Stocks
Sensex, Nifty may attempt to rally: Weekly Market Report

Nifty has to stay above last week’s low of 5,605 to head for 5,800-5,860

The market settled in the positive in the holiday-shortened week on a relief rally after a sharp decline of nearly 4% last week on account of the political logjam at the Centre. International events and the release of key economic indicators will guide the market next week.

 

The BSE Sensex gained 100 points (0.53%) to finish at 18,836 and the Nifty rose 31 points (0.55%) to close the week at 5,683. The Nifty has to stay above last week’s low of 5,605 to head for 5,800-5,860.

 

The market settled lower on Monday as continued political uncertainties at the Centre ignited fresh worries about fate of the fiscal reforms of the government. The benchmarks managed to settle marginally higher amid choppy trade on Tuesday on support from consumer durables and fast moving consumer goods sectors. Resuming after a day’s break on Thursday, the indices closed in the green on Thursday on buying in rate-sensitive stocks. The market remained close on Friday for Good Friday.

 

BSE Consumer Durables (up 4%) and BSE PSU (up 2%) were the top sectoral gainers while BSE Auto and BSE Capital Goods (down 1% each) were the main losers.

 

ONGC (up 5%), Coal India, HDFC (up 4% each), HDFC Bank (up 3%) and Hindalco Industries (up 2%) were the key gainers on the Sensex this week. The losers were led by Hero MotoCorp (down 7%), Reliance Industries (down 5%), Tata Steel (down 3%), Larsen & Toubro and Maruti Suzuki (down 2% each).

 

The major gainers on the Nifty were ONGC (up 5%), Coal India, HDFC, HCL Technologies (up 4% each) and HDFC Bank (up 3%). The key losers on the benchmarks were Hero MotoCorp (down 7%), Reliance Infrastructure and Reliance Industries (down 5% each), Tata Steel and Grasim Industries (down 3% each).

 

 In economic news, India’s fiscal deficit touched 97.4% of the budget estimates during April-February period of the current fiscal. In absolute terms, the fiscal deficit (the gap between expenditure and revenue receipts) stood at over Rs5.07 lakh crore at the end of February, according to the data released by the Controller General of Accounts.

 

The current account deficit (CAD) expanded to a record high of 6.7% in the third quarter of the current fiscal from 5.4% in the July-September quarter, mainly on account of a large trade deficit, Reserve Bank of India (RBI) data showed.

 

In monetary terms, the CAD— the difference between inflow and outflow of foreign capital—widened in the October-December quarter to $32 billion, up from $20 billion (4.4% of GDP) in the corresponding quarter of 2011-12, on account of a significant increase in oil and gold imports.

 

In international news, Cypriot President Nicos Anastasiades promised to keep his country in the euro as Cypriots adapted to restrictions on their use of the common currency to prevent a financial collapse.

 

Meanwhile, US consumer sentiment rose in March from the previous month, as Americans brushed aside concerns about government budget cuts and looked at the positive performance of the labour market.  The Thomson Reuters/University of Michigan's final reading on the overall index of consumer sentiment stood at 78.6 in March, up from 77.6 the month before.

User

Airlines to hike fuel surcharge on domestic tickets

No-frill carrier IndiGo is likely to decide on the issue shortly. So far the airline has desisted from revising fuel surcharge but it is expected to take a call on the issue in the next couple of days

State-owned Air India and private carrier Jet Airways have hiked fuel surcharge on domestic tickets by up to Rs150, making domestic air travel costlier again.

 

“Both Jet Airways and Air India have revised their fuel surcharge on domestic network by up to Rs150,” an industry source said.

 

The increase has been effected from the second fortnight of this month, sources said, adding that the fuel surcharge has been revised upwards by Rs150 for travel above 1,000 km and Rs100 for travel up to 1,000 km.

 

No-frill carrier IndiGo is likely to decide on the issue, airline sources said. So far the airline has desisted from revising fuel surcharge but it is expected to take a call on the issue in the next couple of days.

 

The other no-frill carriers—GoAir and SpiceJet—did not respond to messages asking whether they were also mulling to hike their fuel surcharge. The hike in surcharge came ahead of the peak summer season when air ticket prices soar in any case due to high demand.

 

Fuel surcharge, which came in to force since the global meltdown in 2008, help airlines offset part of their operations costs in which fuel bills contribute the most—almost 40%.

User

TN pollution board orders Sterlite Ind to shut down copper smelter unit

The leak triggered protests with hundreds of people, including MDMK leader Vaiko and CPI leader Nallakkanu, being arrested on 28th March when they led a march to the unit demanding its closure

The Tamil Nadu Pollution Control Board (TNPCB) has ordered the closure of Sterlite Industries’ copper smelter unit in Tuticorin following alleged noxious gas leak from it.

 

Company officials said they have started shutting down the operations of the unit complying with the TNPCB order, which came a week after an unspecified gas allegedly leaked in the area on 23rd March.

 

The gas leak caused mild suffocation, sore throat and eye irritation among people in the locality who suspected that it originated from Sterlite, dealing in sulphuric acid.

 

The leak triggered protests with hundreds of people, including MDMK leader Vaiko and CPI leader Nallakkanu, being arrested on 28th March when they led a march to the unit demanding its closure.

 

Based on an inspection report by the state pollution control board, Revenue Divisional Officer K Latha had served a notice on 24th March to the company seeking its reply.

 

Sterlite officials, however, claimed that their plant was safe and that they followed the highest safety norms.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)