Sensex, Nifty may soon see profit booking : Wednesday closing report

A close below 6050 on the Nifty may lead to a fresh selloff

The Sensex opened at 20,203 while Nifty opened at 6,120 but almost immediately the market sold off and went into the negative. At the beginning of the session itself the benchmark hit their respective intra day high. Sensex hit a five day high (including today) at 20,216 while the Nifty hit a lower high at 6,125. After the opening of the European market the benchmark hit a higher low at 20,045 and 6,070. The market then moved in a narrow sideways range throughout the day finally ended marginally in the negative breaking the three consecutive day of gains. Sensex closed at 20,148 (down 13 points, 0.07%) while Nifty closed at 6,104 (down 7 points at 0.11%). The NSE saw volume of 51.08 crore shares.


US stocks closed in the positive last night after data showed that US home prices accelerated by the most in nearly seven years in March while consumer confidence picked up in May to its highest in more than five years. However, the indices suffered a steep drop from the intraday highs, signaling a rejection of prices at the current highs. At the time of writing the article, premarket futures were down 0.7%.


Among the broader indices, the BSE Mid-cap index fell 0.39% and the BSE Small-cap index fell 0.16%.


Among the sectoral indices the only five indices which gained were BSE Healthcare (up 1.82%); BSE Consumer Durables (up 0.82%); BSE FMCG (up 0.58%); BSE Auto (up 0.34%) and BSE Oil & Gas (up 0.12%). Among the loser were BSE Realty (down 2.50%); BSE Metal (down 1.13%); BSE Bankex (down 0.82%); BSE Power (down 0.77%) and BSE IT (down 0.64%).


Out of the 30 stocks on the Sensex, 12 settled higher. The major gainers were Sun Pharma (up 7.09%); Tata Motors (up 2.69%); Hero MotoCorp (up 2.39%); Coal India (up 1.30%) and Cipla (up 1.26%). The key losers were Sterlite Industries (down 2.53%); Tata Steel (down 2.27%); Jindal Steel (down 1.98%); Gail (down 1.50%) and ICICI Bank (down 1.38%).


The top two A Group gainers on the BSE were— Sun Pharma (up 7.09%) and Ipca Lab (up 5.09%). The top two A Group losers on the BSE were— Wockhardt (down 10%) and Jaypee Infratech (down 9.95%).


The top two B Group gainers on the BSE were— Aarvee Denims (up 20%) and Ricoh India (up 20%).

The top two B Group losers on the BSE were— Winsome Textile (down 19.90%) and Delta Leasing (down 18.64%).


Of the 50 stocks on the Nifty, 17 ended in the in the green. The main gainers were Sun Pharma (up 7.03%); Tata Motors (up 2.77%); Hero MotoCorp (up 1.80%); Coal India (up 1.42%) and Lupin (up 1.13%). The major losers were

Jaiprakash Associates (down 3.91%); Ranbaxy (down 3.11%); Grasim (down 2.86%); Tata Steel (down 2.73%) and Jindal Steel (down 2.58%).


The International Monetary Fund cut its growth forecast for China this year to 7.75% from 8%, citing a weak world economy and exports, adding to concerns that the world's second-largest economy is losing momentum.


Except for Hang Seng (fell 1.61%) and Straits Times (fell 1.13%) all the other Asian indices closed in the positive. The maximum gin was made by Taiwan Weighted (up 0.91%)


The European indices were trading deeply in the red while the US Future too were in the negative.


The board of directors of GTN Industries has decided to sell yarn processing and knitting business on slump sale basis as a going concern. The said proposal, in due course, is subject to approval of shareholders, CDR, lending institutions and other statutory authorities as applicable. The stock fell 4.94% to close at Rs 8.46 on the BSE.


