Stocks
Nifty, Sensex will try to rally – Weekly closing report

Nifty will head higher subject to dips if it doesn’t close below 8080

 

The S&P BSE Sensex closed the week that ended on 19th December at 27,372 (up 21 points or 0.08%), while the NSE's CNX Nifty ended at 8,225 (up 1 point or 0.01%). At the end of the last week we had mentioned that the indices may move sideways for some time.


As we mentioned in last week's report, on Monday although the Nifty opened sharply low, the index managed to recover and suffered minor loss. Nifty closed at 8,220 (down 5 points or 0.05%). Following the improved data on CPI inflation for November 2014 and industrial production data for October 2014 given out last Friday, the WPI data given out on Monday also saw some improvement.


The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India eased to 4.4% in November 2014 from 5.5% in October 2014. IIP declined at its sharpest pace in three-years, contracting 4.2% in October 2014, compared with a 2.8% (revised) increase in September 2014. WPI eased to 0.0% (provisionally) for the month of November 2014, as compared to 1.77% (provisional) for the previous month and 7.52% during the corresponding month of the previous year.


On Tuesday, Nifty recorded its deepest fall since 8 July 2014 on higher volumes. Nifty closed at 8,068 (down 152 points or 1.85%). After trading hours on Monday, data released by the Ministry of Commerce & Industry showed India's trade deficit rising sharply to $16.86 billion in November 2014, from $9.57 billion in November 2013.


Reserve Bank of India on Monday eased rules for long-term loans by banks to the infrastructure sector and heavy industry. The RBI said only loans where the combined exposure by lenders in a single project is more than Rs 500 crore would be eligible under the eased regulations.


While market awaited the outcome of a two-day meeting of Federal Open Market Committee on Wednesday, Nifty closed in the negative for the fifth consecutive session. Nifty closed at 8,030 (down 38 points or 0.47%).


There were rumours that Life Insurance Corporation of India had started buying shares after a steep slide in stock prices. According to Fitch Ratings, key oil and gas sector reforms like diesel de-regulation and a new gas pricing policy will have a positive impact on companies engaged in fuel retailing and gas production. But the rating outlook for Indian oil and gas entities remains stable in 2015, it said.


Federal Reserve pledged to be patient on interest-rate increases. This led to Indian indices and most Asian counterparts to close in the green on Thursday. Nifty closed at 8,159 (up 130 points or 1.61%).


India's Union Cabinet on Wednesday reportedly approved a constitutional amendment bill to provide the legal framework for rolling out a nationwide goods and services tax.

 

The government on Thursday came out with draft rules for e-auction of 92 cancelled coal mines in the first phase, fixing a floor price of Rs150 per tonne for sectors like steel, sponge iron, cement and captive power.


As we anticipated on Thursday, Friday saw the Nifty opening higher. However, after hitting the day's high the benchmark moved within a range and closed almost at the same level at which the benchmark opened. Nifty closed 8,225 (up 66 points or 0.81%).


According to the mid-term review, adhering to the FY 2015 fiscal deficit target of 4.1% is a major challenge. The government is committed to meeting its FY 2015 fiscal deficit target despite difficult odds, the mid-term review says.


Among the Nifty stocks, the top five stocks for the week were Zee Entertainment (5%); HCL Technologies (5%); Bhel (5%); HDFC (4%) and ONGC (4%), while the top five losers were DLF (13%); ITC (7%); Hindustan Unilever (5%); Asian Paints (5%) and Dr. Reddy's Lab (5%).


Of the 1,495 companies on the NSE, 466 companies closed in the green, 1,001 companies closed in the red while 28 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

 

Oil & Gas

3%

Real Estate

-7%

Software & IT Services

2%

Pharma

-4%

Energy

2%

Sugar

-4%

Non-Ferrous Metals

1%

Consumer Products

-3%

Financial Services

1%

Shipping

-2%

 

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Gadkari fined Rs10,000 by court in own defamation case against Kejriwal

According to reports, Gadkari was fined Rs10,000 for failing to submit related documents in his criminal defamation case against AAP leader Arvind Kejriwal

 

A Delhi court on Saturday levied a fine of Rs10,000 on union minister Nitin Gadkari in his defamation case against Aam Aadmi Party (AAP) leader Arvind Kejriwal. According to reports, Gadkari was fined for his failure to provide relevant documents in the case.

