Nifty awaits a breakout from the current range of 6,260-6,320
The market on Thursday witnessed a volatile session mainly trading in the green and ending with marginal gains. Today the BSE 30-share Sensex opened at 21,051 while the NSE Nifty opened at 6,270. During last few minutes of the trading session both indices hit their respective highs and lows thanks to derivatives expiry, but somehow managed to close in the green. The Sensex hit a high of 21,136 while the Nifty hit a high of 6,303. The indices hit a low of 21,013 and 6,259. Sensex closed 21,075 (up 42 points or 0.20%) while the Nifty closed 6,279 (up 11 points or 0.17%). The NSE recorded a volume of 85.88 crore shares.
Among other indices on the NSE, the top five gainers were Smallcap (1.08%); PSE (0.78%); MNC (0.64%); Bank Nifty (0.49%) and Metal (0.47%) while the only five losers were Pharma (0.52%); Auto (0.37%); Realty (0.29%); PSU Bank (0.13%) and Dividend Opportunities (0.07%).
Of the 50 stocks on the Nifty, 27 ended in the green. The top five gainers were Tata Power (4.64%); ONGC (2.38%); BPCL (1.94%); Wipro (1.82%) and HDFC Bank (1.78%). The bottom five losers were Bajaj Auto (2.23%); Hero MotoCorp (1.86%); Dr Reddy (1.75%); Lupin (1.54%) and PNB (1.54%).
Of the 1,229 companies on the NSE, 796 companies closed in the green, 383 companies closed in the red while 50 companies closed flat.
The oil ministry has decided to move a Cabinet note for a higher increase in diesel price - in line with the Rs5 raise recommended by the Kirit Parikh committee.
The Planning Commission's growth target of 8% for the 12th plan may be revised downwards in the New Year as part of its mid-term review exercise. The deputy chairman Montek Singh Ahluwalia attributing the lower-than-expected growth to global factors. Ahluwalia said 12th Plan's growth target could be lowered to around 7.5%.
US indices closed in the positive on Tuesday. US manufactured goods surged in November and a gauge of planned business spending on capital goods recorded its largest increase in nearly a year. The Commerce Department said durable goods orders jumped 3.5% last month. Another report on Tuesday showed new home sales slipped in November and sales in October were revised to show the highest pace of growth in more than five years. In addition, house prices rebounded, underscoring the economy's improving fundamentals. The Commerce Department said new home sales fell 2.1% to a seasonally adjusted annual rate of 464,000 units. However, October's sales were revised to a 474,000 unit pace, which was the highest level since July 2008.
Market now looks ahead for the US jobless claims to come out today. Except for Shanghai Composite (down 1.58%) and Seoul Composite (down 0.11%) all the other Asian indices which were trading today closed in the green. Nikkei 225 was the top gainer which rose 1.03%. Stock markets in Hong Kong and Indonesia were shut for holidays today, 26 December 2013.
China's economy this year is likely to expanded 7.6%, compared with the government's 7.5% target, a News Agency in China reportedly said, citing a report by the State Council.
The consumer confidence index in South Korea stayed at 107 in December, unchanged from November, the nation's central bank said in a statement today.
European indices are not trading on account of Christmas. US Futures are trading in the positive.
Narendra Modi got a reprieve in 2002 Gulbarg society case as the metropolitan magistrate rejected Zakia Jafri's plea against clean chit to the Gujarat CM in SIT's closure report
A magistrate court in Ahmedabad on Thursday while giving clean chit to Gujarat chief minister Narendra Modi and others in 2002 Gulbarg Society massacre case, rejected the petition filed by Zakia Jafri against the closure report of the Special Investigation Team (SIT).
Metropolitan Magistrate BJ Ganatra rejected the plea of 2002 riot victim Zakia Jafri challenging the closure report filed by the SIT claiming that there was no sufficient material evidence to prosecute Modi and 58 other named in her protest petition.
Zakia, is wife of former member of Parliament (MP) from Congress Ehsan Jafri. The Congress MP was among 69 people killed in the Gulbarg society massacre during the 2002 post-Godhra riots. Zakia had filed a petition objecting the SIT's closure report absolving Modi and 58 others of any conspiracy behind the communal riots that had claimed over 1,000 lives.
In an interactive session at Moneylife Foundation, advocate Bapoo Malcolm explained to a packed house the practical aspects of making a will
Through a Will, we offer specific instructions about what has to be done with movable and immovable properties after our death. As simple as it sounds, there are several misconceptions and many are left confused with the legalities, while preparing a Will. Having conducted many sessions on making a Will in the past, Moneylife Foundation conducted yet another seminar on ‘How to write your own Will’ at the request of the Foundation members. Like the other events, this event too, received an overwhelming response. Bapoo Malcolm, advocate, Bombay High Court, a man of many interests and the speaker for the event, covered issues related to wills, like registration, litigation possibilities, witnesses, executors, intestate problems and adoption. He also discussed types of wills, including privileged wills, joint wills and holographic wills.
Who can prepare a Will? Mr Malcolm, a well experienced lawyer in both civil and criminal matters, said, “A Will can be made by any person who is not a minor and who is of sound mind. You need two witnesses, preferably independent of each other. The Will must list all the immovable and movable properties you own, and who you wish to will them to after your death.” Remember, however, that you can only bequeath what belongs to you and what is self-earned; otherwise the distribution is governed by various Succession Acts.
Explaining the simplicity of creating a Will, Mr Malcolm described that, “A Will is a simple document to be written in simple language. Preferably, avoid legalese. You simply have to give specific instructions about what has to be done with the movable and immovable properties you own and the property you might acquire in future. It would be best if it reads like a balance sheet. Just specify the property and the person.” A Will should be legible and clear to understand.
There appear to be several misconceptions about the making of a Will. One was that a Will needs to be registered. Mr Malcolm cleared the doubt. He said, “The government does want to encourage people to make Wills, so they haven’t made it compulsory to register a Will. You can even make a Will on a serviette. So long as the basic requirements are fulfilled, the Will is legal. Registration is a grey area, mainly because if you then wish to make a second Will, you may not have the time to register it. If you realise the day you die that a relative is useless, you may not be able register this second Will. Then, does the unregistered Will have more value than the registered one? An unregistered Will could easily be lost; however, registration takes care of the safety issue. At least, if it is registered, you know that it is always in some government ward.”
A Will needs to be clear and concise, leaving no room for misinterpretation. “A Will would be interpreted according to the word of the law, which may not assign the same meaning as you intended.” For example, while mentioning names it is important to specify the relationship along with the date of birth of the person, as there could be common names. Also, if you wish to intentionally leave someone out of your Will, especially, if it is a close family member, it is better to mention the name in the Will. If not, the person may contest the Will by saying you have forgotten his/ her name, he explained.
Mr Malcolm spoke of the basic components of a Will as well as terms such as testator, executor, codicil, testamentary guardian and a detailed discussion on probate of a Will. He covered issues related to Wills, like registration, litigation possibilities, witnesses, executors, intestate problems. He also answered the queries of Moneylife Foundation members who raised their doubts.