Sensex, Nifty may move sideways: Weekly Market Report

Both Sensex and Nifty failed to keep the upbeat momentum after reaching new highs on Monday. The weakness may persist next week as well

The BSE 30-share Sensex closed the week that ended on 4th April, at 22,359.50 (up 20 points or 0.09%), while the NSE’s 50-share Nifty closed at 6,694.35 (up 2 points or 0.02%) for the week. The weakness is likely to persist and both Sensex and Nifty may move sideways next week.


Although the market opened upbeat to hit its all time high at the beginning of the session on Monday soon the benchmark lost its momentum and closed marginally higher than last Friday’s closing. Nifty closed at 6,704 (up 8 points or 0.12%). India's fiscal deficit in the first eleven months of the FY 2013-14 touched Rs 5.99 trillion, or 114.3% of the full year target, government data showed on Monday.


On Tuesday, the upmove on the indices almost lost momentum and they closed marginally higher. Nifty closed at 6,721 (up 17 points or 0.25%). For the much awaited Reserve Bank of India (RBI) monetary policy review came out in line with the market anticipation. The repo rate and the cash reserve ratio were left unchanged. On the other hand, the Election Commission allowed RBI to take action on new banking license.


On Wednesday, Nifty moved further higher. Nifty closed at 6,753 (up 32 points or 0.47%). From the US, the positive data helped the indices edge higher. Institute for Supply Management's index rose to 53.7 in March from 53.2 in February.


On Thursday, the 10 days of upmove on the Nifty came to pause when Nifty closed at 6,736 (down 16 points or 0.24%). The Reserve Bank of India (RBI) has decided on Thursday to grant "in-principle" approval to two applicants viz., IDFC and Bandhan Financial Services Private, to set up banks under the Guidelines on Licensing of New Banks in the Private Sector issued on 22 February 2013 (Guidelines).


The US trade deficit unexpectedly widened in February to $42.3 billion, as exports hit a five-month low, suggesting that first-quarter growth could be much weaker than initially expected. Nifty closed at 6,694 (down 42 points or 0.62%) on Friday.


For the week, among the other indices on the NSE, the top two performers were Realty (7%) and Smallcap (6%) while the worst two performers were F M C G (2%) and C P S E (2%).


Among the Nifty stocks, the top five gainers for the week were Jindal Steel & Power (7%); Tata Steel (5%); Hindalco (5%); Cipla (4%) and Sesa Sterlite (4%) while the top five losers were Bhel (8%); Gail (5%); I T C (4%); Tata Power (4%) and B P C L (3%).


Of the 1,425 companies on the NSE, 1,069 companies closed in the green, 326 companies closed in the red while 30 companies closed flat.


Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:


Top ML sector


Worst ML sector








Oil & Gas


Real Estate


Telecom Services






Non-Ferrous Metals


Auto Components




SEBI slaps Rs25 lakh fine on MAN Industries, officials

SEBI levied a fine of Rs25 lakh on MAN Industries and its five officials for delay in disclosing price sensitive information

Market regulator Securities Exchange Board of India (SEBI) has imposed a penalty of Rs25 lakh on MAN Industries, its chairman and four other officials for not disclosing price sensitive information and violating insider trading norms. The entities had allegedly not made disclosures about its orders worth Rs1,340 crore in 2009 as per the regulator.

In its order, SEBI said, “MAN Industries, its chairman RC Mansukhani and other officials; JC Mansukhani, RC Jindal, JL Mansukhani, company secretary Sujal Sharma had failed to disseminate price sensitive information to the stock exchanges on time.”

The entities had allegedly not made disclosures about orders worth Rs1,340 crore from Middle East Countries in 2009. The information relating to orders from Green Refinement was filed with a delay of seven days and Niroo Gustar was filed with delay of 59 days with the exchanges, says order.

SEBI held that these entities had violated the provisions of Prohibition of Insider Trading (PIT) Regulations which mandates prompt disclosure of price sensitive information to the exchanges and dissemination of the same on a continuous and immediate basis and imposed a penalty of Rs25 lakh on company and its officials.

However, the company submitted that, RC Jindal and Sujal Sharma had left the company and JL Mansukhani had expired.

On, Friday MAN Industries shares closed 1.94% up at Rs63 on BSE, while S&P BSE Sensex ended the day flat at 22,360.


Mozilla chief Brendan Eich steps down over controversy

The backlash sprung from news of a cash donation the Mozilla chief had made in 2008 to support passage of a California law banning gay marriage, a move he has never publicly retracted

Brendan Eich, chief of Firefox browser maker Mozilla, is stepping down in the face of controversy stirred by his support of a California bill to ban gay marriage.


According to a blog post by executive chairwoman Mitchell Baker, he voluntarily surrendered his role as chief executive of Mozilla, a corporation owned by a non-profit foundation of the same name.


Eich's appointment had triggered outrage in the typically open-minded community devoted to improving and spreading free Firefox open-source Web browsing software.


The backlash sprung from news of a cash donation he made in 2008 to support passage of a California law banning gay marriage, a move he has never publicly retracted.


"We know why people are hurt and angry, and they are right: it's because we haven't stayed true to ourselves," Baker said.


"We didn't move fast enough to engage with people once the controversy started. We're sorry. We must do better."


Baker, indicating a replacement has not yet been determined, said Mozilla supports equality and freedom of speech.


Eich was appointed chief of Mozilla last month, saying in a blog post that he would do his best to take Mozilla to new heights.


"People around the world are our ultimate cause at Mozilla, as well as source of inspiration and ongoing help doing what we do," Eich said in the post.


His appointment sparked calls for his removal, and popular dating website OKCupid posted a message asking visitors to use browsers other than Firefox.


Firefox is a community-created browser challenging rivals backed by Apple, Google and Microsoft.


Last year, Firefox released an upstart smartphone operating system aimed at challenging the Apple and Google duopoly in the mobile gadget market.


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