 

Earlier on October, the Patiala House Court had fixed 20th December for hearing the criminal defamation case filed by Gadkari against Kejriwal. During the hearing, counsel for Kejriwal had informed the court that there was a possibility of compromise in the complaint and they were in the process of finalising it.

 

The submissions were made when the court had asked if both the politicians had arrived at any compromise in the matter. The court had observed that it was a clash of egos and it would be better if the matter gets settled.

 

Kejriwal was arrested and sent to Tihar jail on 21st May after he refused to furnish bail bond in the case but gave the same within a week and was later released.

 

The court had earlier allowed Kejriwal’s plea seeking permanent exemption from personal appearance.

 

The court had framed defamation charges against the AAP leader after both the parties had told it that they have not reached any settlement in the case.

 

Section 500 (defamation) of the IPC, being a compoundable offence, the court had advised Kejriwal to bury the hatchet and amicably settle the issue with Gadkari.

 

Gadkari had earlier told the court that he was ready to resolve the issue if Kejriwal withdraws his statement. Kejriwal, however, had refused to withdraw his statement and allegations, which he had levelled against Gadkari.

User

COMMENTS

Suketu Shah

2 years ago

This issue is overrated in the press.What is imp who(among the 2) is working hard day and night and helping India go forward and who is taking it backwords trying to fool people(or rather thinking that people are fools to fall into his thrash talk last 18 months).The difference between both peoples intentions is hugh.

CHANDU CHARTIST

2 years ago

ALL DELHI WALO KO HAMAR EK SACHE DESH BHAKT GUJARATI KI GUJARISH HAI AAM AADMI PARTY KO 49 SEAT DEKE DESH BACHAYE

Abhijit Nagawade

2 years ago

vague reporting: 'failing to submit related documents'
Should have researched and mentioned what documents.

Col Madan Sharma

2 years ago

This yep yep man deserves this Rs 10000 is too small a fine wish it was 1000 Crores. I am sure this small fine too will be paid by some willing contractor responsible for road construction

REPLY

CHANDU CHARTIST

In Reply to Col Madan Sharma 2 years ago

absolute right bros.
.

CHANDU CHARTIST

2 years ago

sorry kahi 10000 bachavi lo saheb angrejo ni powerfull bhet chhe aa sorry

Dushyant Bangal

2 years ago

Again with the bail bond? He gave a Personal bond, not a bail bond.

Dushyant Bangal

2 years ago

Again with the bail bond? He gave a Personal bond, not a bail bond.

uttamkumar dubey

2 years ago

So what is the outcome "kaun chor nahi hai" ?

REPLY

CHANDU CHARTIST

In Reply to uttamkumar dubey 2 years ago

congress BJP ARE TWO SIDE OF ON COIN NOTHING EALSE MODI HAS MADE US FULL WITH SUCH TEAM

Mrigank Sparks

2 years ago

hahaha !

Indiabulls Securities pays Rs1 crore as per consent order to SEBI

In view of the lapses and deficiencies observed by SEBI in its inspection of Indiabulls Securities, it had issued a show cause notice to the broking company

 

SEBI conducted an inspection of books and accounts and other records of Indiabulls Securities during November 2006. The inspection found irregularities relating to Indiabulls’ broking operations, functioning of its branches and systems operations and delayed submission of information to SEBI.
 
Indiabulls was also found not facilitating inspecting officials of SEBI an unhindered access to the server. SEBI found failure to maintain proper records pertaining to investor complaints. There was appointment of unregistered sub-brokers in the guise of marketing associates. 
 
Indiabulls was found to be guilty of not exercising due skill and care in financing and trading of its top ten clients’ transactions by providing its own funds as well as obtaining funds from its group companies.
 
Indiabulls was having an incentive-based business model for sales representatives with a focus on making the investors trade as frequently as possible. There were lapses in inward/ outward mailing systems.
 
In view of the lapses and deficiencies observed by SEBI in its inspection of Indiabulls Securities, it has issued a show cause notice to the broking company.
 
Following adjudication proceedings, Indiabulls agreed to a consent order. Accordingly, Indiabulls remitted a sum of Rs1 crore towards settlement charges to SEBI. The investigation is closed by this consent order as of 19 December 2014.

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