Stocks
Nifty Sensex weak - Thursday closing report
Short bounces may be met with selling. Nifty has to close above 8,075 for a rally
 
We had mentioned in Wednesday’s closing report that Nifty, Sensex have turned weak again and that Nifty has to close above 8,075 for the index to head higher. Indian equity markets opened in the negative territory in sync with European and Asian markets. Lacklustre quarterly results and absence of any major positive triggers eroded investors' confidence. The major indices closed the day’s trading with losses of around 1% or more. The trends of the indices over the day’s trading are summarised in the table below:
 
 
Anxiety over the outcome of the Bihar assembly polls coupled with upcoming US jobs data dented investors' sentiments in the Indian equity markets and led to a sharp correction. The US jobs data, to be released on Friday, is expected to give cues on whether the US Fed will raise interest rates in its December meeting.
 
In a bid to put some 20,000 tonnes of idle gold to productive use and cut imports worth $35-$45 billion annually, India today launched three schemes related to the metal, including domestically minted coins with the images of Ashok Chakra and Mahatma Gandhi. The schemes launched by Prime Minister Narendra Modi also included one to convert jewellery and other similar yellow metal assets with the people into interest-bearing deposits, as also sovereign bonds with an eight-year tenure but with an exit option after five years. According to the World Gold Council, an estimated 22,000-23,000 tonnes of gold is lying idle with households and institutions in India. The annual imports amount to around 850-1,000 tonnes valued at $35-$45 billion.
 
Super specialty hospital chain Fortis Healthcare said it posted a standalone net loss of Rs.26.03 crore for the second quarter of 2015-16 against a net loss of Rs.5.09 crore in the same period last year. According to the statement of unaudited results posted on the Bombay Stock Exchange (BSE), the company's total income from operations fell to Rs.152.85 crore from Rs.157.52 crore while total expenditure also declined to Rs.183.10 crore from Rs.191.37 crore. On a consolidated basis, Fortis Healthcare posted a net profit for Rs.33.98 crore in Q2 against a net loss of Rs.58.12 crore in the last quarter, while the total income from operations rose to Rs.1,097.05 crore from Rs.1,031.20 crore. The shares of the company closed at Rs162.80, up 1.34%.
 
State-run Canara Bank has posted Rs529 crore net profit for the second quarter (July-September) of this fiscal (2015-16), registering a 16% decline from Rs629 crore in the like period a year ago. In a regulatory filing to the Bombay Stock Exchange (BSE), it said, sequentially, net profit increased 10% from Rs.479 crore in the first quarter (April-June) of this fiscal. "Net profit declined due to higher provisioning (Rs1,415 crore) for sub-standard accounts and doubtful assets during the quarter under review (Q2) as against Rs999 crore in the same period a year ago," Canara Bank chairman Rakesh Sharma told reporters. Though operating profit increased 20% to Rs1,944 crore in Q2 (July-September) from Rs1,626 crore in the same quarter a year ago, it dipped 3% sequentially from Rs2,004 crore. Total income grew marginally 4.7% to Rs.12,478 crore from Rs11,915 crore a year ago and 1.8% from Rs.12,253 crore a quarter ago. Canara Bank closed at Rs270, down 1.57%.
 
Footwear retailer and manufacturer Bata India posted an increase of 38.74% in its net profit at Rs54.11 crore for the second quarter ended September 30 this year. The company's net sales in the July-September timeframe surged to Rs575.15 crore as against Rs547.64 crore during the same period of previous fiscal. 
Despite economic slowdown and a lower consumer sentiment, our second quarter performance for the period July-Sept 2015 has seen a growth of 5 percent compared to the same period last year," Bata India's group managing director of south Asia, Rajeev Gopalakrishnan said in a statement. He said the firm would be expanding its product offering, focusing on the same-store growth and strengthening e-commerce business to reach out to a larger consumer base. Bata India closed at Rs464.60, down 4.39%.
 
The rupee closed the day's trade weaker by six paise at 65.75 to a US dollar from its previous day's close of 65.49 to a greenback. 
 
The foreign institutional investors (FIIs) were net sellers in the day's trade, whereas the domestic institutional investors (DIIs) were net buyers. 
 
According to data with stock exchanges, the FIIs sold stocks worth Rs.991.87 crore, while the DIIs bought stocks worth Rs.636.15 crore.
 
Sector-wise, all 12 S&P BSE industry indices ended in the red. Healthcare index plunged by 368.92 points, banking index receded by 289.71 points, capital goods index plummetted by 139.61 points, information technology (IT) index fell by 138.10 points and consumer durables index was lower by 93.17 points.
 
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:
 

User

Five-phase Bihar battle ends; 56 percent vote in final round
Curtains came down on Thursday on the staggered five-phase assembly elections in Bihar that pitted Prime Minister Narendra Modi's BJP-led combine against the Grand Alliance of Chief Minister Nitish Kumar, with more than half of the 1.55 crore electorate turning out to vote in the final round.
 
Polling in the last 57 of the 243 constituencies across seven districts: Kishanganj, Purnea, Araria and Katihar in Seemanchal region, and Saharsa, Madhepura and Supaul in Kosi region, saw a 56 percent turnout.
 
