Sensex, Nifty may struggle to rally further: Weekly Market Report

Indian indices are still possibly gathering energy for a short upmove but the market is highly overbought

The BSE 30-share Sensex closed the week that ended on 21st March, at 21,753.75 (down 56 points or 0.26%), while the NSE’s 50-share Nifty closed at 6,493.20 (down 11 points or 0.17%) for the week.


On Monday, Indian financial markets were closed on account of Holi. On Tuesday both the Sensex and the Nifty hit their all time highs but could not sustain at that level and gave up all the intra day gains. Nifty closed at 6,517 (up 12 points or 0.19%).


Goldman Sachs upgraded Indian shares to "overweight" from "marketweight" and raised its target on Nifty to 7,600. It also recommended investors to focus on potential election beneficiaries. On the other hand, factory production in the US rose in February by the most in six months. The 0.8% gain at manufacturers followed a revised 0.9% slump in the prior month that was the biggest since May 2009, figures from the Federal Reserve showed.


On Wednesday lower forward guidance by Tata Consultancy Services affected the market which ignored the positive data coming from the US. On Wednesday, Nifty closed at 6,524 (up 7 points or 0.11%).


Credit rating agency Standard & Poor's (S&P) Ratings Services on Wednesday said that Indian companies are improving their credit profile by selling equity and assets, or using free operating cash flows to reduce debt. U.S. housing starts fell for a third straight month in February, but a rebound in building permits offered some hope for the housing market. The Commerce Department said on Tuesday groundbreaking slipped 0.2% to a seasonally adjusted annual rate of 907,000 units.


The gains of previous three consecutive sessions (ending Wednesday) were wiped off by the negative move on Thursday. The weakness was after the recent US Federal Reserve's policy statement hinted towards the prospect of interest rates rising sooner than anticipated. Nifty closed at 6,483 (down 41 points or 0.63%).


With the positive data from the US and Fitch Ratings affirming its credit ratings at "AAA" helped the global indices get some relief. Nifty closed at 6,493 (up 10 points or 0.16%).


For the week, among the other indices on the NSE, the top two performers were Media (4%) and Metal (3%) while the worst two performers were C P S E (3%) and PSE (2%).


Among the Nifty stocks, the top five stocks for the week were Maruti Suzuki  (7%); Hindalco Industries (7%); Tata Steel (6%); Wipro (4%) and Jindal Steel & Power (3%) while the top five losers were Mahindra & Mahindra (6%); G A I L (5%); O N G C (5%); I D F C (4%) and B P C L (4%).


Of the 1,420 companies on the NSE, 795 companies closed in the green, 575 companies closed in the red while 50 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 sectors   Worst ML sectors  
Shipping 7% Oil & Gas -4%
Non-Ferrous Metals 5% Refineries -2%
Consumer Durables 4% Con_EPC_Infra -2%
Media 4% Real Estate -2%
Lifestyle & Leisure 4% Financial Services -1%



Sensex, Nifty still trapped in a range: Friday closing report

The indices are still possibly gathering energy for a short upmove,  but will it last?

The benchmark indices in India moved Friday almost in the same narrow range as Thursday and managed to close marginally higher. The market opened with high optimism, following a rally in the US markets but soon lost steam. The BSE 30-share Sensex opened at 21,824 while the NSE 50-share Nifty opened at 6,515. Both the indices immediately hit their respective high at 21,870 and 6,523, respectively. Sensex hit a low of 21,730 and closed at 21,754 (up 14 points or 0.06%) while Nifty closed at hit a low of 6,486 and closed at 6,493 (up 10 points or 0.16%). The NSE recorded a higher volume of 73.19 crore shares.


A panel headed by Reserve Bank of India (RBI) deputy governor Urjit Patel recommended in January moving to an inflation target, with an aim to eventually bring down consumer-price based inflation to 4% with a 2% band on either side. However, the Reserve Bank of India Governor Raghuram Rajan said that the central bank has not yet moved to an inflation target, and was still exploring the suggestions on the subject drafted by a panel with the government.


