Nifty still struggling to cross 5,900: Tuesday Closing Report

The Nifty dipped below 5,800 as suggested yesterday, but bounced back. If it doesn't cross 5,900 soon, a decline is on the cards

The market was volatile ahead of the expiry of the April futures and options contract and an expected interest rate hike by the Reserve Bank of India (RBI) at its monetary policy meeting next week. Earnings performance influenced stocks of companies that have announced their results. The Nifty is still stuck around the 5,800 level, as seen in the last couple of days. A decline is inevitable if it doesn't cross 5,900 soon.

The local market opened flat, dampened by the Asian markets that were in the red on lacklustre earnings. The Sensex added 12 points to trade at 19,596 and the Nifty was a mere two points higher at 5,877. Selling in IT, metals, auto and consumer durables stocks dragged the indices further southwards till around 10.20 am. Thereafter the market was range-bound for nearly two hours and an institutional sell-off pushed the indices to the day's lows. At the intra-day low, the Sensex shaved off 277 points to 19,307 and the Nifty retraced 83 points to 5,792.

A positive opening in key European markets and US futures trading in the green boosted the domestic indices in late trade, taking them into positive terrain and to the day's high. The Sensex touched 19,626, up 42 points at its intra-day high, and the Nifty was at 5,893, up 18 points. But the gains were short-lived as the markets soon turned negative and ended the day in the red for the second day in a row. The Sensex lost closed at 19,545, down 39 points, and the Nifty finished at 5,868, down six points from the previous close. The advance-decline ratio on the National Stock Exchange was 574:809.

Among the broader markets, the BSE Mid-cap index and the BSE Small-cap index shed 0.03% each. BSE Healthcare (up 0.42%), BSE Fast Moving Consumer Goods (up 0.08%) and BSE TECk (up 0.06%) were the top sectoral gainers. BSE Consumer Durables (down 0.80%), BSE Oil & Gas (down 0.35%) and BSE Realty (down 0.31%) were the major losers.

Bharti Airtel (up 1.65%), Hindalco Industries (up 1.55%) and Tata Motors (up 1.50%) were the top performing Sensex stocks. On the other hand, Hindustan Unilever (down 1.99%), Maruti Suzuki (down 1.91%) and Sterlite Industries (down 1.56%) settled at the bottom of the index.

India's headline inflation is likely to remain high this year too, registering an average of 8.6% in 2011-12, as manufacturers are likely to pass on input costs to consumers, global banking giant Nomura said today.

The banking and asset management behemoth said in its 'Asia Economic Alert' report that it expects the RBI to hike the short-term lending (repo) rate by 100 basis points in 2011, with the purpose of curbing inflationary pressure.

Markets in Asia settled mostly lower on weak earnings reports from across the region. The recent earthquake in Japan has had an effect on Nintendo and Nidec, while auto majors were hurt with the S&P cutting its outlook on the sector on Monday. Rumours about rate-tightening measures for top five banks in China weighed on Chinese investors.

The Shanghai Composite declined 0.87%, the Hang Seng fell by 0.54%, the Jakarta Composite was down 0.36%, the Nikkei 225 tanked 1.17%, the Straits Times fell by 0.50%, the Seoul Composite decreased 0.44% and the Taiwan Weighted shed 0.03%. Bucking the trend, the KLSE Composite added 0.22%.

Back home, foreign institutional investors were net sellers of stocks worth Rs377.59 crore on Monday, whereas domestic institutional investors were net buyers of equities worth Rs236.62 crore.

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UK Sinha elected chairman, Asia- Pacific Regional Committee, IOSCO

UK Sinha, chairman, SEBI has been elected chairman of the Asia-Pacific Regional Committee (APRC) of the International Organisation of Securities Commissions, at the 36th Annual Conference of IOSCO held at Cape Town, South Africa from 17th April to 21 April 2011

UK Sinha, chairman, SEBI (Securities and Exchange Board of India) has been elected chairman of the Asia-Pacific Regional Committee (APRC) of the International Organisation of Securities Commissions (IOSCO), at the 36th Annual Conference of IOSCO held at Cape Town, South Africa from 17th April to 21 April 2011.   

Prior to Mr Sinha, Mr Bhave was the Chairman of the APRC from June 2009 till he demitted his office as chairman of SEBI.

The members of the Asia-Pacific Regional Committee are Australia, Bangladesh, Brunei, People's Republic of China, Hong Kong, India, Indonesia, Japan, Korea, Kyrgyz Republic, Malaysia, Republic of Maldives, Mongolia, New Zealand, Pakistan, Papua New Guinea, Philippines, Singapore, Sri Lanka, Chinese Taipei, Thailand and Vietnam.

IOSCO is recognised as the international standard setter for securities markets. The Organization's wide membership regulates more than 90% of the world's securities markets and IOSCO is the world's most important international cooperative forum for securities regulatory agencies. IOSCO members regulate more than one hundred jurisdictions.

SEBI has been an active member of the IOSCO and is one of the earliest signatories to the Multilateral Memorandum of Understanding (MMoU) of IOSCO.

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Indian names in Swiss bank data list: Assange

Praising the German government for its aggressive approach to unearth black money stashed offshore, WikiLeaks founder Julian Assange said that India "should be more aggressive because India seems like it is loosing per capita much more tax than Germany"

New Delhi: In comments that could fuel a fresh controversy over the black money issue, WikiLeaks founder Julian Assange Tuesday said there are Indian names in the Swiss bank data list that are going to be made public, reports PTI.

"Yes, there are Indian names in the data that we have already published or are going to publish. I can't remember specifically whether there are Indian names in the coming publication. But I have read Indian names," Mr Assange told Times Now.

Indicating that there are bigwigs among the Indians having their accounts in Swiss banks, he said, "Similarly, in these private Swiss banking concerns, where you need at least a million dollars, which is a significant amount of money...not an average Indian..."

Asked whether the names will come at any point, he said on "that, you should absolutely not loose hope".

He, however, declined to reveal anything more on the issue at this stage.

Noting that he has come to know through a report that there are more Indian deposits in the Swiss banks than any other nationality, Mr Assange said, "There is no reason why India should not be aggressive."

Praising the German government for its aggressive approach to unearth black money stashed offshore, he said that India "should be more aggressive because India seems like it is loosing per capita much more tax than Germany."

Mr Assange alleged that Indian government's response to the WikiLeaks cables was "one of the worst in the world" and a "clear attempt to mislead the nation on what the cables were".

He said that the response by the Indian government left a lot to be desired.

Mr Assange also dismissed contention of the Indian government that accords on double taxation were coming in the way of tracking the trail of black money.

"Double taxation does not have anything to do with asset hiding. It doesn't simply cover asset hiding," he said.

Mr Assange said that issue of stashing black money in foreign banks was much worse than just local corruption as when money is pushed offshore, ".....then every time they are selling rupees and the result is that the currency of the nation is debased...everything for all Indians become more expensive as a result of that transfer."

Mr Assange had earlier claimed that he was handed over documents of bank accounts by a former banker Rudolf Elmer and the whistleblower also claimed that the names in the documents came from "US, Britain, Germany, Austria and Asia-from all over," and include "business people, politicians, people who have made their living in the arts and multinational conglomerates-from both sides of the Atlantic".

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COMMENTS

prabhu

6 years ago

These corrupted indian brutes should get ripped apart in front of parliament.

Ravigadu

6 years ago

wow really great job mr assange please make sure that no one misses out from that data list. Every one should be punished by the public

REPLY

AG

In Reply to Ravigadu 6 years ago

It is possible that, many of them may have transferred their money to some another bank account...

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