Stocks
Sensex, Nifty may continue to rise: Tuesday Closing Report

A decisive break of the low of any previous day will signal a possible reversal

 

Hopes of a cut in key interest rates by the Reserve Bank of India (RBI) following dismal industrial output numbers for April pushed the market higher. The six days of positive move on the Nifty, which happened since 4 June 2012 has retraced nearly 62% of the fall that happened between 20 April 2012 and 4 June 2012. Yesterday we had mentioned that the market may try to rally after a minor dip. Today the Nifty fell to the level of 5,015 and went to hit a 27-day high of 5,129 (after 4 May 2012). If the benchmark manages to close above 5,140 we may still see the upward trend continuing, however, watch out for previous day’s low. The National Stock Exchange (NSE) saw a volume of 62.04 crore shares    

The market opened lower ahead of the release of industrial output numbers for April and on concerns that the release of financial aid to Spanish banks would not be the end of Europe’s debt problems. Markets in Asia were weak in morning trade as investors became increasingly worried about the unending problems in Europe. Back home, the Nifty opened 38 points lower at 5,016 and the Sensex resumed trade at 16,571, a cut of 97 points from its previous close.

The benchmarks fell to their intraday lows in initial trade itself with the Nifty at 5,015 and the Sensex going back to 16,553.

Meanwhile, the rupee lost 11 paise to Rs55.85 against the dollar in early trade following dollar gains against other currencies overseas amid a weak trend in the equity market. The Indian unit had closed at 55.74 against the greenback in the previous session as dollar demand from banks and corporates emerged at fag-end after S&P warned that it could lower India's sovereign rating.

Although the Index of Industrial Production (IIP) for April came in at a meagre 0.1%, buying interest on hopes that the Reserve Bank of India (RBI) would cut interest rates in its mid-quarter review next week pushed the indices in the positive in late morning trade.

The market extended its gains in subsequent trade on support from banking, auto, oil & gas, metals and capital goods sectors. A positive opening of the key European markets also boosted investor confidence.

Across-the-board buying by institutional investors in late trade helped the benchmarks continue their northward journey. The market hit its intraday high in the last half hour. At this point the Nifty rose to 5,129 and the Sensex scaled 16,897.

The market closed marginally off the highs. The Nifty gained 62 points at 5,116 and the Sensex finished the session at 16,863, up 195 points over its previous close.

The advance-decline ratio on the NSE was positive at 871:779.

While the broader markets also closed higher, they underperformed the Sensex. The BSE Mid-cap index gained 0.62% and the BSE Small-cap index rose 0.28%.

Barring the BSE Healthcare index (down 0.40%), all other sectoral gauged settled in the green. They were led by BSE Realty (up 2.01%); BSE Bankex (up 1.90%); BSE Capital Goods (up 1.84%); BSE Auto (up 1.76%) and BSE Consumer Durables (up 1.52%).

The top Sensex gainers were Maruti Suzuki (up 3.48%); Tata Motors (up 3.14%); Larsen & Toubro (up 2.53%); Sterlite Industries (up 2.51%) and Hindalco Industries (up 2.16%). The losers were Dr Reddy’s Laboratories (down 1.81%); Wipro (down 1.71%); Hindustan Unilever (down 0.57%); Sun Pharma (down 0.20%) and Tata Power (down 0.10%).

Ambuja Cement (up 5.81%); Punjab National Bank (up 4.06%); ACC (up 3.18%); Tata Motors (up 3.14%) and DLF (up 3.03%) were the top performers on the Nifty. The main lowers on the index were Wipro (down 1.84%); Dr Reddy’s Laboratories (down 1.74%); Ranbaxy Laboratories (down 1.13%); HUL (down 0.95%) and Jaiprakash Associates (up 0.51%).

Markets across Asia closed lower as investors expressed doubts that the bailout package to Spanish banks would not ease the problems plaguing the Eurozone nations. Investors will now turn their focus on fresh elections in Greece, slated to take place on 17th June and Italian problems.

The Shanghai Composite dipped 0.70%; the Hang Seng fell 0.43%; the Jakarta Composite slipped by 0.35%; the KLSE Composite lost 0.15%; the Nikkei 225 dropped 1.02%; the KOSPI Composite fell by 0.66% and the Taiwan Weighted settled 0.68% lower. Bucking the trend, the Straits Times gained 0.33%.

