Bullish signals have got cancelled just after one day of big rally. NSE Nifty has to close above 6,085 for the bulls to regain initiative. If not, the index is headed much lower
On Monday, the stock markets went up on Iran-US nuclear deal and fall in oil prices. However, despite Nasdaq hitting 4,000 for the first time since 2000 and other US indices hitting another record high, gains were not sustained. After a lukewarm end to the US markets yesterday, Indian stock markets opened weak and never crossed Monday’s high.
The market opened lower and continued the downwards trajectory till the end. The BSE Sensex opened at 20,604 (incidentally also the intra-day high) steadily declined from this point. Sensex hit the intra-day low of 20,390 before closing at 20,425 (down 180.06 points or 0.87%). Similarly, Nifty opened at 6,099, hit a high of 6,112, then declined to an intra-day low of 6,047, before finishing at 6,059 (down 56.25 points, or 0.92%). Interestingly, the indices declined on slightly higher volumes with 60.82 lakh shares being traded.
All indices finished in the red, except for CNX Auto and CNX MNC which were up 0.49% and 0.20% respectively. PSU Bank and CNX Media were the hardest hit, down 2.10% and 2.21% respectively.
Of the 50 stocks on the Nifty, 13 advanced and 37 declined. The top gainers were Lupin (1.93%); BHEL (1.87%); Sesa Sterlite (1.40%); Hindustan Unilever (1.20%) and Hero MotoCorp (1.17%). The top losers were BPCL (-6.74%); Bank of Baroda (-3.88%); NMDC (-3.47%); ICICI Bank (-2.72); Cairn (-2.51).
Of the 1,439 shares on the NSE, 505 closed in the positive, 846 closed in the negative while 88 remained unchanged.
According to finance ministry sources, expenditure cuts are needed as tax collections expected to dip going forward. This is not very good news. Also, finance ministry sources cite as much as Rs5,000 crore cut is proposed in HRD budget, while the finance ministry proposes a 15%-18% cut in planned expenditure. On the positive side, Reuters reports that “the rupee continues to trade higher on the day at 62.37/38 versus its close of 62.50/51 on Monday, aided by some dollar inflows with a few corporates, but demand from oil firms limits further gains”. According to government sources, October natural gas output stood at 2.96 bn cu mtr, down 13.6% YoY; October oil refinery output 18.67 million tonne, down 3.2% YoY; October crude oil output was seen at 3.18 million tonne, down 0.8% YoY.
Both oil and gold climbed while equities tanked. Nymex crude oil crept up 0.52% to $94.58 a barrel at time of writing this piece. Gold was seen at $1,252/ounce, $20 higher than yesterday.
All Asian markets closed in the red, with Nikkei and Hang Seng dipping 0.67% and 0.01%.
US housing data released yesterday with US October pending home sales falling 0.6% from the previous month. Nasdaq touched a milestone yesterday, breaching 4,000 for the first time since 2000. Both European and American markets (except S&P 500) finished up yesterday.
However, today, markets are jittery ahead of key economic data releases including Case-Shiller Index, FHFA home price index and consumer confidence index. American stock futures were seen trending flat at time of writing this piece. All European markets were seen trending down, with FTSE down nearly 0.40%.
According to Time magazine, Modi, the controversial Hindu nationalist and chief minister of Gujarat is the most likely candidate to unseat India’s ruling Congress party in the world’s largest democracy
Narendra Modi, the chief minister of Gujarat as well as Prime Ministerial candidate of Bharatiya Janata Party (BJP) is among the Time magazine’s shortlisted candidates for its ‘Person of the Year’ title. Modi has emerged as an early favourite among the readers in an online poll.
Time has shortlisted 42 global leaders, entrepreneurs and celebrities for its ‘Person of the Year 2013’ and will announce the winner next month.
Other candidates in fray are Japan’s Prime Minister Shinzo Abe, US President Barack Obama, Pakistani teenage education activist Malala Yousafzai, Amazon chief executive (CEO) Jeff Bezos, NSA whistleblower Edward Snowden and even the new heir to the British throne Prince George.
On Modi, Time said “the controversial Hindu nationalist and chief minister of the Indian state of Gujarat is the most likely candidate to unseat India’s ruling Congress party in the world’s largest democracy.”
Modi is the only Indian in the shortlist.
While Time’s editors will choose the winner, it has asked readers to cast their votes for the person they think “most influenced the news this year for better or worse”.
So far Modi has got over 2,650 votes and with about 25%, is leading the online readers’ poll. Modi is way ahead with Snowden, who garnered the second highest number of votes at about 7% as on 20th November.
Obama, who has twice been named ‘Person of the Year’, is in the shortlist with the US magazine saying the President’s “second term started with a slew of self-inflicted wounds and unfulfilled promise(s), from an IRS scandal and stalled immigration reform to the bungled Obamacare launch”.
Syrian President Bashar Assad is also among the contenders.
Among the other candidates are New Jersey governor Chris Christie, Twitter CEO Dick Costolo, JP Morgan Chase CEO Jamie Dimon, Pope Francis, Oscar winner Angelina Jolie.
International Monetary Fund head Christine Lagarde, Yahoo CEO Marissa Mayer, Germany’s re-elected Chancellor Angela Merkel, Russian President Vladimir Putin are other contenders.
Israel Prime Minister Benjamin Netanyahu, Iranian President Hassan Rouhani, Chinese President Xi Jinping are also among those shortlisted.
Chechen brothers Dzhokhar and Tamerlan Tsarnaev, the suspects in the Boston Marathon terror bombings, are in the shortlist too.
The Talwar couple was also sentenced for five years for destruction of evidence and Rajesh for another one year for filing wrong FIR with police
A Central Bureau of Investigation (CBI) court, on Tuesday, sentenced dentist couple Rajesh and Nupur Talwar to life term. The couple was convicted of killing their daughter Aarushi and domestic help Hemraj five-and-a-half years ago.
Additional Session Judge Shyam Lal, who rejected the CBI plea for maximum punishment after the premier probe agency submitted that the case fell in the "rarest of rare" category, spared 49-year-old Rajesh and Nupur (48) from death penalty.
Arguing before the court on quantum of punishment in the sensational double murder that had gripped the nation as one of the most puzzling crimes ever, CBI counsel RK Saini argued that the killing was a cold-blooded murder and fell in the "rarest of rare" category.
Defence counsel Tanvir Mir countered CBI's argument and said the evidence against his clients were weak and sought leniency for Talwars.
The arguments lasted just five minutes before the judge adjourned proceedings and pronounced he quantum of sentence at 4.30pm. The Talwar couple remained composed.
The Talwar couple were also sentenced for five years for destruction of evidence and Rajesh for another one year for filing wrong FIR with police. All the sentences pronounced by the judge, who relied heavily on the circumstantial evidence provided by the CBI, will run concurrently.
The dentist couple were on Monday convicted in the murder of their 14-year-old daughter Aarushi and 45-year-old Hemraj in a case that was awash with allegations of sleaze and sex, police-goof-ups, CBI flip-flops and media bias. The judge also made a reference to freaks in the history of mankind who kill their own progeny.
The couple was convicted under IPC sections 302(murder), 201(destruction of evidence) and 34(common intention to commit the crime). Rajesh was also convicted separately for "furnishing false information to the police regarding the murder of his daughter by Hemraj(Section 203).
According to the CBI, Rajesh Talwar killed Aarushi and Hemraj with the help from Nupur at their Noida home on the night of 15-16 May 2008, in a fit of rage after finding them in an objectionable position.