Sensex, Nifty in no man’s land: Thursday Closing Report

The outlook for medium term is still downward unless the Nifty decisively takes out 5,730

The market settled higher amid a high degree of volatility on the October F&O contracts expiry day. Today the Nifty moved almost in the same range as that on Tuesday. We had mentioned in our previous closing report that the benchmark is waiting for a breakout. We see the medium-term trend down unless the Nifty decisively takes out 5,730. The National Stock Exchange (NSE) saw a volume of 79.20 crore shares and an advance decline ratio of 717:1005.
The Indian market, which resumed trade after a day’s break, witnessed a flat opening on mixed cues from the global markets. US indices closed lower on a weak set of corporate earnings and a statement from the Federal Reserve saying that it would continue its mortgage-backed debt buying programme till the jobs markets revives. On the other hand, markets in Asia were trading in the green, amid cautiousness, following assertions from the ministry of industry and IT that the nation’s factory output would improve in the last three months of 2012.
The Nifty opened two points lower at 5,689 and the Sensex gained two points to resume trade at 18,712. The market, which was volatile since the opening bell, stayed on both sides of its previous close in early trade.
Profit booking saw the benchmarks touching their lows at around 10.30 am. At this point the Nifty fell to 5,686 and the Sensex went back to 18,699. But select buying soon lifted the indices into the positive.
Support from oil & gas, metal and auto stocks enabled the market move higher in late morning trade, amid range-bound trade. The gains resulted in the benchmarks hitting their highs in post-noon trade. At the highs, the Nifty climbed to 5,715 and the Sensex went up to 18,790.
However, a huge bout of profit taking, mainly in blue chips, saw the market momentarily dipping into the red. But a splendid recovery helped the market close with modest gains. The Nifty finished 14 points (0.24%) higher at 5,705 and the Sensex settled at 18,759, up 49 points (0.26%) over its previous close.
The broader markets settled mixed; the BSE Mid-cap index rose 0.15% while the BSE Small-cap index declined 0.17%.
The top sectoral gainers were BSE Auto (up 0.58%); BSE Capital Goods, BSE Bankex (up 0.35% each); BSE Oil & Gas (up 0.16%) and BSE Fast Moving Consumer Goods (up 0.09%).
Sixteen of the 30 stocks on the Sensex closed in the positive. The main gainers were Mahindra & Mahindra (up 3.59%); Hero MotoCorp (up 2.36%); HDFC (up 2.06%); Sterlite Industries (up 1.98%) and GAIL India (up 1.55%). The losers were led by Dr Reddy’s Laboratories (down 2.03%); State Bank of India (down 1.49%); Tata Motors (down 1.27%); Tata Steel (down 1.26%) and Hindustan Unilever (down 1.16%).
The top two A Group gainers on the BSE were—Oriental Bank of Commerce (up 7.05%) and Indiabulls Financial Services (up 4.73%).
The top two A Group losers on the BSE were—IRB Infrastructure Developers (down 15.69%) and Havells India (down 4.17%). 
The top two B Group gainers on the BSE were—Store One Retail India (up 19.91%) and Peninsula Land (up 15.48%).
The top two B Group losers on the BSE were—Centerac Technologies (down 19.98%) and Dynacons Technologies (down 18.37%).
Out of the 50 stocks listed on the Nifty, 28 stocks settled in the positive. The key gainers were M&M (up 4.03%); IDFC (up 2.51%); HDFC, Hero MotoCorp (up 2.07% each) and GAIL India (up 1.68%). The major losers were Dr Reddy’s (down2.47%); Ranbaxy (down 1.83%); Punjab National Bank, SBI (down 1.66% each) and Reliance Infrastructure (down 1.43%).
Markets across Asia closed mostly higher on signs that China’s factory output for October might show a smaller decline and rise in new home sales in the US in September.
The Hang Seng gained 0.21%; the Jakarta Composite rose 0.09%; the KLSE Composite gained 0.23%; the Nikkei 225 advanced 0.13%; the Straits Times climbed 0.42% and the Seoul Composite settled 0.55% higher. On the other hand, the Shanghai Composite declined 0.68% and the Taiwan Weighted tanked 0.72%.
At the time of writing, the key European markets were in the green on reports that the Spanish government will seek a bailout package of up to 60 billion euros to recapitalise its banking sector. At the same time, US stock futures were trading with gains. 
Back home, foreign institutional investors were net buyers of shares totalling Rs252.39 crore on Tuesday. On the other hand, domestic institutional investors were net sellers of equities amounting to Rs298.89 crore.
Betting big on power business, Adani Enterprises’ board has approved infusion of additional funds in its subsidiary Adani Power and increase promoters' stake to 75% from 68%. However, the former did not disclose the amount that would be pumped in for raising the stake. Adani Power rose 0.21% to settle at Rs48 on the NSE.
Pharma major Lupin’s subsidiary, Lupin Pharmaceuticals Inc, has received final approval from the United States Food and Drugs Administration (USFDA) to market its generic Levonorgestrel and Ethinyl Estradiol combined oral contraceptive tablets in the strength of 0.15 mg/0.03 mg. The tablets are generic version of Teva Branded Pharmaceuticals Seasonale tablets (Levonorgestrel and Ethinyl Estradiol Tablets, USP) in the same strength, Lupin said. Lupin gained 1.57% to close at Rs571.80 on the NSE.
JK Paper today said it has formed a joint venture with Japan’s Oji Holdings Corporation and Marubeni Corporation for manufacturing and sales of corrugated paper products with plans to invest Rs150 crore on a new plant in Rajasthan. In the new JV—Oji India Packaging Pvt Ltd (OIPPL)—Oji Holdings will hold 60% stake, while Marubeni and JK Paper each will have 20%. JK Paper settled tanked 3.03% to settle at Rs40 on the NSE.