At the time of writing, the key European markets were trading with gains of nearly half a percent and US stock futures were trading higher.

Back home, foreign institutional investors were net buyers of shares totalling Rs130.38 crore on Monday while domestic institutional investors were net sellers of equities aggregating Rs214.66 crore.

Pharma major Venus Remedies today said it has received patent from the US Patent Office for new antibiotic product which targets drug resistant infections. The product, CSE 1034, has been found to be effective against a wide range of drug-resistant infections, including the ‘superbugs,’ the company said in a statement. The stock jumped 4.82% to close at Rs175.05 on the NSE.

Pennar Engineered Building Systems (PEBS), a subsidiary of Pennar Industries, has received two orders. The first is from Tata Steel Group Company in Hyderabad and second from Jayabheri Orange County. Pennar Industries closed at Rs28.40 on the NSE, up 4.60% over its previous close.

Nava Bharat Ventures has commenced work on its 2x150 MW (300 MW) power plant in Zambia. It is also taking up production of coal at the Maamba Collieries. The company plans to invest up to $750 million in the thermal power plant and coal mining activity. The stock gained 0.68% to close at Rs177 on the NSE.

User

High Court issue notices to Centre, Google and Facebook India

The PIL filed by BJP's former leader Govindacharya, seeks recovery of taxes on incomes of Google and Facebook from India and data safety of50 million Indian users

 

New Delhi: The Delhi High Court on Wednesday sought responses of the Centre, Facebook India and Google India on a plea by former BJP ideologue KN Govindacharya for recovery of taxes on their income from operations in India, reports PTI.

"Issue notice to the respondents. The Centre is to file its reply within four weeks," a bench of Justices Vipin Sanghi and Rajiv Shakdher said.

Govindacharya, presently a patron of 'Rashtriya Swabhimaan Aandolan', in a public interest litigation (PIL) petition, has also sought directions to the Centre and the two websites to "ensure proper accounting compliances as per RBI guidelines".

The petition also sought a direction to ensure safety of the data of 50 million Indian users, which were transferred "to the USA and being used for commercial gains in violation of the right to privacy." 

"Issue a writ of mandamus ...to ensure verification of all existing users and future new members of social networking websites with instructions not to do agreements with children below 13 years," said the plea, filed through lawyer Virag Gupta.

The plea also sought creation of a national register of persons, indulging in sexual offences and heinous crimes and stopping such persons from joining social networking websites.

The petition, which listed the alleged violations of various terms by the websites, also sought a direction to the Centre to ensure that government officers "do not use social networking websites through government computers" as they may pose threat to sensitive data and national computer network.

"As per telecommunication ministers statement in Parliament, the government lost $4 billion every year due to cyber-crimes and approximately 90 million government websites were hacked in last 3 years," it said. 

Govindacharya, in his PIL, said "Facebook gross revenue for previous year was approximately $37 billion but they are not paying due taxes on their Indian operations as per the provisions of Double Tax Avoidance Agreement (DTAA) and the government is not taking any action to safeguard the national interest and the sovereignty of the country." 

Anonymous hackers have again threatened to attack the government websites from 9th June "to protest blocking of websites illegally sharing video contents," the petition said.

It also sought directions to the Centre to impose penalty on social networking sites and other internet companies "for non-verification of users and to recover damages for causing huge loss to the government and the Indian economy due to anonymous users' illegal operations through such sites." 

Referring to a report of Mumbai ATS, the PIL said the accused of the 13th July blast in Mumbai last year were in touch with each other and the Indian Mujahideen operatives through Facebook since 2008.

"Facebook is one of prominent social networking website with more than50 million Indian users and as per their own records approximately 5% to 6% of their accounts are fake or being operated by anonymous users due to non-authentication of details by the company before opening of accounts as required by their terms of agreement," it said.

The Centre's KYC (know your customer) guidelines, applicable to the telecom companies are not being followed by the social sites which is "causing the biggest security risk to the nation", it said.

"As per reports, Facebook has further allowed account opening by children below 13 years of age who may be 1/3rd of their registered users just to exploit online gaming market and increase advertisement revenue," it said.

