Stocks
Nifty, Sensex will head lower – Monday closing report

While Nifty may try to rally on an intraday basis, the index will remain weak

 

In Friday’s closing report, we had mentioned that NSE’s CNX Nifty is on a downtrend, which may reverse if it closes above 8,570. The index opened on Monday below this level and except for short bounce up at the beginning of the session when the benchmark hit its day’s high, Nifty moved gradually lower. By the end of the session the index hit its day’s low and closed almost near it.
 
S&P BSE Sensex opened at 28,433 and moved to the low of 28,097 from the high of 28,495 and closed at 28,119 (down 339 points or 1.19%). Nifty opened at 8,539 and moved from the level of 8,546 to the level of 8,432 and closed at 8,438 (down 100 points or 1.17%). The loss on the indices is the highest since 16 October 2014. NSE recorded a volume of 84.84 crore shares. India VIX rose 2.15% to close at 12.2075.
 
The Indian government plans to introduce the Coal Mines (Special Provisions) Bill, 2014 to replace the Coal Mines (Special Provisions) Ordinance, 2014 in Lok Sabha this week. The Ordinance was promulgated for the auction of coal mines that were cancelled by the Supreme Court.
 
Coming back to markets, Jet Airways (10%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today. It had plans to transfer its entire fleet of ATR aircraft to its subsidiary airline JetLite. 
 
Hindustan Construction Co (5.61%) was among the top three losers in ‘A’ group on the BSE. The company recently said its unit HCC Concessions Ltd would sell Nirmal BOT Ltd, its annuity project in Andhra Pradesh to Highway Concession One Pvt Ltd. Highway Concession One is an entity majorly held by IDFC Alternatives-managed India Infrastructure Fund. HCC Concessions will receive Rs64 crore for this transaction. Further, Nirmal BOT Ltd has also received an arbitration award in its favour for Rs16.67 crore, which shall be payable to HCC, upon receipt.
 
Coal India (2.20%) was the top gainer in Sensex 30 pack. The stock was in the news as it recently signed an agreement with Solar Energy Corporation of India for setting up of solar power plants of total 1000 MW capacity in different parts of the country.
Infosys (4.88%) was the top loser in Sensex 30 stock. The stock fell on the news that some
of its founders sold shares worth $1.1 billion of the company on Monday.
 
On Friday, the US indices closed in the positive. The Labour Department reported on Friday, 5 December 2014 that employers added 321,000 jobs in November, a much stronger number than economists had predicted and the tenth consecutive month of net job gains above 200,000.
 
Asian indices showed mixed performance. Shanghai Composite (2.81%) was the top gainer while Jakarta Composite (0.85%) was the top loser.
 
Japan's revised third-quarter gross domestic product (GDP) showed the economy shrank more than initially estimated, with growth contracting an annualised 1.9%.
 
Chinese trade data showed exports rising just 4.7% on year, compared to October's 11.6% rise. Imports sank 6.7% in November against a 4.6% rise in October. China maintained its trend of trade surpluses with a reading of $54.47 billion in November, compared with a surplus of $45.4 billion in October, data showed today.
 
European indices were trading lower while US Futures too were trading in the red.
In Europe, the latest data showed German industrial production rose for a second month in October, in a sign that a slow recovery in Europe's largest economy is continuing. Production, adjusted for seasonal swings, gained 0.2% from September, when it climbed a revised 1.1%, the Economy Ministry in Berlin said today. Output advanced 0.8% from a year earlier.
 
A slump in construction companies sent European stocks lower today. "We see a massive weakening in the euro zone economy," Ewald Nowotny, a member of the ECB's Governing Council, told a conference in Frankfurt.
 

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COMMENTS

VGANESAN

2 years ago

U have given both views on friday similar to other market pundits.Today u re claiming the credit. Even in todays fortnightly market view ur editor says correntions are shallow in nature.But if the market falls for any reason He may say sell on rise.Your magazine is good for fundamental investor for extremely long term holdings.Not for short term trader .Instead of giving daily commentary and fortnightly calls kindly focus only on long temcalls.Iam comparing ur magazine with tamil maqgazine THUKLAK by CHO RAMASWAMY

MMRDA's new building still incomplete even after spending Rs106 crore
In spite of having its own building, MMRDA had no need to spend Rs106 crore on construction of a new office for itself. It is a complete waste of both money and resources, alleges RTI activist Anil Galgali
 
After missing two deadlines since 2004 and incurring an expenditure of Rs106 crore, the new building of the Mumbai Metropolitan Regional Development Authority (MMRDA) at the Bandra Kurla Complex (BKC) in the city, still remains incomplete.
 
