Nifty, Sensex will move sideways: Tuesday Closing Report

Nifty will now move sideways in the range of 5,880-5,980

The market settled lower as the economic indicators released today dashed hopes of the Reserve Bank of India (RBI) cutting rates in its policy review next week. The Nifty will now move sideways in the range of 5,880-5,980. The National Stock Exchange (NSE) witnessed a volume of 58.08 crore shares and advance-decline ratio of 560:954.


The market opened flat with a positive bias ahead of the release of industrial production data for January and retail inflation figures for February. In the global space, Asian markets were in the green in morning trade tracking the US markets, which settled higher on Friday’s jobs report.


The Nifty opened three points up at 5,545 and the Sensex resumed trade at 19,676, a rise of 30 points over its previous close. Nervousness kept the market the market near its previous closing levels for a major part of the morning session.


While the Sensex hit its intraday high in early trade with the index touching 19,698, the Nifty’s high was seen around 11.00am wherein the index was at 5,952,


India’s retail inflation remained in double digits at 10.79% in January, displaying an upward trend for the fourth straight month. On the other hand, industrial production rose by 2.4% in January from 1% in the same month last year.


The market turned negative in late morning trade after the release of higher-than-expected retail inflation numbers. Selling in consumer durables, realty, power and banking stocks led the indices to their lows in noon trade. The Nifty slipped to 5,894 and the Sensex went back to 19,506 at their respective lows.


The benchmarks made a feeble attempt to emerge in the positive around 2.30pm, but selling pressure pushed the market lower, to close in the red for the second day.


The Nifty closed 28 points (0.48%) down at 5,914 and the Sensex declined 81 points (0.41%) to end the session at 19,565.


The broader indices underperformed the Sensex today, as the BSE Mid-cap index declined 0.63% and the BSE Small-cap index fell 0.53%.


BSE Fast Moving Consumer Goods (up 0.49%) and BSE Auto (up 0.08%) were the only gainers in the sectoral space. The losers were led by BSE Consumer Durables (down 1.99%); BSE Power (down 1.36%); BSE Realty (down 1.24%); BSE Bankex (down 0.92%) and BSE Capital Goods (down 0.90%).


Nine of the 30 stocks on the Sensex closed in the positive. The main gainers were Hindustan Unilever (up 1.16%); Tata Motors (up 0.96%); Jindal Steel & Power (up 0.62%); ITC (up 0.59%) and Reliance Industries (up 0.45%). The major losers were Tata Power (down 3.12%); Bharti Airtel (down 2.13%); BHEL (down 2.12%); HDFC Bank (down 1.79%) and Sterlite Industries (down 1.55%).


The top two A Group gainers on the BSE were—MMTC (up 7.17%) and Hindustan Copper (up 3.69%).

The top two A Group losers on the BSE were—MCX (down 4.86%) and Berger Paints (down 3.89%).


The top two B Group gainers on the BSE were—Marathon Nextgen Realty (up 19.98%) and Uflex (up 19.95%).

The top two B Group losers on the BSE were—KGN Enterprises (down 20%) and Polytex India (down 19.98%).


Markets in Asia settled mostly lower, erasing early gains, mainly on profit taking after recent gains.


The Shanghai Composite tanked 1.04%; the Hang Seng dropped 0.87%; the Jakarta Composite declined 0.41%; the KLSE Composite shed 0.09%; the Nikkei 225 fell 0.28%; the Seoul Composite declined 0.50% and the Taiwan Weighted settled 0.55% lower. Bucking the trend, the Straits Times rose 0.31%.


At the time of writing, the key European indices were marginally lower following reports of an unexpected decline in UK’s manufacturing output in January. At the same time, US stock futures were trading in the negative.


Back home, foreign institutional investors were net buyers of shares aggregating Rs988.22 crore on Monday while domestic institutional investors were net sellers of stocks totalling Rs786.57 crore.