User

Relying on your ATM for emergency cash? Think again

You may be nastily surprised that your ATM has run out of money when you really need it

On 12 June 2012, we went to Oriental Bank of Commerce at HAL III Stage, Bengaluru, at 8.15am to withdraw money from the ATM. The transaction was declined. We were surprised as this was a Tuesday and not a Monday when ATMs sometime run out cash. We hopped across to the Canara Bank ATM across the road and here also we faced the same situation. The transaction was declined. A Canara Bank staffer informed us that the banks had outsourced the entire process of uploading the cash in the ATM machines to a sub-contractor. This contractor hadn't done his duty of replenishing the ATM machine. What is the use of such ATMs? It is ironical that these are the banks that claim to be doing great business. You will be surprised to note that there are no standard operating instructions on how to use the ATM cards.

The ATM rooms were filled with scrap in both the banks. A senior citizen who followed us to withdraw cash at the Canara Bank was ATM was shocked when he got a SMS saying his account was debited though the transaction was declined by ATM. We pacified him and asked him to take a Photostat copy of the transaction slip in case it was needed for future correspondence with the bank. When will these nationalized banks improve?

When we called up the Canara Bank branch later, we were informed that both the branch manager and assistant manager were on leave and that the contractor who was supposed to have loaded the cash in the machine had not turned up. If someone needed cash urgently on a Monday morning, what would he do? Whenever banks talk about core banking solutions (CBS), we have to take it with a pinch of salt. Most nationalized banks have CBS as part of their strategy of-"We are also into CBS" but they have very little knowledge in case there is a problem with the technology.

I have seen bank officials in other banks (Indian Bank, for instance) personally uploading the cash in the ATM machine. Then what is prompting banks such as Canara Bank and OBC to outsource these activities? A few days back there were reports that ATM machines in Bengaluru were broken into and cash stolen by thieves. Point to be noted here is that both the ATMs are located exactly opposite each other do not have a security guard too.

What is the use of technology if it can't come to our aid at time of need? The branch executive in Canara Bank coolly asked us to write an email to the CMD. OBC's official opening hours are 10am but the staff breeze in only by 10.30am. We are sure what the response is going to be in from OBC too -a simple apology and asking us to a send an email to the customer service cell. Banks need to ponder over the fact that despite having the best technology at their disposal, they still have to deal with the human inefficiencies in their system while customers must think twice about blindly relying on ATMs. They may get badly stuck when they really need the money.

User

COMMENTS

Mohandas

5 years ago

It is all bogus as observed by you Veereshji. My friend, a big officer in railways, used to freely arrange EQ whenever requested by his near and dear. I have also enjoyed his patronage when some unexpected journey was to be undertaken. Unless the term VIP is defined, this malpractice will continue

REPLY

param

In Reply to Mohandas 5 years ago

"freely arrange EQ whenever requested by his near and dear"
what about those who are not near & dear - is that still free or at a price???

Mohandas

In Reply to param 5 years ago

Param, my friend has since retired from railways. Or else I would have been in problem to give you an answer. However, I wrote this to point out that quite often the VIPs who enjoy EQ are ordinary people like me who are near and dear to some big officer of railways and hence the need to define VIP

param

In Reply to Mohandas 5 years ago

no offence meant to your friend. i'm sure most of the officials authorized to sign on HO quota earn enough not to make this into an income stream...
however, the fact is that it still stinks as one becomes VIP by association. EQ is meant for emergency, meaning people who have to travel at short notice left without a choice. but in reality a common man cannot approach an official to request EQ for this need (even if he had a telegram that his mom died). so end of the day, the HO quota is used by rly officials (perhaps 5%), their friends/family (another 10%), geunine EQ candidates who could find their way thru the red tape (perhaps 5%) and rest 80% gets auctioned to the travel agents who then 'claim' in the market that they can get a tkt confirmed at PREMIUM...

malq

In Reply to Mohandas 5 years ago

This news report on a Court Case on this subject may be of interest:-

http://www.newsreporter.in/advocate-move...

