Stocks
Sensex, Nifty may see more gains: Tuesday Closing Report

A close above 5,635 on the Nifty will be the first sign that the downturn may be over. A close above 5,700 may give a strong push to the upmove
 

The Indian market pared its gains in late trade on selling pressure from power, consumer durables and healthcare stocks. A close above 5,635 on the Nifty will be the first sign that the downturn may be over. A close above 5,700 may give a strong push to the upmove. The National Stock Exchange (NSE) reported a higher volume of 70.38 crore shares and advance-decline ratio of 554:814.

 

The domestic market opened marginally higher as cautiousness prevailed about growth concerns in China as the country’s central bank said it will refrain from injecting fresh funds into the system despite the prevailing credit squeeze. The development saw markets in Asia in the negative in morning trade. Overnight, US markets fell over 1% on worries of the Federal Reserve tapering its bond buying programme later this year.

 

The Nifty opened 17 points up at 5,607 and the Sensex resumed trade at 18,602, up 61 points over its previous close.  Intense volatility saw the benchmarks hover on both sides of their previous closing levels in morning trade. The market touched its low in the first hour trade. The Nifty fell to 5,570 and the Sensex slipped to 18,487 at their respective lows.

 

The market gained momentum in late morning trade on support from oil & gas, realty, banking, PSU and capital goods shares. Positive stock-specific news and a firm opening of the European markets also added the recovery.

 

Reports of the completion of the merger of Mahindra Satyam into Tech Mahindra, the Supreme Court rejecting a PIL against Ranbaxy and the ONGC arm OVL-OIL combine deciding to acquire Videocon’s stake in a Mozambique block saw these stocks gaining in trade today.

 

The gains expanded in the post-noon session enabling the market hit its intraday high. The Nifty rose to 5,666 and the Sensex climbed to 18,802 at their respective highs.

 

The market pared a major part of its gains in late trade on selling in power, IT and healthcare sectors but managed to end in the green. The Nifty settled 19 points (0.34%) higher at 5,609 and the Sensex gained 88 points (0.48%) to 18,629.

 

Markets across Asia recovered from early losses but most indices settled lower as the overnight interbank interest rates in China fell for a third day, the longest run of declines in a month on the Chinese central bank’s decision to refrain from taking steps to ease the liquidity crunch.

 

The Shanghai Composite fell 0.19%; the Jakarta Composite declined 0.24%; the KLSE Composite retreated 0.55%; the Nikkei 225 contracted 0.72%; the Seoul Composite dropped 1.02% and the Taiwan Weighted tanked 1.22%. Among the gainers, the Hang Seng rose 0.21% and the Straits Times gained 0.51%.

 

At the time of writing, the key European indices were up between 0.90% and 1.55% and the US stock futures were trading in the green.

 

Back home, foreign institutional investors were net sellers of stocks totalling Rs1,552.98 crore on Monday, while domestic institutional investors wee net buyers of equities amounting to Rs931.11 crore.

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COMMENTS

snehakamath

4 years ago

This is the time for investraders.
The markets have substantially corrected , little more can further correct. However this can be start point for investing.

Large cap shares which have been beaten but with good management and reasonably good results are available at really attractive prices.

If the market corrects a little more one can continue to hold these blue chips. If however in short term there is sudden spur in the market one can change colors as traders from Investors ( hence investraders) , As under current situation you will again get another opportunity to buy them.

Good Luck

Does SEBI understand difference between a complaint and suggestion?

Once again, the market regulator has mindlessly forwarded suggestions from EAS Sarma, a highly respected former bureaucrat, to the SEBI Complaint Redress System or SCORES without understanding the difference between an investor's complaint and suggestion

EAS Sarma, former secretary to the Government of India, usually gets a response when he writes to various ministries or regulators. However, market regulator Securities & Exchange Board of India (SEBI) continued to show its indifference by sending Mr Sarma's suggestions addressed to its chairman, to SCORES, its grievance redressal system.

 

“Recently, I addressed the ministry of corporate affairs (MCA) on the increasing menace of shell companies with a suggestion to tighten the procedure of registration of companies to pre-empt unethical persons indulging in money laundering, etc. Copies of the letter were marked to Department of Economic Affairs (DEA), SEBI and Reserve Bank of India (RBI). Instead of examining my suggestions, SEBI has treated my letter as a ‘complaint’ and routinely forwarded it to its “grievance redressal” wing," Mr Sarma wrote in a letter.

 

In a letter addressed to Arvind Mayaram, Secretary, DEA in the finance ministry (who deals with these regulatory institutions), Mr Sarma said, “Apparently, SEBI had no clear understanding about the difference between a ‘grievance’ from an individual and a ‘suggestion’ from the public! If at all there is any grievance, it is the grievance of the public about the indifferent manner in which SEBI has been dealing with suggestions from the public.”

 

He said, “I had also written in the past to MCA and SEBI about the menace of multi-level marketing companies and pyramid schemes and the need to take pre-emptive measures. while MCA had reacted positively, SEBI had washed its hands off the issue by saying that it had nothing to do with such companies. I am sure that had SEBI and the other regulators taken coordinated action, scams such as the one that let down the investors recently in West Bengal would have been pre-empted.”

