Nifty to move in the range of 5,300 and 5,400
A strong close in the US and strong opening in Asia saw a positive opening in Nifty and Sensex. The indices closed in the green for the third day. On a rising volume of 68.83 crore shares on the National Stock Exchange (NSE), the Nifty struggled to make an upmove today, which is in line with what we said yesterday. The Nifty may now see a staggered climb where it will move in the range of 5,300 and 5,400. For the third consecutive trading session today, the benchmark made a higher high and higher low.
Nifty opened at 5,353, up 35 points and the Sensex gained 98 points over its previous close to resume trade at 17,576. Metal, banking and IT sectors supported the initial gains.
The benchmarks were range-bound till around 1.30pm, after which a rise in buying activity lifted the market to its intraday high. At this point the Nifty rose to 5,379 and the Sensex went up to 17,664.
The market pared some gains in the post-noon session as the key European indices drifted lower after opening firm. The indices fell to the day's lows at around 2.30pm with the Nifty at 5,344 and the Sensex going down to 17,570.
The market closed off the lows with the Nifty gaining 41 points at 5,359 and the Sensex settling at 17,597, up 119 points.
The advance-decline ratio on the NSE was at 1208:517.
Among the broader indices, the BSE Mid-cap index gained 0.95% and the BSE Small-cap index surged 1.14%.
BSE Consumer Durables (up 2.14%) was the top sectoral performer. It was followed by BSE Capital Goods (up 1.65%); BSE Oil & Gas (up 1.56%); BSE Metal (up 1.38%) and BSE Bankex (up 1.22%). The losers were BSE Healthcare (down 0.45%); BSE Auto (down 0.19%) and BSE IT (down 0.06%).
The major Sensex gainers were Hindalco Industries (up 3.25%); Sterlite Industries (up 2.87%); State Bank of India (up 1.95%); Larsen & Toubro (up 1.93%) and ICICI Bank (up 1.87%). Hero MotoCorp (down 2.25%); Maruti Suzuki (down 2.12%); Sun Pharma, TCS (down 1.04% each) and Bharti Airtel (down 0.96%) settled at the bottom of the index.
Jaiprakash Associates (up 4.66%); Cairn India (up 3.96%); Hindalco Ind (up 3.42%), Sesa Goa (up 3.14%) and Sterlite Ind (up 3.02%) were the key performers on the Nifty. The top losers were Dr Reddy's (down 2.57%); Hero MotoCorp (down 2.49%); Maruti Suzuki (down 2.36%); TCS (down 1.555%) and Reliance Power (down 1.43%).
Markets in Asia closed mostly higher on hopes that the global economy is showing some confidence. However, the Japanese market edged lower as the appreciation in the value of the yen hurt exporters' sentiments.
The Hang Seng surged 1.31%; the Jakarta Composite climbed 1.19%; the KLSE Composite rose 0.18% and the Seoul Composite gained 0.99%. On the other hand, the Nikkei 225 declined 0.59%; the Straits Times shed 0.04% and the Taiwan Weighted dropped 1.30%. The Chinese market will re-open for trade on Thursday. At the time of writing, the key European indices were trading with minor losses and the US stock futures were in the negative.
Back home, foreign institutional investors were net buyers of shares totalling Rs245.94 crore on Monday while domestic institutional investors were net sellers of shares amounting to Rs72.81 crore.
Pharma major Pfizer today said the company's shareholders have approved the sale of its animal health division to its subsidiary, Pfizer Animal Pharma (PAPPL), for Rs440 crore. Consequent to the closing of the transaction the animal health business comprising marketing and trading in drugs, formulations and vaccines, together with their rights, title and interest in the movable intangible and current assets stand transferred to PAPPL. Pfizer settled at Rs1,230, up 2.48% on the NSE.
Steel Strips Wheels, a manufacturer of automotive wheels, today said its net sales have increased 20.78% in March to Rs 91.80 crore. In terms of number of wheel rims, the company sold 9.16 lakh rims in last month. Besides, the company also achieved highest ever sale of truck wheel rims last month, though it did not give the figure. The stock gained 1.99% to close at Rs220 on the NSE.
The Gujarat-based Elecon Engineering Company, a leading materials handling equipment and transmission products manufacturer, has completed expansion of its gear division. The stock fell 0.25% to settle at Rs60.75 on the NSE.
