Stocks
Nifty, Sensex will be subject to selling pressure – Wednesday closing report
Nifty will make attempts to make new highs but will come under selling pressure
 
We had mentioned in Tuesday’s closing report that NSE's CNX Nifty can hit 8,130 on Wednesday and that the market looks stretched and is due for a pullback soon. On Wednesday the benchmark crossed this level twice, marginally. It managed to stay above it for almost half an hour but soon gave up gains and closed near to the day’s opening.
 
BSE S&P Sensex opened at 27,128 while Nifty opened at 8,111. Sensex moved in the range of 27,067 and 27,226 and closed at 27,140 (up 121 points or 0.45%), seventh day of closing at a new all-time high. Nifty moved between 8,092 and 8,142 and closed at 8,115 (up 32 points or 0.39%). The NSE recorded a volume of 97.70 crore shares. India VIX fell 0.41% to close at 13.3925.
 
Among the other indices on the NSE, the top five gainers were IT (2.41%), Realty (2.16%), Metal (1.00%), Midcap (0.98%) and Infra (0.78%) while the top five losers were FMCG (0.67%), PSU Bank (0.43%), PSE (0.27%), Finance (0.23%) and Dividend Opportunities (0.19%).
 
Of the 50 stocks on the Nifty, 23 ended in the green. The top five gainers were Coal India (3.96%), Infosys (3.22%), Bharti Airtel (3.17%), Wipro (2.75%) and TCS (2.56%). The top five losers were Gail (2.25%), ONGC (1.72%), IDFC (1.57%), Bhel (1.50%), Bajaj Auto (1.47%).
 
Of the 1,618 companies on the NSE, 760 companies closed in the green, 792 companies closed in the red while 66 companies closed flat.
 
The latest survey released by Markit Economics showed that growth in India's service sector activity slowed in August 2014. Adjusted for seasonal influences, the headline HSBC India Services Business Activity Index posted 50.6 in August, down from 52.2 in July.
 
India is among the worst- ranked countries when it comes to taxation and inflation burden on economy, as also in terms of the negative impact of crime, terrorism and health hazards on business environment, a WEF report said today. Out of 144 countries analysed by the World Economic Forum, India ranks 133rd in terms of inflation, 130th for taxes and 131st for starting a business. 
 
Oberoi Realty (15.24%) hit its 52-week high today and was the top gainer in ‘A’ group on the BSE. Eicher Motors (8.46%) too hit its 52-week high today and was among the top two gainers in the ‘A’ group on the BSE.
 
JSW Steel hit its 52-week high on Tuesday. It corrected today giving up gains and appeared among the top three losers (2.44%) in the ‘A’ group on the BSE.
 
Coal India (3.40%) was among top two gainers in the Sensex 30 pack. The Coal Ministry has sought comments from various ministries, including finance, on the draft Cabinet note for implementation of performance related pay of Coal India employees, aimed at removing anomalies in salaries and wages of nearly 19,000 CIL officers. In March, Coal Mines Officers Association of India had gone on a day’s strike to press for implementation of performance-related pay and the new pension scheme. They called off their strike on the second day after the management assured them that it would push for early placement of their demand for performance-linked pay before the Cabinet. The strike hit the company’s output by 4 lakh tonnes. Coal India has a workforce of 3.49 lakh employees.
 
ONGC (1.48%) was among the top three losers in the Sensex 30 stock. With the intention of getting higher price for natural gas, it said that it needs $6-7.15 to break-even on gas it plans to produce from its most prolific KG basin block. In its submission to the four-member panel of secretaries working out a new gas pricing mechanism, it said in 2013-14 its cost of gas production, after including return on capital, came to $4.43 per million British thermal unit, higher than the current price of $4.2.
 
US indices had a mixed closing on Tuesday. The Institute for Supply Management said its US manufacturing activity index rose to 59 in August, the strongest since March 2011. July construction spending was at its highest level in over 5-1/2 years.
 
Separately, US construction spending staged a strong rebound in July, rising by the largest amount in more than two years. Construction spending rose 1.8% in July, the biggest one-month gain since May 2012, the Commerce Department reported Tuesday. It followed a 0.9% decline in June, the largest setback in a year.
 
Except for KLSE Composite (0.15%) and Seoul Composite (0.02%) all the other Asian indices closed in the positive. Hang Seng (2.30%) was the top gainer.
 
The HSBC China services Purchasing Managers' Index (PMI) rose to a 17-month high of 54.1 in August from 50 in July, HSBC Holdings PLC said today. The HSBC Composite Output Index posted at 52.8, up from 51.6 in July, and signalled a robust rise in activity levels. Furthermore, it was the strongest expansion of business activity in 17 months. China's official non-manufacturing activity slightly recovered in August, with the sector's purchasing managers' index (PMI) rebounding to 54.4 in August from 54.2 in July. European indices were trading in the green. US Futures too were trading higher.

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New rules give more freedom to Lokpal search committee
The new rules, give the Lokpal Search Committee more freedom to recommend names for chairperson and members of the anti-corruption body outside the list provided by DoPT
 
The union government on Wednesday notified new rules for the Lokpal search committee. The rules, give the Committee more freedom to recommend names for chairperson and members of the anti-corruption body outside the list provided by the Department of Personnel and Training (DoPT).
 
Earlier rules, which were formed by the previous United Progressive Alliance (UPA) government, mandated the search committee to prepare a panel of persons to be considered by Prime Minister-led selection committee for appointment as the chairperson and members of the Lokpal, from amongst the list of persons given by DoPT.
 
In the new rules, the government has omitted restrictions for the search committee to recommend the names for Lokpal through the list provided by the DoPT.
 
"The search committee may, for the purpose of short- listing of persons, adopt such short-listing norms as it may consider appropriate," said the rules notified by the DoPT.
 
"The words 'from amongst the list of persons provided by the central government in the Department of Personnel and Training' shall be omitted," the new rules said.
 
The central government shall provide such assistance as may be required by the search committee in efficient discharge of its functions in accordance with the provisions of the Act, they said.
 
The government has also reduced the composition of the search committee to seven members from eight.
 
The search committee will now consist of at least seven persons of standing and having special knowledge in anti-corruption, public administration and vigilance among others, the rules said.
 
As per the earlier rules, an eight-member search panel was tasked to draw up a panel of persons for consideration by the selection committee.
 
With changes in the search committee rules have been notified, the government will go ahead with the process of appointment of chairperson and members of the Lokpal, official sources said.

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HC asks Haryana govt to cancel allocation of 350 acres to DLF
While asking Haryana to cancel the allocation, the High Court had directed the Congress government to invite fresh bids for the 350-acre property  
 
The Punjab and Haryana High Court on Wednesday asked Bhupinder Singh Hooda-led Haryana government to cancel allocation of 350 acres of land at Wazirabad in Gurgaon to DLF.
 
The assignment of 350 acres of prime property in the Wazirabad had been challenged by villagers who claim they were told that the government was acquiring their land for a recreational park.
 
Hooda-led Congress government in Haryana has been accused of allowing several land deals between DLF and Robert Vadra, the son-in-law of Congress chief Sonia Gandhi.
 
The High Court also asked the state government to invite fresh bids for the property. 
 
The government's consultants valued the land at about Rs1,683 crore. When only DLF was deemed eligible by a government committee, its bid of Rs1,703 crore was accepted - that was just Rs20 crore more than the reserve price, so the government appears to have accepted a poor offer.
 
Dr Ashok Khemka, a senior bureaucrat in Haryana who handled land records in an earlier posting has alleged that the Hooda administration allowed Vadra to strike illicit land deals in Gurgaon.

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