Stocks
Nifty, Sensex weakening – Wednesday closing report

Only a close above Wednesday’s high will support a bullish position

 

In Tuesday’s closing report, we mentioned that the NSE’s 50-share Nifty may go down sharply if it closes below 8,250. Although the benchmark breached this level on Wednesday morning, it traded there for a brief time and went up. However, the market is fairly weak and only a strong up move above today’s high will strengthen the bulls.
 
The S&P BSE Sensex opened at 27,432 while Nifty opened at 8,307. Sensex moved in the range of 27,203 and 27,513 before closing at 27,347 (down 79 points or 0.29%). Nifty moved between 8,237 and 8,326 and closed at 8,278 (down 22 points or 0.26%). NSE recorded a volume of 78.37 crore shares. India VIX rose 4.64% to close at 17.2475.
 
After trading hours Tuesday, the Ministry of Mines said that the Indian government has promulgated the Mines and Minerals (Development and Regulation) (Amendment) Ordinance, 2015 with which the government intends to remove discretion in grant of mineral concessions. Henceforth, all mineral concessions would be through auctions, thereby bringing in greater transparency and removing of discretion.
 
The market awaited data on the rate of inflation based on the wholesale price index (WPI) for December 2014. Data released during trading hours Wednesday showed that inflation based on WPI stood at 0.11% in December 2014, as compared to zero in November 2014. WPI for October 2014 was revised downwards to 1.66%, from 1.77% reported earlier.
 
The World Bank has said that economic reform measures taken by the Indian government, after coming to power in May last year, may result in its catching up with China’s growth in the year 2016-17.
 
Finance Minister Arun Jaitley had said that the Indian government is committed to fiscal discipline and with sharp decline in international oil prices and due to focused attention from the government, the current account deficit is also within the comfort level.
 
Chief Economic Advisor Arvind Subramanian Wednesday said that the prospects for the Indian economy look "very bright" with a remarkable turnaround witnessed in recent months on the back of lower current account deficit and the slew of reforms unleashed by the new government.
 
Bajaj Finance (8.18%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today. It announced its December 2014 quarter result which showed its net profit of Rs258.38 crore for the quarter ended December 2014 as compared to Rs194.14 crore quarter ended December 2013. Its revenue increased from Rs1,069.92 crore to Rs1,476.55 crore for the relevant period.
 
Sesa Sterlite (7.63%) was the top loser in ‘A’ group on the BSE and also the top loser in the Sensex 30 pack. The company was in the news recently that it along with Hindustan Zinc and Cairn India are to be merged with the Vedanta Group. However, Sesa Sterlite clarified that there is no definite proposal for any merger.
 
Hindustan Unilever (4.21%) was the top gainer in the Sensex 30 pack. It hit its new 52-week high today. It has settled a case related to alleged non-compliance of takeover norms with capital markets regulator Sebi after a total payment of nearly Rs2.60 lakh as settlement fee.
 
US indices closed Tuesday flat with a negative bias. Except for NZSE 50 (0.21%) all the other Asian indices closed in the red. Nikkei 225 (1.71%) was the top loser.
 
The World Bank had lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the Euro zone, Japan and some major emerging economies that offset the benefit of lower oil prices. It predicted the global economy would grow 3% this year, below a forecast of 3.4% made in June, according to its twice-yearly Global Economic Prospects report. World GDP growth will reach 3.3% in 2016, as opposed to a June forecast of 3.5%, before dipping to 3.2% in 2017, it said.
 
European indices were trading in the red. US Futures too were trading lower.
 
An adviser to Europe’s top court on Wednesday said the European Central Bank can legally buy large quantities of Eurozone government debt to stabilize the currency area’s economy. However, this is subject to certain conditions.
 

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Mukhtar Abbas Naqvi sentenced to one year imprisonment

Naqvi, the minister in Modi government, was booked along with 19 other people in Patwai police station in Rampur for allegedly breaching prohibitory orders and barging in a police station while campaigning during the 2009 Lok Sabha polls

 

A Court in Rampur in Uttar Pradesh (UP) has convicted union Minister of State for Minority Affairs Mukhtar Abbas Naqvi along with 19 others for breaching prohibitory orders during the 2009 Lok Sabha polls.
 
According to media reports, the Court sentenced Naqvi for one year jail term amidst shouting of slogans by supporters of Bharatiya Janata Party (BJP), who have thronged the Court premises.
 
During the 2009 Lok Sabha elections, the BJP leader along with 19 other people was booked in Patwai police station in Rampur for allegedly breaching prohibitory orders and barging in a police station in Patwai area while campaigning.
 
They were charged for unlawful assembly under sections of the IPC and Criminal Law Amendment Act.
 

 

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Parrikar says Chander removed to bring in younger generation in DRDO

The Defence Minister said he had recommended that the position of DRDO Chief should not be held by a person on contract and India needs to introduce slightly younger generation in the scientific world

 

India's Defence Minister Manohar Parrikar on Wednesday said there was no controversy in the sacking of Avinash Chander as chief of Defence Research and Development Organisation (DRDO). Parrikar said it was he who recommended that the position should be held by someone from a “slightly younger generation” and not by someone on contract.
 
Noting that the tenure of Chander had ended in November, he said it was extended on contractual basis due the previous government’s decision.
 
“At these senior positions, they should not be on contract. There are so many eligible, (someone) should be brought among them,” he said.
 
The Minister maintained that there was no controversy in this decision.
 
“I had recommended that this position should not be held by a person on contract. We should introduce in scientific world, slightly younger generation,” he told reporters outside the North Block.
 
Asked who will head DRDO, he said the senior-most person of the cluster head will hold the post temporarily.
 
“We will find out someone good from the DRDO, who has the urge for development,” he said.
 
Asked if the sudden termination of Chander without informing him was right, Parrikar said, “I also got the information from you, from paper and TV”.
 
The Appointments Committee of Cabinet headed by Prime Minister Narendra Modi had last night “approved termination” of the contract of Chander with effect from 31st January.
 
Chander, who was Secretary, Defence Research and Development cum Director General, DRDO and Scientific Advisor to the Defence Minister, had retired on 30 November 2014 on attaining 64 years of age and was given a contract for 18 months.
 

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