The Nifty may touch the level of 5,450 if it keeps itself above 5,285. However, the risk of a reversal is increasing
Optimism from Europe after the continent's policymakers approved a financial package for Spanish banks saw the market closing around 1.30% higher. On a higher volume of 63.73 crore shares on the National Stock Exchange (NSE) the Nifty today covered the losses incurred in the past two trading day's and managed to close at its highest since 3 April 2012. If the benchmark manages to keep itself above 5,285 we may see the index reaching the level of 5,450.
Bouncing back from yesterday decline of over 0.70%, the market today opened higher this morning despite not-so-supportive global cues. The US markets settled lower on cautiousness ahead of the earnings season and worries about the global economy while markets in Asia were weak in morning trade on subdued trade data from China. Back home, the Nifty opened 12 points up at 5,287 and the Sensex started off at 17,432, a gain of 40 points over Monday's close.
A minor bout of profit booking in initial trade saw the indices falling to the day's low. At the lows, the Nifty was marginally down to 5,285 and the Sensex fell to 17,425. The market moved sideways till around 10.45am, after which buying interest in select blue-chips lifted sentiments.
Reports of Eurozone finance ministers agreeing to offer $37 billion to Spain to help its funds-starved banks saw the key European indices trade higher. The development was also cheered by the domestic market, which continued its north-bound journey in the post-noon session.
The market went on to hit its intraday high at around 2.30pm wherein the Nifty rose to 5,349 and the Sensex 17,631.
The benchmarks closed marginally off the day's high on optimism from the European finance minister's deal for Spanish banks. The Nifty settled 70 points (1.33%) higher at 5,345 and the Sensex climbed 226 points (1.30%) to finish trade at 17,618.
Markets in Asia closed mixed as weak trade data from China signalled a slowing demand in the Asian nation. China's imports rose 6.3% in June from a year ago while exports surged 11.3% on the year, faster than analysts' expectations.
The Shanghai Composite declined 0.29%; the Hang Seng fell 0.11%; the Nikkei 225 dropped 0.44%; the KOSPI Composite was down 0.36% and the Taiwan Weighted dropped 0.80%. On the other hand, the Jakarta Composite advanced 0.62%; the KLSE Composite gained 0.25% and the Straits Times surged 1.21%.
At the time of writing, the key European indices-CAC of France was up 1.30%, the German DAX gained 1.26% and Britain's FTSE 100 was trading 0.84% higher. On a similar note, the US stock futures were in the positive, a sign of positive opening of the US markets.
Back home, foreign institutional investors were net buyers of shares totalling Rs252.98 crore on Monday whereas domestic institutional investors were net sellers of equities amounting to Rs287.65 crore.
Siddarth Behura, the former secretary of telecom, told the JPC that he had found advancing the cut-off date to grant licenses as unusual and raised it with the then Telecom Minister A Raja
New Delhi: Former Telecom Secretary Siddarth Behura, a key accused in the 2G scam, on Tuesday told the Joint Parliamentary Committee (JPC) that he had found advancing the cut-off date to grant licenses as unusual and had raised the issue with the then Telecom Minister A Raja, reports PTI.
Behura, who appeared before the JPC examining the 2G issue, told the panel that he had found the decision to change the cut-off date from 30 October 2007 to 25 September 2007 taken before he joined the department, as unusual and had taken it up with Raja.
He is also learnt to have told the Committee that major decisions like revision in cut-off date, acceptance of the TRAI recommendations by the Telecom Commission and re-interpretation of the first come first serve policy took place before he took up the postin 2008.
Behura, who is out on bail, said that during his meetings with the Principal Secretary to the Prime Minister and the Cabinet Secretary he got the impression that the 2G license issue had been settled.
He is also learnt to have said that no major policy decisions were taken during his tenure.
Behura was the Telecom Secretary between 1 January 2008, and 30 September 2009. He had appeared before the Public Accounts Committee examining the CAG report on 2G on 7 December 2010.
The JPC had decided to summon Behura and Raja on 21st March. It is yet to decide on Raja's appearance to give oral evidence.
Behura was arrested on 2nd February last year by CBI along with Raja and his personal secretary RK Chandolia on charges of cheating, forgery, criminal conspiracy and criminal misconduct.
Behura was lodged in Tihar jail and a local court before being granted bail by the Supreme Court in May.
CBI alleged that Balkrishna, the aide of yoga guru Baba Ramdev, submitted fake educational certificates and other documents to obtain a passport
Dehradun: The Central Bureau of Investigation (CBI) has filed a charge sheet in a local court here against yoga guru Baba Ramdev's aide Balkrishna for allegedly using fake documents to get a passport, reports PTI.
The agency has alleged that Balkrishna submitted fake educational certificates and other documents to obtain a passport and accused him of violating provisions of the Passport Act by doing this.
The agency had also made a judicial request to Nepal government asking it to ascertain Balkrishna's nationality details but no response has come so far, CBI sources said.
Not getting any information, the CBI has filed its charge sheet before the special court based on its probe in the case.
The CBI had registered a case of cheating and criminal conspiracy against him on 23rd July for allegedly procuring fake degree and violation of section 12 of Indian Passport Act for furnishing fake documents to get a passport.
The decision to register the case against Balkrishna was taken after Sampurna Nand Sanskrit University denied ever having him on its rolls.
Registrar of the university Rajnish Shukla had told the CBI that Balkrishna's two degrees 'Purv Madhyma', a high school degree issued in 1991, and 'Shastri', a Sanskrit degree in 1996, don't figure in the varsity's records.
He said the CBI had matched records which showed that the enrolment numbers mentioned in the fudged documents belong to a different student.