Of the 50 stocks on the Nifty, 11 ended in the green. The key gainers were Ranbaxy Laboratories (up 2.47%); Ambuja Cements (up 1.50%); ACC (up 1.12%); HUL (up 0.95%) and Tata Motors (up 0.93%). The top losers were Cairn India (down 3.24%); Tata Power (down 3.11%); BHEL (down 2.34%); Bharti Airtel (down 2.21%) and Siemens (down 2.01%).


Infrastructure developer IL&FS Engineering and Construction today said it has received a Rs1,436 crore Engineering Procurement and Construction (EPC) order for four-laning of Kiratpur Ner Chowk section of NH-21. The stock climbed 3.03% to settle at Rs56.05 on the NSE.


Titagarh Wagons AFR SA, the French subsidiary of Titagarh Wagons, has bagged an order from French Railways for 400 hopper cereal wagons worth 39 million euros (around Rs275 crore).  Titagarh Wagons closed 2.20% higher at Rs197.55 on the NSE.


Elecon Engineering Company has been awarded an order worth Rs46.97 crore by Tecpro Systems. The order is for design and commissioning of various equipment for the Kanti Bijali Projects of NTPC at Muzaffarpur, Uttar Pradesh. The stock fell 3.54% to settle at Rs36.80 on the NSE.


Allahabad High Court says government may reconsider protocol list

The union government has so far been maintaining that the order set out in the Table of Precedence is meant only for State and ceremonial occasions and has no application in the day-to-day business of the government. However, it is used daily by all the VIPs and VVIPs ignoring the hardships faced by citizens

The Lucknow bench of the Allahabad High Court, while hearing a writ petition, directed social activist Dr Nutan Thakur to send a representation to the Union government for reconsidering the protocol list. Following this directive, Dr Thakur has sent a representation to the government requesting to quash the present Table of Precedence no33-Pres/79 dated 26 July 1979 ( ).
Dr Thakur, who is also a Right to Information (RTI) activist filed the writ petition for quashing the Table saying this is contrary to the provisions and spirit of the Constitution. The petition claimed that the vice-president is primarily the chairman of the Rajya Sabha and hence to place him above the other heads of the three wings of governance envisaged in the Indian Constitution seems to be inappropriate. Instead, the prime minister, speaker of the Lok Sabha, the chairman of Rajya Sabha and the chief justice of India, should be placed at the same footing, Dr Thakur said in the petition. 
Similarly, she said, many positions not even mentioned in the Indian Constitution like cabinet secretary of the Union government, chairman and members of the Planning Commission and the deputy prime minister have been placed above many Constitutional posts which is inappropriate.
“It is often said that the order of precedence has only a formal relevance and is not synonymous with a person’s authority and importance, yet this order of precedence had a more widespread use, on various other occasions. It somehow gets associated with the state recognition of the authority concerned as regards his/her seniority/importance/precedence in governance and other social recognitions,” Dr Thakur said in the petition.
While dismissing the petition for lack of any representation, the HC bench consisting of justice Uma Nath Singh and justice VK Dikshit directed Dr Thakur to send a copy of the writ petition before the Union of India, by way of a representation for consideration and order. 
Table of Precedence issued by the secretary to the president of India determines an authority’s official, social and public stature and has its own importance and relevance. The Union government has so far been maintaining that the order set out in the Table of Precedence meant for State and ceremonial occasions and has no application in the day-to-day business of the government. 




4 years ago

MoneyLife Foundation has Published earliar an Article on AP Aicc Chief Botsa Satyanarayana's Daughters Wedding Extravagant Ceremony,for which RTA official's Letter issued to Subordinates to arrange Transport Vehicles and Police Elaborate arrangments done for it are Published.As per Table of Precendance explained above now,RTA and Police Action is Illegal.As Petetion can be Filed in AP High Court,submitting RTA's Letter and Police Letter(if it can be obtained with RTI Act by MoneyLife ),AP HC may issue suitable instuctions to AP Govt.& Recovery of RTA & Police Expenses incurred for Marriage arrangements.