Jaspal Bhatti dies in road accident; son, actress injured

The 57-year-old actor-director, who became popular with his satirical shows 'Ulta Pulta' and 'Flop Show' during the golden days of Doordarshan, was on a tour to promote his new film when the accident took place near Shahkot

Chandigarh: Popular satirist and filmmaker Jaspal Bhatti, the man behind hit comedy shows like 'Ulta Pulta' and 'Flop Show', died in a road accident in the wee hours on Thursday after his car rammed into a tree, reports PTI.


Bhatti's son Jasraj, who was driving the car and actress Surilie Gautam, the heroine of his upcoming film 'Power Cut' and film promoter Navneet Joshi were injured in the mishap, police said.


The 57-year-old actor-director, who became popular with his satirical shows during the golden days of Doordarshan, was on a tour to promote the film when the accident took place near Shahkot in Nakodar area of the district at 2:30am, Bhatti's associate Vinod Sharma told PTI.


They were rushed to a private hospital in Jalandhar where Bhatti, who suffered serious head injuries, was declared brought dead.


Bhatti is survived by wife Savita, a son and daughter Raabiya.


Sharma said that Bhatti was going to Jalandhar from Bhatinda for the promotion of his Punjabi film which is based on the frequent power cuts in Punjab.


Bhatti was scheduled to address a press conference in Jalandhar today to promote the film, which releases tomorrow.


Jasraj, Joshi and Gautam, who is the sister of 'Vicky Donar' star Yami Gautam, have been referred to a Ludhiana hospital now and according to doctors, their condition is stable.


Born on 3 March 1955 at Amritsar, Bhatti graduated from Punjab Engineering College, Chandigarh as an electrical engineer.


He became popular in his college days for his street plays. Before venturing into TV, Bhatti was a cartoonist for The Tribune newspaper in Chandigarh.


Hit shows 'Ulta Pulta' and 'Flop Show' on Doordarshan introduced Bhatti's brand of comedy to the pan-Indian audience. Remembered even today, the shows poked fun at the socio-political situations of the Indian society.


Bhatti's satire on the Punjab police 'Mahaul Theek Hai' in 1998 was his first directorial venture in Punjabi language.


He also acted in many films including Salman Khan stareer 'Janam Samjha Karo' and Aamir Khan starrer 'Fanaa'.


Reacting to Bhatti's death, Information and Broadcasting Minister Ambika Soni said that he will always be remembered for his portrayal of the problems of the common man.


"He truly pioneered the comedy content on TV especially through Doordarshan. His TV shows left a deep imprint on the minds of the common people. He always regaled the people with his subtle, quiet and honest humour. I pray to God that the family gathers the strength to overcome this untimely crisis," Soni said.


Punjab Chief Minister Parkash Singh Badal described Bhatti as a multi-facet personality and a true son of soil.


Actor Anupam Kher said, "Just Landed in Mumbai and came to know about my friend Jaspal Bhatti's tragic death. Why is God taking away all the nicest people. So SAD."