Triloki Bhatara

5 years ago

India is a country still mired in license-quota raj. We need to get rid of ALL subsidies and reservations. Free education should be provided to all upto 12th std and after that everyone should stand in the General queue - for education, for jobs, for everything else. The gora rulers left and left behind the Maharajas...... the common man has to wake up.. its high time.
Triloki Bhatara

param

5 years ago

perhaps the most hilarious one is the MLA/MP seat reservation in buses. i really wish i could see the day when an MLA or MP actually travels in the bus & utilizes that seat quota :)

REPLY

nagesh kini

In Reply to param 5 years ago

Didn't PM Atal Bihari Vajpayee take a bus ride to Lahore ?

param

In Reply to nagesh kini 5 years ago

perhaps yes, but did he take the regular DTC bus (using his reserved seat) from home to office as well?
symbolic gestures are well - symbolic. when inspector is visiting, all schools are tidied up. what happens on regular basis is what matters...

malq

In Reply to param 5 years ago

DTC operates a fleet of MP specials - used to be Matador type vans, now they use Maruti Eeko and upwards, all AirCon, I think they are almost free . . . fare used to be 10 paise, no idea what it is anymore.

VIP Premi

5 years ago

VIPs become VIPs because they are superior to others. If you were smart enough you would have also been living a high life, lording over the stupid, inferior people, instead of whining about the successful. It is just a case of sour grapes.

REPLY

malq

In Reply to VIP Premi 5 years ago

Dear VIP Premi, thank you for writing in.
Get well soon. See you with a red mug. On your cycle. Soon?

rgds/VM

VIP Premi

In Reply to malq 5 years ago

Dear malq, I am unlikely to get well very soon with all those VIPs getting far ahead of me in the game. I am so upset. Would have been happy flaunting my environment friendly Porsche sports and DeltaAscend cycles, but this country doesn't have proper paths for them. Drop the conceit that you can change anything in the matter. People here are are too stupid to deserve anything better than being kicked around and have their noses rubbed in the ground by every petty VIP. Hope you see the light and join the race for VIPship yourself, even if it's in a small way. Regards.

sunder mahesh

In Reply to VIP Premi 5 years ago

what a load of crap.... if you really have shit loads of money and the porche and blah that you claim,
let me ask whether you have earned it legitimately.
If you have - then I still have a question for you. What are YOU doing for the country other then writing garbage on websites. If you read Moneylife you surely have seen their struggles to expose the bad and to work for the good. Why dont you join their effort or at least support it by throwing cash, which you are flaunting? Moneylife Foundation can save you some tax too ... its a not-for-profit.

Otherwise, you are part of the rot, so how dare you expect better.
Veeresh....THANK YOU FOR YOUR CRUSADE.. keep it up friend. There are many like us who want to clean up the system and get rid of VIPpremi scum!

Nagesh Kini

5 years ago

Our so-called neta-babu and their ilk consider themselves to be self-styled VIP where they believe the I stands for Indispensible.
This practice needs to be thrown out lock, stock and barrel from all places - railways, airlines, traffic, even in permitting them to jump Qs .
The Raj era Order of Preference has also to be scrapped in its totality.

REST ASSURED ALL THIS WILL NEVER HAPPEN FOR THE SIMPLE REASON THE PARTIES WHO SIGN THE REVOCATION AS THE SAME ONES WHO ABUSE THE SYSTEM - WHY SHOULD THEY DENY THEMSELVES AND THOSE TO FOLLOW OF THE MANY HIDDEN BENEFITS KNOWINGLY?

REPLY

malq

In Reply to Nagesh Kini 5 years ago

We can only keep trying!!

best/VM

prasadk

5 years ago

Dear Shri Malik,

VIP/VVIP quotas need to be thrown out. In this instance, we should follow the example of the US and not of Britain, though i don't think Britain is anywhere close to India in this nonsense.

Going to the US is so refreshing because these VIP and VVIP pests just don't exist there! You could be sitting next to a Congressman or a Senator on a flight, and you wouldn't even know unless he/she mentions it. They stand in the same queues as everyone else, and pay the fare themselves. They pay tolls too! In the US, they will get laughed off their backside if they demand exemptions at toll junctions on account of being a VIP! (In fact, most people in the US don't recognize that term - VIP).

OK, the US President gets VIP treatment and probably some other very high ranking government position holders. But thats about it!

Contrast this with India. Every $hithead claims to be an VIP and gets freeloaded bus, train, toll exemptions. These people are pests. They need not be 1st in queue - in fact, they need to be LAST in queue, after the common man - arent' they here to serve us, after all?

