Nifty and Sensex opened marginally up on positive cues like better GDP data, improved PMI figures in Europe and China and end to the sugar industry impasse
On Friday, we expected the stock markets to open the week higher. On Monday the markets opened slightly in the red but moved up immediately and stayed in the green throughout the trading session. The market reacted to overall positive cues such as ‘improved’ GDP data released on Friday, improved HSBC PMI Index (though we have written that this indicator is faulty and dangerous), higher expectations of sugar output as the impasse ended, stronger rupee and improved economic data from Europe and China. Even the news that Black Friday shopping was weaker than expected filtered into the market. In the aftermath of the Thanksgiving weekend, the Black Friday and ongoing Cyber Monday deals in America (do check out our exclusive Cover Story on online shopping for dos and don’ts), a survey found that many consumers had made plans to restrict spending this year. This means this Black Friday may be worse than last year.
The BSE Sensex opened at 20,771, hit an intra-day low of 20,770 and then immediately went up to the green, where it stayed throughout the rest of the session. It hit an intra-day high of 20,941 before closing at 20,898 (up 106.08 points or 0.51%). Similarly, Nifty opened slightly lower at 6171.15 (which is also its intra-day low), the rallied to hit an intra-day high of 6,228 before closing at 6,217 (up 41 points, or 0.68%).
The indices moved up on volumes of 53.94 lakh shares.
All stock markets indices finished in the green except for CNX Energy and CNX PSE, which were slightly down by 0.22% and 0.23% respectively. CNX Pharmaceuticals finished up strongly, up 2.04%.
Of the 50 stocks on the Nifty, 35 advanced and 15 declined. The top gainers were Ranbaxy (6.20%); Jindal Steel (4.88%); Sun Pharmaceuticals (4.24%); HCL Technologies (4.01%) and Wipro (2.71%). The top losers were Hindustan Unilever (-1.92%); Power Grid (-1.52%); Gail (-1.37%); ONGC (-1.30%); Maruti (-0.96%).
Of the 1,468 shares on the NSE, 872 closed in the positive, 501 closed in the negative while 95 remained unchanged.
According to RBI, state oil firms now are sourcing all dollars from market, and can do so beyond their normal daily needs. The Indian rupee is near its two-week high as economic worries ease, with the rupee touching Rs61.9650 per dollar, its highest since November 19.
According to reports, the sugar impasse has ended, with private mills agreeing to pay $280 per quintal for cane. It is estimated that 25 million tonnes of sugar will be produced this year, compared with its annual sugar consumption of around 23 million tonnes.
According to Reuters, the HSBC survey showed Indian manufacturing returned to growth last month as a strong rise in orders pushed factories to step up production. However, we caution readers that this has been proved to be a faulty indicator in which market takes for granted. The CPI for industrial workers rose 11.06% in October.
Asian stock markets were trading mostly flat. China PMI data was found to be weaker than expected. According to Reuters, The final PMI reading came in at 50.8 in November, down from 50.9 in October. Shanghai’s composite index was down 0.61%. Tokyo’s Nikkei was flat while Hong Kong’s Hang Seng was up 0.66%.
The Euro region some key numbers released during noon today, but stock markets were unimpressed. Italy November manufacturing PMI was seen at 51.4 compared to 50.7 in October 2012. Similarly, France November manufacturing PMI was seen at 48.4 this year vs 49.1 in October, and Germany November manufacturing PMI were seen at 52.7 vs 51.7 in October. At time of writing this piece, all European stock markets were trending down, except Germany’s DAX which was seen trending flat.
In the aftermath of the Black Friday (which saw some fights and casualties) and ongoing Cyber Monday deals in America, a survey found that many consumers had made plans to restrict spending this year. This means this Black Friday may be worse than last year. According to National Retail Federation, shoppers spent $407.02, on average, from Thursday through Sunday (planned), down from $423.55 last year. Total spending is estimated to reach $57.4 billion. US stock markets futures were seen rising during early trade, except S&P was flat, with a slight down trend.
