Stocks
Nifty, Sensex will struggle to make fresh highs – Weekly closing report

Nifty is rising on low volumes and may struggle to retain this week’s gains

 

The S&P BSE Sensex closed the week that ended on 23rd October at 26,851 (up 743 points or 2.84%), while the NSE's CNX Nifty ended at 8,015 (up 235 points or 3.02%). Last week, we had mentioned that Nifty might try to rally. This week, the Indian stock market opened with a gap on the back of positive data from the US and the winning of Bharatiya Janata Party (BJP) in Haryana and Maharashtra assembly polls helped build up the positive sentiments. Nifty closed at 7,879 (up 100 points or 1.28%) on Monday.

 

Last week, we had mentioned that Nifty might try to rally. This week, the Indian stock market opened with a gap on the back of positive data from the US and the winning of Bharatiya Janata Party (BJP) in Haryana and Maharashtra assembly polls helped build up the positive sentiments. Nifty closed at 7,879 (up 100 points or 1.28%).


The BJP secured a clear majority in Haryana and forming the government in state on its own. The party emerged as the single largest party in Maharashtra and is likely to form the government in state with support from other party. US consumer confidence unexpectedly rose in October to the highest level in seven years, showing a brightening in Americans' moods as gas prices drop and the labour market gains traction. The Thomson Reuters/University of Michigan preliminary sentiment index for this month increased to 86.4, the strongest since July 2007.


On Tuesday as anticipated, the index managed closing in the green after making a smart recovery from the day’s low. Nifty closed at 7,928 (up 48 points or 0.61%) making it the third consecutive day of gain.


According to Moody's Investors Service the Indian government's decision to remove price controls on diesel and to raise natural gas prices, signals fiscal discipline and is a "credit positive" step, although the overall impact could be limited.


The Supreme Court had cancelled 214 coal licenses last month; these were issued to private and public companies since 1993. The Narendra Modi government, on Monday, announced that it would auction 74 coal-mining licenses to private companies in the next three to four months. The government will allocate government companies licenses without an auction. This move is likely to help power, cement and steel sectors, which will get more fuel supply.


Market on Wednesday moved higher in line with positive closing of US indices on Tuesday and positive closing of most of the Asian indices. Nifty closed at 7,996 (up 68 points or 0.86%).


The positive news from the US supported market sentiments. Sales of existing homes rose in September, hitting the fastest pace in one year and rebounding from an unexpected drop in August, the National Association of Realtors reported on Tuesday. The annual rate of 5.17 million was better than expected.

 

The market was open for a special trading session on Thursday to mark the start of Samvat 2071. Index kept up the positive momentum of past four trading session. Nifty closed at 8,015 (up 19 points or 0.23%). The one hour of trading saw a gap up opening followed by range bound session.


Friday market was closed on account of on account of public holiday.
For the week, all the other indices closed in the green. The top two performers were Auto (6%) and Infrastructure (5%).


Of the 1,500 companies on the NSE, 1,153 companies closed in the green, 316 companies closed in the red while 31 companies closed flat.


Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:

 

ML Top sector

 

ML Worst sector

 

Con_EPC_Infra

7%

Software & IT Services

1%

Auto

7%

Refineries

2%

Lifestyle & Leisure

6%

Chemicals

3%

Sugar

5%

Oil & Gas

3%

Steel

5%

Industrial Intermediates

3%

 

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Nifty, Sensex to rally some more – Wednesday closing report

Nifty will face resistance at around 8,050

 

After hitting a 12-day high (including today) the Indian benchmarks made further gains for the fourth consecutive session Wednesday. After a gap up opening, the indices moved in a range and closed at the day’s high for the last trading day of Samvat 2070. The stock market will only be open for an hour from 6.30 pm Thursday for Diwali Muhurat trading. The markets are closed on Friday, 24 October 2014, for Diwali.


The S&P BSE Sensex opened at 26,783 and moved in the range of 26,712 and 26,818 and closed at 26,787 (up 212 points or 0.80%) while NSE’s CNX Nifty opened at 7,998 and moved between 7,975 and 8,005 and closed at 7,996 (up 68 points or 0.86%). NSE recorded a volume of 66.85 crore shares. India VIX fell 2.25% to close at 13.0300.


PMC Fincorp (15.33%), which hit its 52-week high, was also the top gainer in the ‘A’ group on the BSE. Jindal Steel (10.17%) continued to be among the top two gainers in the group. The upmove is supported by the Modi government stance to auction 74 coal-mining licenses to private companies over next three to four months. Natco Pharma (8.83%) was among the top three gainers. Its marketing partner in the US, Breckenridge Pharmaceutical Inc received a tentative approval from the US FDA for Armadafinil 50 mg, 150 mg, and 250 mg tablets. Armadafinil is a generic tablet used for improving wakefulness in adults.


Kailash Auto Finance (12.39%) was the top loser in the ‘A’ group on the BSE. The stock hit its 52-week low today. Havells (3.43%) was among the top loser in the group. Its September 2014 quarter result posted a fall in the net profit in spite of its revenue showing a growth.


Hero MotoCorp (4.03%) was the top gainer in the Sensex 30 pack. The stock hit its 52-week high today. It has informed BSE that it anticipates to clock close to 1.5 lakh in retail sales on October 21, 2014, Dhanteras, which will be a 40%-50% growth over the sales on Dhanteras day last year.


ONGC (1.97%) continued to be the top loser in the Sensex 30 stock.


US indices closed Tuesday in the green.


Sales of existing homes rose in September, hitting the fastest pace in one year and rebounding from an unexpected drop in August, the National Association of Realtors reported yesterday. The annual rate of 5.17 million was better than expected.
Except for Shanghai Composite (0.56%) all the trading Asian indices closed in the green.

 

Nikkei 225 (2.64%) was the top gainer.


European indices were trading marginally higher, while US Futures were showing mixed performance.

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SEBI allows one waiver to exchanges for client code modification

Stock exchanges have also been directed to submit a quarterly report to SEBI on all client code modifications where penalties have been waived

 

Market regulator Securities and Exchange Board of India (SEBI) has allowed stock exchanges to waive penalty for modification of client code of non-institutional trades where a broker is able to produce evidence establishing that the modification was due to a genuine error.

 

In a circular issued late on Tuesday, SEBI said exchanges may give only one waiver per quarter for modification in a client code.

 

That is, if a waiver has already been given for client code modification from client code AB to client code BA, no more penalty waivers shall be allowed to the broker during the quarter for modifications related to client codes AB and BA.

 

However, proprietary trades (trades on the broker’s own account) would not be allowed to be modified as client trade and vice-versa, SEBI said.

 

Exchanges have been directed to submit a quarterly report to SEBI on all client code modifications where penalties have been waived. Exchanges have also been asked to take strict disciplinary action against brokers who frequently modify client codes.

 

Stock exchanges and clearing corporations have been directed to amend bylaws, inform brokers/ clearing members, disseminate the information on their Web sites, besides communicating the implementation status to SEBI.

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