This is exactly why Shah Rukh Khan gets riled at US airports. They don't give a rat's a$$ who he is! Contrast this with APJ Kalam - our ex-President - who does not mind being thru' security at US airports at all - but all his other colleagues get "hot under the collar"!!

REPLY

malq

In Reply to prasadk 5 years ago

Dear Prasad K, thank you for writing in, and we can only keep trying to do our best.

Please help spread this article, especially to the regional media.

Warm regards/Veeresh Malik

param

5 years ago

while you are right about the berths reserved for HO quota, the numbers are a bit off. besides GN quota, there are berths assigned for other quotas - lower berth (aged men/women), foreign tourist, handicapped, etc. for a traveler, the ordeal is that there is no clarity about allocation of these left over berths until chart preparation.
what we can do is perhaps insist that the HO quota option be made available for query in IR system - it used to be there & mysteriously disappeared a few months back (perhaps around the same time you started filing RTIs???).

REPLY

malq

In Reply to param 5 years ago

Each and every quota is manipulated the moment the w/l kicks in, and I really really researched this subject for months with some inside help also.

The biggest issue is that "charting" is not done till 2-3 hours before departure of the train - so for somebody on the w/l, even if they were getting accomodated in the normal course of events due to unutilised quota or upgrade or extra coach, the fear/panic of being left behind pushes them into the hands of touts.

Deep subject, the logics behind quotas, and how they are being subverted. If there wwas only some transparency and some random external audit, a great change would take place.

AND fixed time charting, say 12 hours prior departure.

Thanks for writing in.

Regards/VM

pravsemilo

In Reply to malq 5 years ago

It is true that there is Quota for every category and you can check that at http://indiarailinfo.com/.

For the said train the break down of quota is like this
General 13
Tatkal 8
Foreign 2
Parliment 2
Lower 2
However it is still not clear where the rest of the seats are alloted.

Mr. Veeresh is also right in saying that quota system is manipulated when waiting list kicks in. This is done if you have sources. I know a certain person having a waiting list number below me got his seat confirmed against the lower berth quota. Reason being he was attending the marriage of high court's judge.

However the common man can take advantage of the lower berth quota if there is a waiting list. For every person of age 50 and above, if they are travelling alone, they can get a berth against the lower berth quota irrespective of the waiting list.

So if a old person and young person are travelling together, then book 2 separate tickets and you will get one confirmed ticket and other ticket with waitinglist. However there should be availablity agains the lower berth qouta for this to happen. You can check the above website for lower berth quota of your train. Also you have to book two separate ticket even if both the persons are above 50.

Off late - the above website is offering restricted information which they attribute to railways attitude in not allowing to spread information in a free and fair manner.

malq

In Reply to pravsemilo 5 years ago

Thank you for writing in.

Indrailinfo, indiamike and irfca offer valuable insights into how the railway booking engine logic is corrupted. I myself have been following this subject since inception.

On the Goa SK Express, for example, some quotas are held for wayside stations, but let us say of the first 13, 5 were for Panvel and 4 for Vadodara and 4 for Madgaon, then the 9 berths falling vacant en route, they don't come back to general.

The big ticket issue here is:-

1) The whole VVIP/VIP thing.
2) Lack of transparency and audit.

I don't blame the railways alone either. Take a look at what the Privileges Committee of India's Parliament did to the Chairman of the Railway Board here:-

http://164.100.24.208/ls/CommitteeR/Priv...

rgds/VM

param

In Reply to pravsemilo 5 years ago

"For every person of age 50 and above" - this is misleading - it should be male of 60 & above and female of 45 & above

A Kumar

5 years ago

While there seem to be some restraints attached to Red lights on Cars, the fleet footed ones have gone to the next more. There is a surprising surge in number of cars and jeeps with blue lights on the roof. Many of these are privately owned. They follow the footsteps of their red-lighted cousins- jump traffic lights, force other cars ahead to give side, intimidate traffic staff and the likes.
Wonder which colour will it be next?

REPLY

malq

In Reply to A Kumar 5 years ago

Thank you for writing in.

We need to be alert about such things, and escalate them - which city/state were you referring to please?

Humbly submitted/VM

a KUMAR

In Reply to malq 5 years ago

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