nappers” had become a real nuisance, creating an unsightly image for the Swedish company and discouraging potential buyers, the company decided to put an end to the promotion.
 
The trigger for this measure, noted workers of the establishment, came two years ago when an elderly woman helped her grandson to urinate in a plastic bottle while the child was standing on one of the display beds.
 
Despite Ikea's efforts, the Beijing store continues to experience difficulty ensuring customers adhere to the new regulations, according to China.com.
 
Many nappers allegedly refuse to obey staff or follow regulations and they slyly seek out zones hidden from view to prolong their comfortable siestas. 
 

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Multi-mode transport plan emphasising waterways on anvil: Gadkari

Five waterways have been approved by parliament, and the objective is to create numerous multimodal hubs that would not only be efficient but also reduce pollution, Gadkari said

 

The government is developing a multi-mode transportation plan with an emphasis on waterways to reduce the dependence on land transport, Road Transport and Shipping Minister Nitin Gadkari said on Tuesday.
 
Such a change would help industry in lowering overall logistics' costs and contribute to promoting trade, Gadkari said while addressing the Confederation of Indian Industry national conference and annual session here.
 
"While in China around 47 percent of goods and services are moved via water, the corresponding percentage in India is at a dismal 3.3 percent, including coastal shipping and inland waterways," the minister said.
 
He said the public-private partnership (PPP) model was more successful in waterways, and this assumed greater significance because it remains largely under-utilised in India.
 
Five waterways have been approved by parliament, and the objective is to create numerous multimodal hubs that would not only be efficient but also reduce pollution, Gadkari added.

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