The recent upmove in Nifty seems mature. However, the index may take a few more sessions to head lower
We had mentioned in our Wednesday closing report that the NSE's CNX Nifty will be headed lower if it closes below 7,850. On Thursday the benchmark barely managed to keep itself above this level and hit a low of 7,856. The market opened marginally higher and managed to move higher in the morning session. However, the upward move could be sustained only upto 10:42am after which the indices started moving lower.
S&P BSE Sensex opened at 26,323 and moved up to 26,465 while the Nifty opened at 7,875 and surged to 7,920. Soon the indices gave up all their intraday gains and edged lower. In less than an hour of trading in the negative, the indices hit a low of 26,263 and 7,856. Recovering from the red, the indices tried moving higher but after trading in a range, they managed to close a little above Wednesday’s close. Sensex closed at 26,360 (up 46 points or 0.17%), while Nifty closed at 7,891 (up 16 points or 0.20%). NSE recorded a volume of 83.52 crore shares. India VIX rose 0.53% to close at 13.7325.
There have been reports that some progress was made on the proposed goods and services tax (GST), after the empowered committee of state finance ministers decided on Wednesday, that the common threshold for levy of GST would be kept at Rs10 lakh in general category states and Rs5 lakh in special category states.
Oil Secretary Saurabh Chandra said that the under-recoveries of oil companies will come down substantially in the current fiscal, ending 31 March 2015, on account of better pricing and stable global crude prices.
Union Bank of India, Indian Bank, Bank of India, Federal Bank and PNB were among the top 10 gainers in the ‘A’ group on the BSE. All the bank stocks in the Sensex 30 pack, State Bank of India, HDFC Bank, Axis Bank and ICICI Bank were among the gainers. Finance Minister Arun Jaitley on Thursday said that the government was working to tighten up risk management in the banking sector.
NTPC (1.86%) was the top loser in the ‘A’ group among the Sensex 30 stocks. There was news that NTPC is exiting its non-core assetsn comprising 1,611 megawatt of hydel power projects, it will be selling them to public sector units including National Hydroelectric Power Corp and others that possess core competence of executing hydro power projects.
Titan Company (6.04%) was among the top four gainers in the ‘A’ group on the BSE.
Today the stock hit its 52-week high after Morgan Stanley upgraded the stock to 'overweight' from 'underweight' earlier.
Bhushan Steel continued to hit a new 52-week low and was the top loser (4.97%) in the ‘A’ group on the BSE. The stock has fallen 67% since 1st August (Rs394.85) before the news of the company's involvement in the Syndicate Bank bribery scam surfaced.
Amara Raja Batteries, which hit its 52-week high on Tuesday, was among the top two losers (4.38%) in the ‘A’ group on the BSE.
US indices closed mostly higher on Wednesday. The minutes from the Federal Reserve's July meeting showed that the central bank is in no rush to raise interest rates.
Asian indices showed a mixed performance. Nikkei 225 (0.85%) was the top gainer, while Seoul Composite (1.38%) was the top loser.
The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index (PMI) fell to 50.3 in August from July's 18-month high of 51.7, missing forecasts.
European indices were trading in the green. US Futures too were trading marginally higher.
Data released today showed that German services and manufacturing activity slowed in August. The preliminary reading of a Purchasing Managers Index for the two industries fell to 54.9 in August from 55.7 in July, London-based Markit Economics said. A reading above 50 indicates expansion.
French manufacturing activity contracted for a fourth month in August, signaling that the euro area's second-largest economy is unlikely to return to growth after stagnating in the first half. A Purchasing Managers Index for the manufacturing industry fell to 46.5 in August from 47.8 in July, London-based Markit Economics said today, 21 August 2014. That's the lowest level in more than a year. A composite gauge of both manufacturing and services activity rose to 50 in August, the mark that divides expansion from contraction, from 49.4 in July.
Tarang believes that education is every child’s birthright as it brings about a transformation in the child’s life.
Tarang is an NGO that works towards the betterment of the lives of those children who are not able to afford their educational expenses. It comprises a team of good-hearted people who develop a curriculum and an educational programme to educate poor slum children, especially those below the poverty line. It basically develops customised programmes and teaches them things that would help them with earning a livelihood.
Founded in 2009, Tarang Life Care Foundation aims at creating equal educational opportunities. Its projects provide quality education to night-school students by sponsoring children who cannot afford to go to school, inspiring children to attend school and providing them with various facilities and learning materials to make them self-reliant. It was founded by a team of four like-minded persons: Rishi Modi is an information technology professional; Charul Abuwala is a lawyer; PK Mishra works with a public sector oil company; and Bhupendra Shah is a chartered accountant.
Tarang’s educational initiative aims to develop and execute its programmes with care and concern with the goal of empowering children who wish to study but do not have enough resources to go to school. Many poor children are unable to attend school during the day because they juggle several responsibilities, including helping out their parents to earn a living or by looking after siblings while the parents are at work. Project ‘Daayitva’ is specifically intended to help those children who drop out of school to fulfil other commitments. They can enrol in night-schools and get the education they want. When Tarang founders discovered that non-availability of food is an important reason for poor attendance in night-schools, Tarang started ‘Food Seva’ in a bid to boost attendance.
Lack of proper training in English, mathematics and computers among poorer children inspired Tarang to start ‘Lakshya’. It offers relevant study material and other resources to children at its Powai Centre in Mumbai with a special emphasis on spoken English. Classes are conducted on weekends to avoid interference with regular studies. Professionals specialising in spoken English teach the children. It imparts education to children, mostly from poor families living in the slums of Phule Nagar at Powai in Mumbai, under this project. The programme, which reaches around 40 children, is designed for overall personality development of the children Class.
Other Tarang projects include Shiksha and Aadhaar. These aim to help children who lag behind due to various obstacles. Under project Aadhaar, Tarang has supported Cochlear implant for two girls with 100% hearing loss, allowing them to lead a normal life.
Tarang seeks to counter the high dropout rate among children in our educational institutions. The high cost of private education and the need to support their families, or lack of interest in studying, are the most common reasons for children dropping out of the formal school system. The rates are alarmingly high; from Class III to Class V the dropout rate is as high as 50% for boys and 58% for girls.
Tarang would like to motivate those want to give something back to society, to sponsor the educational expenses of one or more child in full or in part. This is truly a satisfying way to transform lives and help society. Donations to Tarang are eligible for tax exemption and it has been set up as a not-for-profit entity under Section 25 of the Companies Act. Those interested in helping poor children by volunteering at Tarang can also contact the Foundation.
In just over 19 months, the share price of Meglon has run up 410%. Meglon has been reporting sales of just Rs2 lakh-Rs4 lakh over the past 11 quarters and hardly any profit