The board of directors of Apollo Tyres gave their approval to the management to proceed with requisite approvals and compliances on a transaction with Sumitomo Rubber Industries (SRI) by which SRI may take over Apollo Tyres South Africa (ATSA) including the Ladysmith Tyre plant and Dunlop Brand rights in Africa at a consideration of USD 60 million. The company will retain the Durban plant, through the Holding Company of ATSA, which manufactures Truck and Bus Radial Tyres and Off Highway Tyres. The closing of transaction is likely to take place in next 4 months. Apollo Tyres rose 0.11 to close at Rs 90.30 on the BSE.


RTI online: Portal rejects application calling a successful transaction as failed!

Enthusiastic post graduate students of Pune’s MIT’s School of Government filed online RTI at the Department of Agriculture & Cooperation on 23rd May only to be disappointed as rejected their application citing ‘payment failure’

Besides Indians who reside abroad, now Indians can file Right to Information (RTI) application online through the government’s web portal to five public authorities: Department of Personnel and Training (DoPT); Ministry of Home Affairs (MHA); Department of Agriculture and Cooperation; Department of Animal Husbandry, Dairying and Fisheries; Department of Consumer Affairs and; Department of Food and Public Distribution.

Pune-based MIT’s School of government, a post-graduate course on politics and governance for potential politicians, where I teach RTI, decided to conduct a practical lesson on filing online application. The DoPT had on 23rd May opened online filing of RTI application for citizens to the above mentioned five departments/ ministries.

The students decided to file RTI online to the Department of Agriculture and Cooperation. As a test application, they decided to request information on the quantity of food grains that went rotten in its various warehouses across the country. The period for which information was sought was 1 January 2012 to 31 December 2012.

We followed the step by step instructions as is mentioned on the portal. After successfully filing the RTI application, twice the transaction of Rs10 via the State Bank of India (SBI) card of one of the students, failed. Students did not give up and much to their delight, the third time, the transaction was successful. The proof came in seconds later through an SMS from SBI which stated: “Transaction of Rs10 made in SBI Credit Card xx7902 at RTI Online on 23 May 13.’

However, seconds later, it was a disappointment, when despite the Rs10 having been successfully debited from the student’s SBI Card, this message flashed on the portal: “Sorry due to transaction cancellation/ failure your RTI request could not be filed. Please try again.’’ If the web portal had accepted the application, the students would have received a registration number by SMS and through this number, they could have tracked the status of their RTI application.

I contacted Commodore Lokesh Batra, a leading RTI activist from Delhi who relentlessly fought with the government for facilitating online RTI applications for overseas Indians as well as those in the country. Batra states, “…the DoPT has just yesterday (22nd May) launched the online RTI for five public authorities including Department of Agriculture and Co-operation and you have tried it today. Perhaps they would take some time for synchronisation. I think you should try again after a week or so. Otherwise, hundreds of citizens have been filing RTI online and they have met with success.’’

Filing RTI online is certainly a boon for citizens. Even first appeals can be filed online. However, one hopes the experience is smooth sailing, otherwise cynicism sets in. While, we will give it another try, following are the step-by-step instructions provided by the website which we followed in the classroom:

1.    On clicking at "Submit Request", the applicant has to fill the required details on the page that will appear.

The fields marked * are mandatory while the others are optional.

2.    The text of the application may be written at the prescribed column.

3.    At present, the text of an application that can be uploaded at the prescribed column is confined to 500 words only.

4.    In case an application contains more than 500 words, it can be uploaded as an attachment, by using column "Supporting document".

5.    After filling the first page, the applicant has to click on "Make Payment" to make payment of the prescribed fee.

6.    The applicant can pay the prescribed fee through the following modes:

(a) Internet banking through SBI and its associated banks;

(b) Using credit/debit card of Master/Visa.

7.    Fee for making an application is as prescribed in the RTI Rules, 2012.

8.    After making payment, an application can be submitted.

9.    No RTI fee is required to be paid by any citizen who is below poverty line as per RTI Rules, 2012. However, the applicant must attach a copy of the certificate issued by the appropriate government in this regard, along with the application.

10.  On submission of an application, a unique registration number would be issued, which may be referred by the applicant for any references in future.