Actor Akshay Kumar recalled memories of Bhatti's hit TV series 'Flop Show'. "Saddened to know about the death of the great comedian, Jaspal Bhatti. I have fond memories of his super hit show, Flop Show, providing the much needed humour in our lives. May his soul rest in peace," said Kumar.


Actor Jimmy Sheirgill said, "Received another shockingly terrible news of the demise of Jaspal Bhatti saab today... I don't know what's hapenning.. so sad... RIP."



Joulan Goveas

2 weeks ago

Those were the days.. Bygone era..

Shadi Katyal

4 years ago

Our heart felt feelings go to the family and we pray that his soul get the peace.
We also pray for the quick recovery of the faimly

Kingfisher crisis ends? Employees agree to resume work but DGCA permission will take time

Resumption of Kingfisher's flight operations may take at least three to four weeks as the airline has to get its suspended flying license revoked by the DGCA which also has to satisfy itself on safety issues as well as the viability of their financial and operational plans

New Delhi: The 26-day deadlock in Kingfisher Airlines was resolved on Thursday with the management agreeing to pay four months’ salary dues by December end to the striking employees who decided to resume work with immediate effect, reports PTI.
Vijay Mallya, owner of the ailing airlines, who became invisible from social media after the crisis, today sent a message on Twitter that, "All Kingfisher Team members back at work and fully supportive. I sincerely thank all of them for their faith and continuing commitment."
However, resumption of Kingfisher's flight operations may take at least three to four weeks as the airline has to get its suspended flying license revoked by the Directorate General of Civil Aviation (DGCA) which also has to satisfy itself on safety issues as well as the viability of their financial and operational plans.
After holding separate meetings with striking pilots and engineers at the airport, Kingfisher Airline CEO Sanjay Aggarwal told reporters, "All our employees will resume work today, including the pilots and engineers. We will now on continue to work together." 
Engineers' representative Subhash Chandra Mishra said, "We are joining duty from today. We have accepted the management's proposal for a staggered payment of four months’ salary dues by December." A representative of the striking pilots also said they will resume work immediately.
Under the agreement arrived at, the management, which was earlier offering only three months salaries, climbed down to accept the workers' demand for payment of four out of seven months' dues by December end.
While the March salary would be paid within 24 hours, the April salary would be paid by 31st October, May dues before Diwali in mid-November and June salary by December end.
The salary dues from July to September would be paid by March next year after recapitalisation of the airline, the agitating staff said.
The management also withdrew its circular asking the staffers to give a written undertaking before resuming duty.
All Kingfisher flights have remained suspended since September 30 due to the strike, followed by a lockout from October one and then suspension of their Scheduled Operator's Permit (SOP) or the flying license by aviation regulator DGCA.
The license of Kingfisher was issued on 26 August 2003, and is valid till 31st December this year.
The beleaguered carrier, which early last year had a fleet of 66 aircraft, now has ten -- seven Airbus A-320s and three ATR turbo-props. The airline is saddled with a loss of Rs8,000 crore and a debt burden of another over Rs7,524 crore, a large part of which has not been serviced for several months.
The airline would have to get all necessary clearances from the DGCA by submitting the airline's financial and operational plans to the satisfaction of the regulator, which would then take a decision on revoking suspension of the SOP and allowing the airline to resume operations.
Kingfisher management top brass met the striking engineers and pilots separately in Delhi in a bid to try to break the deadlock in a bid to prevent any protests by striking staffers during the upcoming Formula One Grand Prix, in which airline promoter Vijay Mallya is involved.
Mallya, who co-owns the Sahara Force India team that is participating in the Indian Grand Prix, wanted to avoid any disruption by the agitating employees during the motor race.
Earlier, Civil Aviation Minister Ajit Singh said while salary was "a big issue and the employees should be paid, the bigger issue than that is the airline's fiscal assurance to the DGCA... They have lot of outstandings to the Airports Authority (of India), to companies, to lessors, so it is not just a question of salaries to the employees." 
He said their flying license, though suspended, is "still there but to allow them to fly again, the DGCA has to be satisfied on many more things." The airline has to present a viable operational plan to the DGCA.
Noting that the airline had not yet submitted any revival plan to the DGCA, Singh said, "It is not a question of me being hopeful or not, in my view, it’s a very difficult proposition but not impossible."


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