Sensex, Nifty can give up gains: Wednesday closing report

Nifty is about to give up some gains to prepare for a next upleg. A close below 6,700 on the Nifty may pull the index lower

The BSE 30-share Sensex and NSE 50-share Nifty opened Wednesday higher at 22,551 and 6,758, respectively. Both the benchmarks witnessed a range bound session until 1.30pm. Later it gained upward momentum to reach day’s high and closed almost near to it. Sensex reached upto 22,592 and closed at 22,551 (up 105 points or 0.47%) while Nifty hit a high of 6,764 and closed at 6,753 (up 32 points or 0.47%). Sensex hit a low of 22,473 while Nifty hit a low of 6,723. The NSE recorded a volume of 89.73 crore shares.


Except for F M C G (1.55%), Metal (0.53%) and M N C (0.21%) all the other indices on the NSE closed in the positive. The top five gainers were P S U Bank (3.42%), Smallcap (2.42%), Realty (2.27%), Nifty Midcap 50 (2.12%) and Media (1.90%).

Of the 50 stocks on the Nifty, 32 ended in the green. The top five gainers were Bank of Baroda (5.86%), I D F C (3.98%), P N B (3.27%), Bharti Airtel (3.00%) and Tata Motors (2.57%). The top five losers were Asian Paints (2.53%), Jindal Steel (2.28%), A C C (2.22%), I T C (2.12%) and Sesa Sterlite (1.69%).

Of the 1,541 companies on the NSE, 1,071 companies closed in the green, 410 closed in the red while 60 closed flat.


Reliance Industries was among the top seven gainers in the pack of Sensex 30 stocks. It hit its 52-week high and closed at Rs 956.05 on the BSE (up 1.58%). Reliance Industries said Export Development Canada (EDC), a leading financier and insurer of Canadian exporting companies, has offered a $500 million in financing.


Bharti Airtel was the top gainer among the Sensex 30 stock after a financial daily reported that the company plans to raise $2 billion via bond issue. The company said that it and its subsidiaries keeps on evaluating opportunities, on an ongoing basis to refinance the debt portfolio at efficient cost and maturity. Bharti Airtel rose 3.34% to close at Rs326.10 on the BSE.


A day after the RBI monetary policy review, where it kept the key rates unchanged, and after the election commission allowing the Reserve Bank of India (RBI) to announce new bank licences even ahead of general elections, the banking stocks were in news. Oriental Bank, Union Bank, Canara Bank and Uco Bank were among the top ten gainers in ‘A’ group on the BSE.


Engineers India was the top most loser in the ‘A’ group on the BSE. Assam based, Numaligarh Refinery Limited (NRL) has entered into a strategic agreement for commercialisation and joint ownership for production of petroleum wax with Engineers India Limited (EIL), Delhi and Indian Institute of Petroleum (CSR-IIP), Dehradun. A tripartite memorandum of understanding (MoU) in this regard was signed on Monday. CSIR-IIP has generated laboratory scale optimal process scheme on the technology, based on which EIL has developed engineering design package. EIL fell 2.76% to close at Rs218.80 on the BSE.


US indices closed in the green on Tuesday. Institute for Supply Management's index rose to 53.7 in March from 53.2 in February, showing manufacturing was expanding as a winter-depressed first quarter ended. US car sales surged to an annualized rate of 16.4 million in March — the highest rate since November.


The Asian indices rose on the news of increase in the US manufacturing index. Except for Jakarta Composite (0.08%), NZSE 50 (0.12%) and Straits Times (0.18%) all the other Asian indices closed in the green. Nikkei 225 (1.04%) was the top gainer.


European indices were trading in the green while US Futures were trading marginally higher.


SC withdraws Spigelman as arbitrator in RIL-Centre dispute

The apex court agreed to withdraw Spigelman following contention from Indian government about his name being mentioned in the list proposed by RIL as an independent arbitrator earlier

The Supreme Court on Wednesday withdrew the name of Australian James Spigelman, former Chief Justice and LG of New South Wales, who was appointed by it as third arbitrator to resolve the dispute between Indian government and Reliance Industries Ltd (RIL) on KG basin.


Justice SS Nijjar, who had appointed Spigelman, agreed to withdraw his name after the Centre contended that the name of ex-Chief Justice of New South Wales was mentioned in the list of names proposed by the Reliance group for appointment as an independent arbitrator.


The apex court had on 31st March named Spigelman as the third arbitrator who shall act as the Chairman of the Arbitral Tribunal, whose two other members are former Chief Justices of India, SP Bharucha and VN Khare.


While Mukesh Ambani-led RIL has nominated former Justice Bharucha as its arbitrator, the Centre chose Justice Khare as its nominee.


Justice Nijjar had said that both the Centre and RIL provided the list of eminent foreign arbitrators but he preferred to do his own survey for maintaining neutrality and chose the name of Justice Spigelman.


“Although two lists have been duly supplied by the learned counsel for the parties, I am of the opinion, in the peculiar facts and circumstances of this case, it would be appropriate if an individual not named by any of the parties is appointed as the third arbitrator. I have discretely conducted a survey to find a suitable third arbitrator who is not a national of any of the parties involved in the dispute,” he had said.


Rs5 crore declared asset and no PAN? Face the I-T dept

Candidates declaring a jump of Rs2 crore in value of their immovable assets since last polls would also trigger such red flags and face taxmen

For the first time, candidates with assets of over Rs5 crore without a PAN card are set to come under the scanner of Income Tax (I-T) department and Election Commission (EC), which have prepared a list of ‘red flags’ to weed out suspected tax-evaders from the poll fray.


“The permanent account number PAN will be important when it comes to investigating a candidate’s asset and income declarations in the poll affidavit. The CBDT has asked the EC to provide PAN details of as many candidates as possible as it is easy to check the financial antecedents of a person through this number,” the official said.


The taxmen would check for fake PAN details by matching the same with the department’s own database. The two authorities have formulated Rs5 crore parameter, which will be used by the tax department to check affidavits of candidates from a suspected tax evasion angle. These would include checking veracity of the PAN cards of candidates.


This is part of a joint charter prepared by the Central Board of Direct Taxes (CBDT) and the EC for scrutinising the poll affidavits of candidates contesting 2014 Lok Sabha elections.


Candidates declaring a jump of Rs2 crore in value of their immovable assets since last polls would also trigger such red flags, pursuant to which further inspections would be carried out by the taxmen, a senior official said.


According to the joint blueprint, the I-T department will take up all “specific cases” referred to it by the poll body, including the cases showing any abnormal rise in wealth.


Under this mechanism, the I-T department will also compare the declarations made by the candidates in their poll affidavits with the income tax returns filed by them.


Besides, the I-T department will also further scrutinise cases of “gross understatements” of personal or family assets, as also those of liabilities, by the poll candidates.


A senior CBDT official said that a ‘red flag’ mechanism has been prepared jointly with the EC as the tax department does not have the wherewithal to scrutinise each and every case on its own.


The EC, over the last few years, has stressed extensively on curbing flow of black money and use of illicit inducements in the electoral process and it wants to ensure a level playing field by enforcing necessary checks and balances in this regard.


EC has also created an exclusive ‘Election Expenditure Monitoring’ cell of its own, while the Income Tax department’s investigation and intelligence units have also been brought on—board to check illegal funds and huge cash flows during the elections.


The CBDT, the apex policy making body of the I-T department, recently said it would scrutinise asset and liability declarations of the top two candidates in each constituency after the announcement of poll results on 16th May.


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