11.  The application filed through this Web Portal would reach electronically to the "Nodal Officer" of DoPT, who would transmit the RTI application electronically to the concerned CPIO.

12.  In case additional fee is required representing the cost for providing information, the CPIO would intimate the applicant through this portal. This intimation can be seen by the applicant through Status Report or through his/her e-mail alert.

13.  For making an appeal to the first Appellate Authority, the applicant has to click at "Submit Appeal" and fill up the page that will appear.

14.  The registration number of original application has to be used for reference.

15.  As per RTI Act, no fee has to be paid for first appeal.

16.  At present, an applicant/the appellant can see the following status :

(i) Application filed on..

(ii) Additional fees, if required..

(iii) Appeal filed on..

(iv) Replied on..

17.  The applicant/the appellant should submit his/her mobile number to receive SMS alert.

18.  All the requirements for filing an RTI application and first appeal as well as other provisions regarding time limit, exemptions etc., as provided in the RTI Act, 2005 will continue to apply.


Following are the FAQs derived from

1. To which Public Authority can I file a request?

An applicant who desires to obtain any information under the RTI Act 2005 can make a request through this RTI Online Portal to only the Central Public Authorities of main

Ministries/Departments located at New Delhi initially. In the first phase, this facility is available to make a request to Department of Personnel and Training only.

2. How do I write my application for seeking the information as per RTI Act 2005?

The text of the application may be written in the prescribed column of the form. At present, the text of the application is confined up to 500 characters only in the prescribed column of the form. In case, the text of an application contains more than 500 characters, it can be uploaded as a PDF attachment in the “Supporting Document” column of the form.

3. How do I make the payment for RTI fee?

After filling the first page, a non-BPL applicant has to click on “Make Payment” button for remittance of the prescribed RTI fee.

The applicant can pay the prescribed RTI fee through the following modes:

(i). Internet banking through SBI and its associated banks.

(ii). Using ATM-cum-Debit card of State Bank of India.It may be noted that no RTI fee is required to be paid by any citizen who is below poverty line, as per RTI Rules, 2012. However, the applicant must attach a copy of the certificate issued by the appropriate government in this regard, along with the application.

4Do I get any receipt for online filing of RTI application?

On submission of an application, a unique registration number will be issued, which may be referred by the applicant for any future reference. It may be noted that the application filed through this RTI Online Portal will reach electronically to the “Nodal Officer” of the said Ministry/Department and “Not” to the CPIO of the concerned Ministry/Department. The Nodal Officer will transmit the RTI application, either electronically or physically to the concerned CPIO.

5. What will happen to my application if I select a wrong Public Authority in the prescribed form?

In case the RTI application is not meant for the Ministry /Department which has been selected by the applicant, the “Nodal Officer” of the said Ministry/Department will transfer the application electronically to the “Nodal Officer” of the concerned main Ministry/Department located at New Delhi, under section 6(3) of the RTI Act.

6. Will I be informed about the additional fee (if any) is required to pay?

In case additional fee representing the cost is required for providing information, the Nodal Officer will intimate the same, which can be viewed by the applicant through ‘View Status’ option in the RTI Online Portal and an e-mail alert will be sent to the applicant for the same.

For submitting the additional fee online, the applicant needs to use the option ‘View Status’ in the RTI Online Portal and on providing the registration number of the request option for ‘Make Payment’ will provided.

7. How do I file an appeal with First Appellate Authority?

For making an appeal to the first Appellate Authority, the applicant has to select the option “Submit First Appeal” in the RTI Online Portal and fill up the form that will appear.

The registration number of original application may be used for the reference.

The appeal so filed through this RTI Online Portal will also reach electronically to the Nodal Officer of the concerned Ministry/Department and Not to the first Appellate Authority.

The Nodal Officer will transmit the first appeal to the concerned First Appellate Authority (FAA), either electronically or physically.

8. Do I need to make any payment for filing an appeal?

As per RTI Act, no fee has to be paid for first appeal.

