Nifty is trapped in a trading zone
Breaking the three days of negative move, the Indian indices on Friday covered up more than yesterday’s loss. We had mentioned in Thursday’s closing report that NSE's CNX Nifty may further weaken and may head towards 8,000. Today the move on the index was highly volatile with occasional dips into the negative. However after 2.18 pm the benchmark made a strong up move and closed in the positive.
S&P BSE Sensex opened at 27,048 while the 50-share Nifty opened at 8,087. Sensex moved in the range of 26,966 and 27,097 and closed at 27,061 (up 65 points or 0.24%) while Nifty moved in the between 8,072 and 8,114 and closed at 8,106 (up 20 points or 0.24%). NSE recorded a volume of 105.05 crore shares. India VIX fell 1.22% to close at 12.3650.
Combined inflation for urban and rural areas eased marginally to 7.80% in August 2014 from 7.96% in July 2014. Inflation in urban areas eased to 7.04% in August from 7.42% in July. Food inflation in urban areas eased marginally to 8.40% in August from 8.45% in July.
Monsoon rainfall between 1 June 2014 and 10 September 2014 was 11% below average, an India Meteorological Department (IMD) report dated 11 September 2014 showed.
As per reports, the Indian government is looking at the proposal for extending excise duty concessions to the automobile sector beyond December. The government in June 2014 had announced extension of the excise duty concession by six months to 31 December 2014.
Transport Minister Nitin Gadkari said at an industry event on Friday that the government plans to launch Rs2 lakh crore worth of infrastructure projects this year.
Surplus cash of state-owned enterprises including those of Maharatnas and Navratnas lying idle in banks may be used to nurse ailing PSUs that can be revived back to health, the government said today. The government has constituted a committee to study the proposal and submit a report in two months’ time.
Amara Raja Batteries (8.88%) which hit its 52-week high today was also the top gainer in ‘A’ group on the BSE. Oracle Financial Services (6.58%) also hit its 52-week high today. Its board at its meeting held today has declared an interim dividend of Rs485 per equity share of Rs5 each of the company. The stock was among the top two gainers in the group.
Bharat Forge (3.07%) which hit its 52-week high on Thursday corrected today and was among the top two losers in ‘A’ group on the BSE. It recently informed that it has divested its 50% stake in Impact Automotive Solutions Ltd, which was formed, earlier in 2010 as a JV with KPIT Technologies. The JV was formed for the manufacture of hybrid solutions for automotive. The stake was sold to KPIT Technologies for Rs10.80 crore against an initial investment of Rs14.91 crore.
Cipla hit its 52-week high today and was the top gainer (6.38%) in the Sensex 30 pack. It was also among the top three gainers in the ‘A’ group on the BSE. Maruti Suzuki (1.87%) was among the top two gainers in the Sensex 30 pack. It today said that it plans to roll out its light commercial vehicles project on a limited scale and will take the initiative forward by understanding the marketing and sales experience. It also hit its 52-week high today.
Hindalco (2.29%) was the top loser in the Sensex 30 stock. Sun Pharma (2.05%) which was the top loser in the Sensex 30 stock on Thursday, was among the top two losers today. It is in the news for its Halol manufacturing plant in Gujarat being subjected to surprise inspection by the American drug regulator USFDA. Recently, three important medicines from the US market were recalled, all of which were produced from Halol.
US indices closed Thursday flat. The US Market will look to next week's Federal Open Market Committee meeting for fresh guidance on US interest rates. At the end of a two-day meeting on 16-17 September 2014, the FOMC is widely expected to announce a cut in Fed's monthly bond-buying program by another $10 billion to $15 billion, staying on track to end the program at its October meeting. The Fed is likely to raise short-term interest rates next year from their current near-zero levels, where they have been since December 2008.
Asian indices showed mixed performance. Shanghai Composite (0.88%) was the top gainer while Taiwan Weighted (1.07%) was the top loser.
The latest data showed credit growth of Chinese financial institutions surged last month.
The Bank of Korea held its policy interest rate at 2.25% today. European indices were showing mixed trading while US Futures were trading marginally higher.
Maharashtra and Haryana would go to polls on 15th October in a single phase and election results would be declared on 19th October
Maharashtra and Haryana are set to go to polls on 15th October as per the legislative assembly election schedule announced by the Election Commission. Bye-elections in Beed constituency in Maharashtra, Kanubari on Arunachal Pradesh, Hiyanglam in Manipur, Northern Angami-II AC in Nagaland, Rajkot in Gujarat, Kairana in Uttar Pradesh and Kandlamal in Odisha would also be held on 15th October.
Chief Election Commissioner, VS Sampath, said both the states will go to polls on 15th October in single phase and votes would be counted on 19 October 2014.
With the EC announcement, the model code of conduct has come into force with immediate effect. There are 288 seats in Maharashtra and 90 seats in Haryana up for grabs.
Talking about the paid news phenomenon, the Commission said, it has laid out a mechanism with three tier of media certification and monitoring committees (MCMCs) at district, state and EC level.
Complaint redressal mechanism – Call Center and Website based
The EC said, all poll going States shall have a complaint redressal mechanism based on website and call center. The number of call center is 1950, which is a toll free number. The URL of the complaint registration website will be announced for each State by the respective Chief Electoral Officer separately.
"Complaints can be registered by making calls to the toll free call center numbers or on the web site. Action will be taken within time limit on all complaints. Complainants will also be informed of the action taken by SMS and by the call center. Complainants can also see the details of the action taken on their complaints on the website," it said in a statement.
Notification: 20 September 2014
Last date of filing nominations: 27 September 2014
Last date to withdraw nomination: 1 October 2014
Polling: 15 October 2014
Counting of votes: 19 October 2014
All but one of the 63 original statements of witnesses and case diaries that had gone missing from the custody of police have been found
After repeated adjournments and admonition by the court over missing statements of witnesses, the trial in the hit-and-run case against actor Salman Khan is set to resume from 24th September following production of the documents before a Sessions Court on Friday.
The prosecution informed the Court trying the case that all but one of the 63 original statements of witnesses and case diaries that had gone missing from the custody of police have been found and placed them before Judge DW Deshpande. The court was told the lone missing statement will also be traced soon.
The trial in the case had hit a roadblock in July when the court was informed that the original statements of the witnesses had disappeared. The court was again informed in August that case diaries relating to the case too were not traceable, inviting reprimand from the judge, who directed the police to locate the documents at the earliest for the trial to recommence.
Following this, Mumbai Police commissioner Rakesh Maria ordered a probe and the documents were found at Bandra Police Station on 26th August.
Salman's lawyer Srikant Shivade had earlier insisted that under the law trial cannot continue in the absence of the original statements of the witnesses, while the prosecution had contended that as per practice in Mumbai courts it can go on with true copies which were available.
After the newly-appointed public prosecutor in the case Pradeep Gharat produced the documents, the judge took it on record and asked the prosecution to proceed with the examination of witnesses from 24th September. So far 11 witnesses have deposed in the case.
Salman is likely to appear before the court on 24th September.
Gharat, who has conducted trials in several important cases, including the multi-crore rupees Telgi fake stamp paper case, was recently appointed special public prosecutor in the case against Salman Khan and appeared for the first time on Friday.