The victim’s father has moved Supreme Court seeking directions to put one of the accused, who was then a minor, on trial by a criminal court by quashing a law that bans such prosecution of juveniles
The Supreme Court on Monday issued notice to the union government on a plea filed by father of the 16th December gangrape victim. The plea says that juvenility of an accused needs to be ascertained by a criminal court and not by the Juvenile Justice Board (JJB).
A Bench headed by Justice BS Chauhan also asked the Ministry of Women and Child Development to file its response within four weeks on the issue of ascertaining the ‘minority of an offender’ in heinous cases.
It also sought the records including the statement of the victim that implicated the juvenile offender in the sensational case.
The victim’s father has moved the apex court seeking directions to put one of the accused who was then a minor on trial by a criminal court by quashing a law that bans such prosecution of juveniles.
The juvenile, who was six months short of 18 years at the time of incident, was convicted for gangrape and murder of the 23-year-old girl but he got away with a maximum of three years imprisonment mandated under the juvenile law by the JJB.
The father of the victim, who had said the 31 August 2013 verdict of the Board was not acceptable to the family, has filed the petition in the apex court, saying since they are challenging the constitutional validity of the Juvenile Justice (Care and Protection of Children) Act 2000, there is no other authority concerned to which they can approach for such relief.
The victim’s father has sought a direction to declare “as unconstitutional and void the Juvenile Justice (Care and Protection of Children) Act to the extent it puts a blanket ban on the power of the criminal courts to try a juvenile offender for offences committed under the IPC“.
The petition filed through advocate Aman Hingorani said the juvenile “is liable to be tried and punished by the criminal courts for the aforesaid offences, complete with the judicial discretion on established principles of law regarding the award of sentence keeping in view, amongst other factors, the nature and gravity of the offence”.
Read Get the best of online shopping for the holiday season, our cover story to understand about marketplace sites, how return & replacement works along with its fine prints and especially to be aware of online fraud. Don’t miss the dos and don’ts to ensure happy online shopping experience.
Moneylife survey had 1,074 savvy respondents willing to share post-Diwali shopping experiences. Of all respondents surveyed, 95% of them gave a 50%+ positive rating to their online shopping experience (chart-5). This confidence probably stems from the fact that e-shoppers are a fairly savvy lot; as many as 72% of them check the credibility of e-commerce sites before shopping, so it is safe to assume that the largest number of complaints come from the 20% who don’t check or the 7.5% who aren’t even sure whether they have checked for credibility (chart-4). Out of 1,074 respondents, 90% of survey respondents will make online purchases in future (chart-6).
The highest responses to Moneylife were from Mumbai (35%) followed by Bengaluru (12%), Delhi (10%) and Pune (7%) as the next three cities that generated significant responses. Books topped the list of online purchases. Our survey showed that electronic items (mainly mobiles) and clothes were next on the list, followed by shoes. Ironically, clothes and electronic items topped the list of products that respondents say they will not buy online. According to our respondents, other products not purchased online are jewellery, food items and furniture.
People are not in favour of online shopping for items that need touch and feel as well as perishable items. Of the 92 respondents who said they do not shop online, 33% said they do not use online shopping because they don’t trust it and 46% need to ‘touch and feel’ a product they buy (chart-2). The two biggest factors for online shopping are: ease and convenience of shopping and price comparison (87%) and discount (62%) (chart-3).
So, which are the most popular online sites? Moneylife’s survey showed that Flipkart is far ahead of the competition for best deals and smooth transactions. Amazon comes next. eBay, Snapdeal and Myntra were others that topped the popularity list. Our respondents vote Flipkart as having the best return & exchange policy followed by eBay, Snapdeal, Amazon and Myntra.
eBay and Snapdeal figure among the top five for positive experiences as well as negative feedback. These two sites are also high on best deals as well as best return & exchange policy. Indiatimes and Rediff rate high on negative experience of consumers.
As many as 39% of respondents to Moneylife’s survey said they had encountered some problems with their online purchases. Of these, 31% said the product was not delivered after payment; this makes COD a better option. Around 46% of these said that the product sent to them was different from what was shown on the site and 33% had received a damaged piece. 39% had a harrowing experience for return & exchange (chart-7).