US indices closed in the green on Thursday. The number of Americans filing new claims for unemployment benefits rose less than expected last week. Initial claims for state unemployment aid increased 5,000 to a seasonally adjusted 320,000 last week, the Labor Department said.


Fitch Ratings on Friday affirmed the United States' credit ratings at "AAA" with a stable outlook, removing the distant danger that it might downgrade the world's largest economy. The action resolves the negative watch that Fitch had placed on the United States back in October, when political wrangling over the debt ceiling had raised the risk of default. Fitch said the latest crisis over the debt limit had not adversely affected US Treasury yields or the appetite of foreign investors for the debt. "Therefore Fitch does not believe the role of the US dollar, sovereign financing flexibility or debt tolerance has been materially damaged," it said.


Except for NZSE 50 (down 0.69%) and Taiwan Weighted (down 0.23%) all the other trading Asian indices closed in the positive. Shanghai Composite (2.72%) was the top gainer.


European indices were trading in the green while US Futures were trading marginally higher.


Standard & Poor’s and Fitch Ratings cut Russia’s credit outlook to negative after the US penalised officials and business leaders named as having ties to Russian President Vladimir Putin.


Greece's credit rating was maintained at six steps below investment grade by Standard & Poor's, which said the country's debt remains large even as its government's fiscal performance improves. The country's long-term local currency debt was kept at B-, with a stable outlook, S&P said in a statement.


How to choose correct forum and right lawyer

Are consumer courts your only option? Or do some issues have faster, alternative solution? Three experts, Adv Bapoo Malcolm, Indrani Malkani and Shirish Shanbhag say yes

Finding a solution or redress of your grievances requires you to make smart choices and act strategically. Most people are unaware of the alternative dispute resolution forums like Lok Adalat and Lokshahi Din to resolve their issues. Also if one decides to go for legal recourse, one must chose right lawyer or end up in deep trouble. These were the words of advice provided by three experts, Adv Bapoo Malcolm, Indrani Malkani and Shirish Shanbhag, at a panel discussion organised by Moneylife Foundation in Mumbai.


There are several other fora like tax, insurance and banking  ombudsman, alternative dispute resolution fora like Lok Adalat, Lokshahi Din held in government offices, counselling offered by Council for Fair Business Practices and Disha Financial Counselling and consumer courts that help people to resolve grievances quickly.


Lokshahi Din

According to Shirish Shanbhag, a retired professor, who provides guidance to people on several issues, grievance of citizens is best resolved in Lokshahi Din. There are four levels of Lokshahi Din and one can escalate her grievance from taluka level to the chief minister level as well.


If one follows the simple procedure, like submitting the application in prescribed format, well before the prescribed time limit, she can get quick and effective redressal. Raising public grievances through Lokshahi Din is less time consuming, and is an inexpensive solution. In addition, there is no need to hire a lawyer and one can represent herself, Mr Shanbhag said.


Lok Adalats

Social activist Indrani Malkani who is also a trustee of vCitizens Action Network (V-CAN), said Lok Adalat works on a system of reaching a compromise between the disputed parties. Lok Adalat is a non-adversarial system, whereby mock courts (called Lok Adalats) are held by the State Authority, District Authority, Supreme Court Legal Services Committee, High Court Legal Services Committee, or Taluk Legal Services Committee.


The Lok Adalats can deal with all civil cases, matrimonial disputes, land disputes, partition/ property disputes, labour disputes, and compoundable criminal cases, Ms Malkani said.


She said, in Lok Adalat, disputing parties plead their case themselves. No advocate or pleader is allowed, even witnesses are not examined. No court fee is levied. Speedy justice is given to the people of all classes of society and the award has the same effect as of a Civil Court decree.


According to Ms Malkani, disputes can be brought before the Lok Adalat directly instead of going to a regular court, which provides speedy justice.


How to choose the right lawyer?

Advocate Bapoo Malcolm, who practises civil and criminal law as well as documentation and arbitration, said before looking for a lawyer, one must think about the outcome she wants and what branch of law applies to her specific problem. Since legal cases may drag on for years, one must also consider if the battle is worth the time and cost, he said. According to Adv Malcolm, it is always better to hire a lawyer who is highly recommended from people in one's inner circle who have dealt with legal issues. While credentials are important, knowledge of the lawyer about penal provisions is equally important, he said.