According to reply received by activist Anil Galgali, through Right to Information (RTI), the proposed new office is located behind the current premises of MMRDA at BKC. Galgali said he sought information from MMRDA authorities in regards to the construction of the new building going on behind their office to which Executive Engineer as well as public information officer of MMRDA, MY Patil, informed that the proposal for construction of the new building was given to them on 24 December 2004.
 
The basic cost approved was that of Rs87 crore and it was to be completed by 31 December 2012. But in spite of giving two extensions, first till 15 September 2013 and the latest one being, 31 December 2014, the work still remains incomplete, he was told. The MMRDA authority, however, denied information to Galgali in regards to the reasons of the delay and the penalty levied on the contractors.
 
The project is been done by Relcon Infraprojects Ltd; the interior decoration contract has been awarded to Godrej Company Ltd and the electrification and air-conditioning contract has been given to Pravin Electrical Ltd. The proposed new building is of 11 floors. 
 
"It is a complete waste of both money and resources. Even after so many years, work remains incomplete. Next to this proposed office, there is another building, Tantri, that also belongs to the MMRDA and is equipped with the latest technology and know-how. So the need of a new office is not understood," said Galgali.
 
Galgali urged Chief Minister Devendra Fadnavis, who is also chairman of MMRDA to intervene in the matter. MMRDA, set up in 1975, is engaged in infrastructure development in MMR region which includes Mumbai, Thane, Navi Mumbai areas and parts of Raigad district.
 
 

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Open letter to PM Modi from Army veterans on Flag Day

On the occasion of Armed Forces Flag Day, an appeal goes out to the PM, HM and the Government, to work towards helping the cause of Defence veterans

 

In a letter to Prime Minister Narendra Modi and Home Minister Rajnath Singh, lawyer, activist and former Army reservist Navdeep Singh, has appealed to both authorities to address issues faced by Armed Forces Veterans. On the occasion of the Armed Forces Flag Day this year on 8th December, it is important that we as a nation address the problems faced by army veterans. The Flag Day was begun by Pandit Jawaharlal Nehru when he was PM, to remind the nation that it must come together to contribute to the welfare of soldiers, the letter says.

The letter is endorsed by Rajya Sabha MP Rajeev Chandrasekhar, Kiran Bedi, Moneylife Foundation's Sucheta Dalal, Retired Admiral Arun Prakash and many other senior ex-servicemen and civilians.


The letter's focus is on three main points that the signees hope will be addressed by the government on an urgent basis:


• Direct Ministry of Defence to withdraw litigation initiated against disabled soldiers and military widows related to the subject of their disability and pensionary benefits at the earliest.


• Constitute a committee, with stakeholders and independent experts as members, to resolve all policy anomalies which have given rise to litigation in issues concerning military veterans and widows.


• Ensure that officers serving in the Ministry of Defence in general, and Department of Ex-servicemen Welfare in particular, are sensitised towards the needs and requirements of the military community and realise that it is their pious obligation to serve soldiers, veterans and their families, giving them due respect and dignity which they deserve.


Reminding the PM and the HM of their manifesto where they promised to 'minimise appeals' against ex-servicemen and their disability and other benefits, the letter also points to promises made by PM Modi in his election speeches on this count.


Keeping in mind the sacrifices and losses suffered by not just army-men, but also their families and loved one, there is an urgent need to make sure that a retired or injured ex-serviceman is accorded every facility and courtesy in tribute to his or her work for the nation.


Here is the letter sent to PM Modi, Home Minister Rajnath Singh, and the Indian govt…

 

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COMMENTS

Vinod Kumar

2 years ago

The Hon Prime Minister, no doubt, is deeply concerned about the welfare and well-being of the personnel of the armed forces and their widows. He, indeed, wishes to fulfill all his promised made to the defence community at various occasions - be it election rallies, or face to face address to the troops, or even on the floor of the Parliament. But, what can he do? He too has become a 'kathputli' in the hands of the babudom who will not allow him to act on one pretext or the other. So we have to wait till both are on the same wave-length, or the former becomes more assertive.

Rajasekhar Cheruvu

2 years ago

You Won My Support Ma'am

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