9. Do I get any SMS from RTI Online Portal?

Though optional, the mobile number can be provided by the applicant/ appellant in order to receive SMS alerts



Veeresh Malik

3 years ago

Thank you for this article and glad to tell you that many more Public Authorities have been added to the list where online paperless applications and responses can and are being filed.


3 years ago

Is there any mumbai based RTI activist ?


3 years ago

How can I cancel a rti which has been filed online ?

upendra vikram

3 years ago

rti on line form is not available the nation is being mocked

Collusion with Ketan Parekh?
This is with regard to “Bailouts for Crooks” by Sucheta Dalal. The government has been bailing out crooks in the past too. I would like to remind you that the Global Trust Bank went bust with investors’ money. The government stepped in to bail out the Bank. No action was taken against the Bank’s chairman, Ramesh Gelli, even though there was evidence that he had acted in collusion with Ketan Parekh.
Vilas Gala, by email
Sincere Thanks 
This is with regard to Moneylife Foundation’s new website. I would like to express my sincere thanks for the really exemplary work that Sucheta Dalal, Debashis Basu and the Moneylife team are doing for us, investors. May God give you more success in every facet of life!
Pinakin Mamtora, by email
Mightier Pen!
This is with regard to “Mangelal Sharma gets his Rs7 lakh back—another Moneylife victory.” This is a clear case where the pen has proved to be mightier than Reserve Bank of India, banking ombudsmen and SEBI. I had lodged complaints for mis-selling to all of them, but they turned me down. I was totally shattered and lost in the wilderness. I adopted some Gandhigiri then and put the matter on Facebook in order to seek friends who are able to offer some advice. 
Sucheta Dalal got to know my case from Vivek Sharma (who wrote about another aspect of the case in Moneylife) and contacted me over the phone for details. Moneylife published my story with photographs. The next day, towards the evening, she asked me about my plan. I told her that the Bank had called me for discussions in the next morning. After some time, I got a call from Veeresh Malik (I did not know him earlier). He offered to accompany me to the Bank. A boon from the blue!
After going to the Bank, Veeresh became my spokesman and I hardly said anything. There was a legion of Bank officials, including their media managers, but Veeresh grounded them all. However, nothing concrete could be achieved and we left the Bank at about 5:00pm. 
At about 7:00pm, I received a call from the Bank and the matter was resolved in my favour by almost midnight. I know that I could have not achieved anything alone. If you know a journalist, he can oblige you to publish something for you. But Moneylife did not publish anything for me. It realised the evil was deep-rooted and it should be fought at all levels. That is why Moneylife advised Veeresh Malik, to stand by my side, acting like Krishna to Arjun in Mahabharat.
Actually, it is Moneylife that was instrumental in achieving a miraculous win. Perhaps, it is the first such case in India when a bank, after six months, returned the amount invested by a person. I am just an ordinary person. No words of thanks can convey my feelings. I can pray to God Almighty to keep these warriors of Moneylife always happy and keep their energies fully charged, so that it may help other people like me.
Mangelal Sharma, by email
Phishing Scam! 
This is with regard to an email received by me. Could you please guide if this is not a new phishing scam? This email from Income Tax department has an authentic id ( It has the Indian government’s logo. The amount promised is not large or windfall (usually that is a give away)
If this is, indeed, a phishing scam, it is a dangerous one as it is near-authentic. Please raise it with the concerned authorities.
Ashesh Shah, by email
The email Mr Shah received is reproduced:
Dear Valued Taxpayer,
The revenue board has successfully settled the account audit for previous years and thus, after a comprehensive review of your tax payment over the past years, you are eligible for a refund settlement of 35,540.00 Rs which is your tax surpluses. Kindly click on the link below to fill up a request to empower us to process and remit you refund settlement to you. 
Click to Submit a Request
Note: Requests are processed within ten working days. 
Refund can be delayed for the following reasons: 
Applying after the deadline of notification.AND/OR
Submitting incomplete/inaccurate financial information.
Income Tax Unit
Ministry of Finance
Govt of India
Mr Shah, Yes, it is a scam. The ID is a fake front with another ID behind it. – Editor