He said, well-established and reputed lawyers charge higher fees than the upcoming ones. At the same time, well-established lawyers don’t always charge fees for consultation or first visit, Adv Malcolm added.


One must have a frank and open discussion with the lawyer and should not hide facts. She must also ask for a realistic estimate of cost and duration to resolve the particular issue. "If you do not understand what your lawyer is saying, seek an explanation. Don't get intimidated," he said.



Suiketu Shah

3 years ago

I would like to ask the lawyers one question.Almost every housing society in Mumbai charges 1% for sale of flats to give NOC.This is illegal as per cooperative hsg society rules as max is Rs 25,000/-.However all one can do is complaint to registrar and there are no byelaws for strict punishment.What does one do then?Not sell the flat?

Vaibhav Dhoka

3 years ago

Getting speedier justice in India will be dream come true if it works.Usually lawyers don't give real picture to their clients as very rarely both trust each other.One cannot put full blame on lawyers as our system is embroiled in blame game and following procedures even though they are outdated and not in public interest.In a civil matter before District court in rent case,the public ltd.companies lawyer(respondent) said company did not get notice on their registered address,the judge shot back your presence itself is enough that you are aware of facts and we should not go in legalities just to delay the matter and the appeal was decided in a months time.It is duty of Bar and Bench to see that Justice is done in due time frame and not stretch too long so that public looses faith in system.In fact public has already lost faith in Justice system.


3 years ago

My PPF A/c in SBI was Opened on 28-5-1982 and 20 Years ,after extension of 5 Years, Matured on 27-5-2002. Bank's Manual Records are not Traceable in Bank. After Computerisation , the Digital Number is not Known to them nor communicated to me.It is not Known in SBI's Branch,Regional Managers Office or States Head office in Hyderabad .They Say that Digitalised Data upto Year 2005 is Preserved in SBI,Mumbai Head Office by TCS.
They Refuse to Pay Me without Verifying their Records.
RBI,OMBUDSMAN also may not help, as he only try to Compromise Both Parties and if there is no agreement, he will not issue any Order in Favour of Consumer. Kindly Help me on How to get my PPF Money.

Vaidya Dattatraya Vasudeo

3 years ago

What is the way out if a lawyer is virtually not doing work after filing a suit. It is more than a year, even the summon is not yet issued. Except the case number and the name of the court we know nothing. We have never been informed of any date of hearing in Court at any time. Now with the help of another advocate we know that the next date is on 4th April, 2014. He is not willing to give NOC for changing the lawyer. In Pune, is there any lawyers' body where we can lodge a complaint. If we do that , what are the possible ways by which he can still harass us. If I canget the contact name and number of the person who can help us, we can call him or if necessary visit Mumbai for help.


Vishrut Patel

In Reply to Vaidya Dattatraya Vasudeo 3 years ago

Dear Mr Vaidya,

Thanks for posting your comment.

As you may be aware Moneylife Foundation has launched a Legal Resource Centre ( ) to provide advice and help in such matters.

We request you to send your query through the LRC by clicking in this link

Best Regards,
Vishrut Patel


In Reply to Vishrut Patel 3 years ago

Thanks for giving Precious Informatio .


In Reply to Vaidya Dattatraya Vasudeo 3 years ago

Courts Record , Eventhough Computerised , do not have System of Intimating Advocate / Concerned Party either by Mail or SMS , as done in Banks . Consequently We have to Repeatedly asking our Lawyer or some known person having Access to Court's Records / Digitalised Data.Even Advocates have to see the List put in Courts ,for their Cases Dates.
Miserably Bad System, The Communication System of Court's has to be Radically Modified.


In Reply to NSriramamurty 2 years ago

nice info!Family law requires compassion, professional guidance and legal leadership that are accomplished effortlessly with the help of our caring attorney . for money services there are some information on it you can check from


In Reply to NSriramamurty 2 years ago

I read your article . nice info!
Family law requires compassion, professional guidance and legal leadership that are accomplished effortlessly with the help of our caring attorney. here are some sources for choosing a good lawyer

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