 

Earlier also whenever Mr Sarma had sent letters to Upendra Kumar (UK) Sinha, chairman of SEBI, the responses were startling. On 21 June 2012, Mr Sarma wrote two letters to the SEBI chairman about non-disclosure by Reliance Industries of vital information on the true status of gas reserves at the Krishna-Godavari basin. The letter was not even read. It was automatically diverted to SEBI Complaints Redress System or SCORES, SEBI’s web-based system. Mr Sarma got an automated reply saying that the complaint has been registered and he can seek redress directly from the company. ()

 

This was the same case in December 2012 as well. On 19 December 2012, Mr Sarma wrote to the prime minister about the scourge of multi-level marketing companies (MLM) that have been taking “full advantage of the soft regulatory structure to swindle unwary and financially illiterate Indians on a mind boggling scale.” The letter was copied to Mr Sinha of SEBI, too. The reaction from the SEBI chairman was identical to the first one. An automated reply directed Mr Sarma to lodge a complaint on SCORES, with a long explanation of the process.

 

In his letter to the secretary of DEA, Mr Sarma said he could cite other examples of the way SEBI has been functioning of late. “Such responses from SEBI do not reinforce the credibility of the government. As a statutory body, SEBI is expected to conduct itself in a manner that enhances its public accountability, not erode it,” he said.

 

According to the former secretary, a regulator like SEBI should exemplify transparency in its functioning as it is such transparency that lies at the heart of good corporate governance of the companies it is supposed to regulate. He said, “While the prime minister and his Cabinet colleagues have made voluntarily public disclosure of their assets, neither the chairman of SEBI nor any of its members has condescended to do likewise! Apparently, SEBI is not at all in a mood to function transparently, for reasons best known to it.”

 

Mr Sarma has requested Mr Mayaram to get these specific instances investigated to ascertain the manner in which SEBI has been functioning. “Also, in the interest of good governance, the DEA should advise chairman of SEBI to disclose his assets and sources of income to set an example to the corporate sector that he oversees,” the former secretary concluded.

 

It must be noted that SEBI came into existence with a preamble to protect investors. Unfortunately, investors are vanishing from the markets and everyone in the government is now trying to bring them back through financial literacy seminars and programmes. But looking at the treatment meted out to a very senior bureaucrat by SEBI, few investors left in the stock markets must be feeling disenchanted.

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COMMENTS

sathyacumaran

4 years ago

JUSTICE DENIED SEEKING JUSTICE

I have opened my trading account with M/S INDIA INFOLINE LTD on 11-07-2005 having trading DEMAT ACCOUNT NO 10385789 and client code as dsathyak
Requesting for physical form all the proofs such as contract slips ledger balances and holding statements my letter dated 23-08-2005 Till date not honoured
Removing me from margin Funding my letter dated 23-08-2005 Till date not honoured
Letter for Non Receipt of DIS booklet dated 12/02/2006 Till date not honoured
Non Receipt of Physical Contract slip and Reliance shares 150 dated 01/03/2006 Till date not honoured
Temporarily requesting for suspension of trade 23/03/2006 Till date not honoured
Forgery of Investors signature
Revocation of POA 27/07/2006 Till date not honoured
Confession letter of Your Company RM S.A.prabhu
Whose signature tallies with the signature which he had autographed in the opening kit of IIFL if that is true and valid signature and this signature and all his signature is true and valid and its not the responsibility of the investor to verify whether the signature of the employee is valid or not its the morale responsibility of the company to honour the customer request

D.SATHYA CUMARAN








DEMAT ACCOUNT NO 10385789
I have been cheated by India Infoline stock broking firm at which has its head office at mumbai and i have been corresponding with company and the company had violated all the rules of stock exchanges and this matter had been brought to the notice of nse bse and sebi and till date these institution had not taken my case infact they have taken an case filed by IIFL vs sathya cumaran which was my thrid point of my enclosure when first two points had not been taken how can the sebi and nse bse could take up the case there had been denial of justice.
sathya cumaran

mm sundram

4 years ago

sebi's scores is the national waste since the sebi officials not taking any kind of care when, we the affected, investors are sending the complaints/grievances. The NSE and BSE clearly violated in basic things in case of Religare Securities Limited, a delhi based broking company which is also, along with NSE/BSE registered with the SEBI. But the entity not transferred the payouts and Purchased shares to my bank account and demat account as notified in the Know your Customer form cum Client Registration Form which is mandatory as per the sebi guidelines while opening the trading account with any Indian, sEBI registered Brokerage. aftetr several years the SEBI has not taken action on the NSE/BSE while theSEBI official are enjoying the public and Tax payer's monies as salaries. MoF also not looking the matter seriously and only option we have to pull them into Criminal proceedings and then only they will look into it. VERY VERY unfortunate in Democratic Country. certainly there will be corruption.