Embossed Gold Coins 
This refers to gold-coins issued by a private company with the photograph of cricket-icon Sachin Tendulkar embossed on high-priced gold-coins priced at Rs34,000 for 10gm pure-gold coin, at a time when gold-prices are zooming around Rs28,000/per 10gm or so. The Reserve Bank of India (RBI) and Union finance ministry should take immediate steps to stop the sale of such profiteering in gold-coins. 
Sale of gold and silver coins marketed by banks, private firms and even a government agency, like MMTC, increases tremendously during festive season. Gold and silver coins issued during the British regime are available in plenty as duplicates because of their popularity as auspicious and gift items, even though fabrication of fake gold and silver coins is a crime. The Union government should take steps to counter the menace. RBI can issue official 24-carrat gold in Rs20,000 denominations with weight of 5gm. To minimise chances of duplication, these coins should be numbered. A guarantee-certificate, bearing the number of the coin and security thread should be plastic-sealed with each coin mentioning weight and purity, to make them attractive as gift items. The face value of coins can be increased after the value of gold in a coin crosses 70% of the prevailing face value of the coin. Only RBI should be authorised to issue round-shaped gold and silver coins and make them easily available through all branches of public sector banks and post-offices.
Likewise, pure silver coins of 10gm can be issued in denomination of Rs1,000. Such a system will be net revenue earning for the government because the plastic-packed coins will never come in actual circulation. All these coins should be made conveniently available at all offices of RBI and bank branches throughout the country. These coins can also be issued to commemorate occasions. Once RBI starts issuing gold and silver coins, sale of gold and silver coins by private establishments can be banned. However, banks and others may be allowed to sell the precious metals in rectangular or square form. 
Madhu Agrawal, by email
Quick Medical Attention
This is with regard to “Born-again family physicians” by Prof Dr BM Hegde. Revisiting the concept of family doctor by linking the healthcare needs of each family to a local doctor, primary health centre, private hospital or, at least, a health inspector from the state government health department, would create greater health awareness, improve preventive healthcare and reduce delay in diagnosis of cases where quick medical attention would minimise the chances of complications.
MG Warrier
Deterrent Punishment
This is with regard to “Deliberate Obfuscation” by Sucheta Dalal. Our government seems to encourage financial fraud at every level. The lack of deterrent punishment is one of the prime drivers of financial frauds. And regulators pretend to chase the crooks after the money has vanished. Wonder if things will ever change?
R Balakrishnan
Simple Economics
This is with regard to “Do FIIs buy high and sell low? Maximum buying at peak index levels” by Debashis Basu. Very interesting subject to write about, based on market movements. We must also remember that these FIIs are ‘aided’ by a bunch of highly qualified, experienced Indian executives, who claim to know the ‘pulse’ of the market. We must also bear in mind that any amount of money that comes into the market will still have to chase the existing quantum of shares available. So, this is simple economics: too much money chasing too few shares, resulting in high prices. When one big FII sells, panic sets in and others follow.
Anantha Ramdas
Politicians’ Favourites
This is with regard to “Directors of public sector banks: The ground reality” by A Banker. Independent directors bring value to the board. The government has appointed people who bring no value to the bank and it’s something that is required. The director is happy being a director with no responsibility and all benefits! A very cosy arrangement, indeed. These directors are politicians’ favourites and have, in most cases, not contributed to the bank at all.
Anil Agashe
Good Catch
This is with regard to “Confusion between yield and rate of interest reflects financial illiteracy among business journalists” by Vivek Sharma. Good catch Vivek. I did think something was wrong with the Economic Times article when I read it last week. 200-300 basis points difference between corporate FDs and bank FDs seemed unrealistic.
Raj Pradhan
Worth Its Weight In Gold
This is with regard to “Gold Turns Cold” by Debashis Basu & Jason Monteiro. Surely, Mr Basu and Jason, this article is worth its weight in gold.
Suiketu Shah


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