The 57 constituencies cover some of Bihar's most backward pockets notorious for poverty, illiteracy and mass migration.
 
Balloting was by and large peaceful, even as stray clashes took place between rival groups.
 
Eight voters were injured when central paramilitary forces resorted to baton charge at polling booths in Araria and Katihar districts.
 
Four voters were injured at a polling booth in Jokihat assembly constituency in Araria, as security forces baton-charged villagers after someone attacked a security personnel on duty.
 
Similarly, security personnel had to use force at a polling booth in Katihar district to disperse anti-social elements trying to indulge in bogus voting, in which four people were injured, officials said.
 
Thousands of people -- women outnumbering men -- stood in long queues at polling stations from early in the morning, officials as well as witnesses said.
 
A total of 827 candidates contested on Thursday. Voting began at 7 a.m. and ended at 5 p.m., but those standing in queue at the close of polling were allowed to cast their ballot.
 
Janata Dal-United (JD-U) president Sharad Yadav voted in Madhepura and BJP leader Shahnawaz Hussain in Supaul.
 
Bihar Police chief P.K. Thakur said polling was mainly peaceful.
 
In some places, the electronic voting machines malfunctioned. Apart from that, it was a smooth exercise.
 
Hyderabad MP Asaduddin Owaisi's Majlis-e-Ittehadul Muslimeen (MIM) is also contesting from six seats in Seemanchal region, and the Jan Adhikar Party of expelled RJD MP Pappu Yadav is also in the fray.
 
The Bharatiya Janata Party (BJP) is banking heavily on Modi's appeal and the support of the upper castes -- Brahmins, Bhumihar, Rajputs -- and also hopes to gain the backing of other communities.
 
Allied with the BJP are the Lok Janshakti Party of Ram Vilas Paswan and the Rashtriya Lok Samata Party of Upendra Kushwaha -- both union ministers -- and the Hindustani Awam Morcha of former chief minister Jitan Ram Manjhi.
 
The Grand Alliance includes the JD-U, the Rashtriya Janata Dal of Lalu Prasad and the Congress.
 
The millions of votes polled in the staggered elections that began on October 12 will be counted on November 8.
 
A large section of the 66.8 million electorate voted in the staggered elections. 
 
The BJP contested 160 of the 243 assembly seats, the LJP 40, the Rashtriya Lok Samata Party 23 and HAM 20 seats.
 
In the Grand Alliance, the JD-U and the RJD fielded 101 candidates each while the Congress contested in 41 seats. 
 
The Bihar election is a big test for the BJP, whose winning streak since the 2014 Lok Sabha polls was halted by the Aam Aadmi Party in Delhi in February.
 
The jitters over the outcome of the Bihar assembly polls dented investors' sentiments in the Indian equity markets and led a barometer index to provisionally close 287 points down on Thursday.
 
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.

User

SC shifts Himachal CM's assets case to Delhi High Court
The Supreme Court on Thursday transferred the disproportionate assets case against Himachal Pradesh Chief Minister Virbhadra Singh and his wife to the Delhi High Court "to protect the institution from embarrassment" and "to avoid further controversy".
 
A bench of Justice F.M.I. Kalifulla and Justice Uday Umesh Lalit said it was not expressing any opinion on the merits of the case but simply transferring the case to the Delhi High Court "in the interest of justice and to save the institution (judiciary) from any embarrassment".
 
It clarified that the transfer was made in view of the peculiar circumstances of the case.
 
The transfer should not be misconstrued to cast any aspersions on the Himachal Pradesh High Court or as an act that undermined the country's federal structure, it observed.
 
The decision comes as a temporary reprieve to the octogenarian Congress leader as he would not be arrested until the petition was disposed of.
 
Senior advocate Kapil Sibal, appearing for Virbhadra Singh, opposed the transfer on the ground that it would send a wrong message that the Himachal Pradesh High Court was not fit enough to hear this case.
 
Last month, the CBI challenged a Himachal Pradesh High Court order restraining it from investigating the chief minister and his wife or taking them into custody in a Rs.6 crore disproportionate assets case.
 
The apex court, however, did not grant an interim suspension of the state high court order of October 1 that restrained the CBI from arresting Virbhadra Singh and his wife.
 
The CBI's plea to allow custodial interrogation of the chief minister and his wife would now be heard by the Delhi High Court.
 
The Supreme Court on October 26 through notice asked the couple to explain why their plea against a CBI investigation should not be transferred from the state high court to one outside the state.
 
Virbhadra Singh moved the Himachal Pradesh High Court following CBI searches at his residences in Delhi and Shimla on September 26 which he contended were mala fide and out of political vendetta.
 
The case was registered on September 23 under the Prevention of Corruption Act against the chief minister, his wife Pratibha Singh, LIC agent Anand Chauhan and an associate, Chunni Lal.
 
The case was the outcome of a preliminary inquiry which said that Virbhadra Singh, while serving as a union minister during 2009-2012, allegedly accumulated assets worth Rs.6.03 crore in his name and in the name of his family members, which were found to be disproportionate to his known sources of income. 
 
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.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)