REPLY

sathyacumaran

In Reply to mm sundram 4 years ago

this quiet true as in my case i have written letters and sent to india infoline stock broking firm at mumbai through the branch which i was trading and we have got the proof even after submitting all the proof the sebi nor bse nse have taken up the case this is pending for eight long years and now we are planning to bring this episode in media and channel from foreign platform as we belong to international media but this affect the credibility of indian administration and black mark to indian govt hence softpeddaling we need justice we are sure that sebi and nse bse are highly corrupt department and once this brought to media limelight this would be biggest scam in india that to the department where Finance Minsiter and Prime Minister directly involved in this scam

sathya cumaran

arun adalja

4 years ago

sebi,nse and bse always favour stock brokers and company and do not bother about investors.they work as post office to pass your complaint with 45 days period for reply so for this you have to wait patiently.

REPLY

sathyacumaran

In Reply to arun adalja 4 years ago

that is because the easy promixty of the legal deapertment of stock broking house and all the non fringe benefits is catered by the stock broking house to the employees of sebi nse bse and they also give some case to igrc advaocates and as such they never bother about investors welfare and all the employees are bothered about their personal welfare that is state of affairs of indian stock market but once we bring out this episode in media and channel but this would affect the indian investors and many stock broking firms would close there branches there by those employees would loose their job at mid forties and their family would be in trouble just like how NBFC was killed by shri P.Chidambaram such situation should not happen that is reason why this soft peddaling of the issue


sathya cumaran

sathyacumaran

4 years ago

in my case with all the proof which i have sent to india infoline broking house i have been knocking the doors of sebi nse bse but they never bothered to take any action but my repeated mails to these institution on an hourly basis keep the case alive without any action but i am confident that my case would heard and justice would be arrived i need the like mind people to support my cause but i can take it to international platform of media and channel to which i belong but this would create another stock scam in which case we have expose the performance of sebi nse bse but this would be starting bell for other govt institutions and thus there by whole indian administration would be questioned which is not desirable at this juncture hence mailing and waiting patience for justice

sathya cumaran

RAVINDRANATH

4 years ago

Is it quite possible that, since both of them have worked in the Central Government, there is a kind of mutual dislike?

sathyacumaran

4 years ago

sebi and nse bse act as courier for stock broking house they donot apply the legtimate law which they have framed to tighten the belts of erring stock brokers but they put the law as an eye wash because most of the employees of the sebi nse bse after their retirement they get employed in the big erring stock broking house to soft peddal the pending case because by now thier juniors would have elevated to their post and as such sebi nse bse we cannot any justice its just and rubber stamp just like our Prime Minister who accepts all the misdoings of their cabinent collegues as he was aware but unable to take action is case of sebi nse bse including the chairman we need justice


sathya cumaran

Vaibhav Dhoka

4 years ago

Most SEBI's Chairman appointments are disputed more so recent 2-3.Mr Sarma rightly wrote that Mr Sinha should declare his assets pre and post SEBI appointment.The grievance settlement procedure is DEFUNCT at SEBI.The outcome is SEBI is DEAF regulator who don't hear investors.The main reason for for vanishing investor from market is SEBi.

Letter from the Editor
The Indian economy is dangerously poised with the rupee on the verge of breaching the Rs60/US$ mark. Economic growth is slow and balance of payments is under severe stress. A weak rupee slumping will have a cascading effect on inflation, interest rates, stocks and gold.  At the same time, capital inflows may dry up if the US Federal Reserve sticks to its plan of slowing down monetary stimulus later this year. Global sentiment for emerging market equities is dour, too, which would choke foreign inflows. What would be the implications of such an economic situation for stocks, bonds and gold? Turn to our Cover Story on page 28 to find out.
 
In her Different Strokes section, Sucheta recounts the mudslinging between NDTV and a firm called Quantum, which alleges that NDTV received irregular promoter funding, while NDTV alleges blackmail. Is there more to this story? Turn to page 16. In her Crosshairs section, Sucheta talks about how the UK regulators are clamping down on dodgy companies. Sadly, Indian regulators are napping. 
 
Fixed deposits are one of the safest forms of investments. Yet, did you know that there’s a good chance that you are getting less than your due? We found that different banks have different ways of deducting tax on interest on re-investment or cumulative deposits. Is your bank shortchanging you with its policies? Turn to page 26 to find out.
 
Moneylife Foundation hosted two high-profile real estate dignitaries—Pranay Vakil and Parimal Shroff—to a completely packed house to discuss the Real Estate (Regulation and Development) Bill 2013  approved by the Union Cabinet. We have dedicated two pages for those who have missed the event, as well as uploaded a video on the Foundation’s website. Do visit the website; we have planned several events that you may not want to miss.

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COMMENTS

Om Nath Garg

4 years ago

kindly help me with Ms Sucheta Dalal email id as I need her help, guidance urgently regarding pending shares transfer for months with Parikh Herbal co.
Very much impressed for your excellent work.
thanks
kind regards
om nath garg & Mrs.Krishna Garg

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