In the latest e-mail, scamsters have used RBI governor Dr D Subbarao’s name to offer fifty-fifty share in a Rs5.8 crore deal
Are you among the many who have the privilege of receiving an email from D Subbarao, governor of the Reserve Bank of India (RBI)? And if you have, have you been stumped at him offering you a life-changing deal and Rs5.8 crore to booty, so long as you keep the deal a secret?
Well, if you have, we hope you find it sufficiently outrageous to ignore it. Yes, the RBI governor is the latest victim of the notorious "Nigerian scam" (which is no longer about widows of Nigerian dictators seeking help in taking their ill-gotten wealth out of the country in return for a share in profit) and it indicates that the scamsters are getting cheekier, or managing to find a lot of gullible people in India.
The mail, purportedly by Dr Subbarao reads: "I wish to contact you for an urgent business which I know you will keep the secret for the best of us". As is typical of these scam emails, it says that the money belonging to a dead person (Ben Morris, who died six years ago while returning to his home country-Canada) "is about to be confiscated by the present Indian government" since there is no claimant.
What the scamsters want is your bank details so that the so-called "governor" credits your account with the booty, to be split 50:50, after costs. If you are tempted and respond to the email, you will find a series of costs that will keep mounting so long as you are gullible enough to keep paying.
More dangerously, look at the information that the imposter seeks from the victim: Full name; address with city and state; phone/fax/mobile; company name with designation and address; bank name with address, your bank account number with swift code/routing number; profession, age and marital status and finally, copy of your international passport/driver's license.
If nothing else, these details are always useful to fraudsters involved in identity theft.
The central bank has often always been a victim of such e-mails using its name to offer unclaimed lottery funds, but this is probably the first time that an email has gone out in the name of the governor himself. (Read, "RBI offering unclaimed funds through lottery? Beware, scamsters are on the prowl again".) In the earlier such e-mails, the fraudsters have impeccably cloned RBI's website and had asked for bank details. But this time they have directly targeted its governor, by creating an e-mail id in his name-[email protected] and [email protected].
According to the e-mail, Dr Subbarao is negotiating a deal to get 5.8 crore, rupee or dollar or any other unknown currency, and you could also get equal share in the bargain. For this all he requires is your personal and bank details to transfer the money, which will be equally divided between both the parties. To make it realistic, e-mail superficially mentions that, "since I am the governor in charge here I cannot use my name or my relatives account to transfer the money…"
The scam e-mail further says that, "Please note that you will stand as the full owner of the money during the transfer of the money because I will not be among the transfer team, so you are the one to speak with the head of the transfer team who may be on phone during the time of the transfer. Any money you spend during the transfer will be removed from the money while we share the rest 50-50."
The scamsters are always on the prowl for newer ways to trap the gullible. Soon after the Satyam scam, there was a similar mail in the name of Mrs Ramalinga Raju. Later, after the Galleon group founder Raj Rajaratnam was arrested in the US, a similar fraudulent email was circulating in the name of his wife, Asha Rajaratnam.
Identity theft and email scams are rampant around the world and apparently find plenty of easy targets, so watch out.
The Australian Competition and Consumer Commission chairman Rod Sims says the case raises important issues on the role of search engines as publishers of paid content
Melbourne: Dealing a severe blow to Google Inc, an Australian court on Tuesday found the search giant guilty of breaching trade law by displaying "misleading" sponsored links at the top of its search results, reports PTI.
The judgement by the Federal Court means that Google will now have to establish a "compliance programme" so that advertisers will not be able to post misleading or deceptive advertisements in the future.
The Australian Competition and Consumer Commission (ACCC) appealed last year after a judge ruled Google's conduct had not been in breach of the Trade Practices Act.
However, the court has now overturned that decision, concluding the search engine's conduct did breach the law, ABC News reported.
"The enquiry is made of Google and it is Google's response which is misleading," the court said.
"Although the key words are selected by the advertiser, perhaps with input by Google, what is critical to the process is the triggering of the link by Google using its algorithms," it said.
ACCC chairman Rod Sims says the case raises important issues on the role of search engines as publishers of paid content.
"This is an important outcome because it makes it clear that Google and other search engine providers which use similar technology to Google will be directly accountable for misleading or deceptive paid search results," Sims said.
Google said it was "disappointed" by the Federal Court's decision that it should be held responsible for the content of advertisements on its platform.
"We believe that advertisers should be responsible for the ads they create on the AdWords platform," it said in a statement.