RTI Judgement Series: Delhi govt places DP Bill online after complaint is filed to the CIC

The PIOs failed to provide information within the stipulated time and the Govt of NCT Delhi uploaded the DP Bill on its website only when the RTI applicant filed a complaint before the CIC. This is the 54th in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application

The Central Information Commission (CIC), while allowing a complaint, asked the chief secretary (CS) of the Government of National Capital Territory of Delhi (GNCTD), to ensure that citizens are kept informed about proposals for significant legislative and policy changes. 
While giving this important judgement on 7 July 2010, Shailesh Gandhi, the then Central Information Commissioner said, “The citizens individually are the sovereigns of the democracy and they delegate their powers in the legislature. The public authority should have disclosed the contents of the DP Bill suo motu and by omitting to do so, the very purpose of Section 4(1) of the RTI Act stands defeated.”
New Delhi resident Venkatesh Nayak, on 3 March 2010, filed two applications under the RTI Act with the Public Information Officer (PIO) of Home Department and Lt Governor's Secretariat of GNCTD. He asked for proactive disclosure of the contents of the Delhi Police (Amendment) Bill, 2010 (the DP Bill) in furtherance to Section 4(1) (c) of the RTI Act. However, the authorities did not provide the requested information within stipulated time. He then filed a complaint under Section 18 of the RTI Act before the CIC.
Nayak told the Commission that after filing this complaint, his RTI application was transferred to the Commissioner of Police, Delhi Police by the PIO of Lt Governor's Secretariat. On 30 March 2010, the PIO of Police Headquarters informed him that the DP Bill had been placed on the websites of the Delhi Police, GNCTD and the ministry of home affairs.
The PIO of the Home Department, on 26 March 2010 also informed Nayak that the Bill had been placed on the website of GNCTD and comments were invited from citizens of GNCTD, non-governmental organisations (NGOs) and media persons.
During a hearing, the CIC observed that Section 4 of the RTI Act mandates suo motu disclosure of information in public domain by public authorities. More specifically, Section 4(1) (c) of the RTI Act provides as follows: 
"4. (1) Every public authority shall- 
             c) publish all relevant facts while formulating important policies or announcing                
             the decisions which affect public;"
"A plain reading of Section 4(1) (c) of the RTI Act suggests that every public authority is required to publish or disclose all facts and circumstances which are relevant and taken into account while formulating policies and taking decisions that would affect the public. Section 4(1)(c) of the RTI Act requires proactive disclosure of proposed laws/ policies and amendments thereto or to existing laws/policies to enable citizens to debate in an informed manner and provide useful feedback to the government, which may be taken into account before finalizing such laws/policies,” Mr Gandhi, the then CIC, observed.
He said, given that the DP Bill was a significant legislative change, the relevant public authorities involved in drafting of the said bill had a duty to proactively disclose its contents under Section 4(1)(c) of the RTI Act. “The concerned public authority, however, acted only after the complainant approached the Commission and filed a complaint under Section 18(1) of the RTI Act.” 
The Commission further observed that at that time, the GNCTD was not fully complying with Section 4 of the RTI Act and therefore, was of the view that citizens must be provided with means to debate legislative and policy changes which were likely to affect public lives as contemplated by the GNCTD.
Mr Gandhi, under the powers vested in the Commission, vide Sections 25(3) (g) and 25(5) of the RTI Act, then directed the CS of GNCTD to develop a credible mechanism in all departments for proactive and timely disclosure of draft legislations/policies and amendments thereto or to existing laws/policies in the public domain, as required under Section 4(1) (c) of the RTI Act, during the process of their formulation and before finalization.
Decision No. CIC/SG/C/2010/000345+000400/8440
Complaint No. CIC/SG/C/2010/000345+000400
Complainant                                        : Venkatesh Nayak
                                                                    New Delhi-110017
Respondent                                           : Chief Secretary
                                                                   Government of National Capital Territory of Delhi, 
                                                                   Delhi Sachivalaya, 
                                                                   New Delhi -110002



We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



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)