Unless the Nifty manages to close above any previous day’s high, the index may head lower
On Monday, we mentioned that the down trend is losing steam. The market opened Tuesday in the positive where it remained for a while, before plunging into the red and giving up the day’s gain. We had mentioned that the close below 6,165 will signify further downside for NSE Nifty. The index closed today below that level.
The BSE 30-share Sensex opened up at 20,846 and immediately hit a high of 20,890 while Nifty opened up at 6,204 and hit the high almost at the same level at 6,222. After about 25 minutes, the indices started sliding down and hit the low of 20,637 and 6,145. After a range bound session until 1.40 pm the indices tried recovering, but closed in the negative for the fifth consecutive session. The Sensex closed at 20,693 (down 94 points or 0.45%), while the Nifty closed 6,162 (down 29 points or 0.47%). Today’s fall has happened on a higher volume of 74.95 crore shares on the NSE.
Except for Pharma (up 0.22%) and Auto (up 0.09%) all the other indices on the NSE closed in the negative. The top five losers were Metal (1.76%); Realty (1.74%); PSU Bank (1.65%); Commodities (1.47%) and Energy (1.42%).
Of the 50 stocks on the Nifty, 15 ended in the green. The top five gainers were Maruti (2.28%); IndusInd Bank (1.60%); M & M (1.29%); Sun Pharma (1.01%) and ICICI Bank (0.94%). The bottom five losers were Tata Steel (3.75%); Bank of Baroda (3.32%); Tata Power (2.63%); Sesa Sterlite (2.51%) and BPCL (2.24%).
Of the 1,226 companies on the NSE, 492 companies closed in the green, 670 closed in the red while 64 closed flat.
Markit Economics said that the HSBC Emerging Markets Index (EMI), a monthly indicator derived from the PMI surveys, signaled overall growth of output across global emerging markets in December 2013. But, the EMI fell to 51.6, from 52.1 in November, signaling a weaker rate of expansion. Manufacturing output continued to rise at a faster pace than services activity, and the rate of growth was only fractionally weaker than November's eight-month high. Meanwhile, service sector output rose at the slowest rate in three months. New business inflows in global emerging markets rose for the fifth month running, although at the weakest rate since September. Backlogs continued to expand marginally. Inflationary pressures in emerging markets remained muted in the final month of 2013. The HSBC Emerging Markets Future Output Index fell to a six-month low in December. But, the index's average in Q4 was higher than those in the previous two quarters.
US indices closed flat on Monday however with a negative bias. The Senate on Monday approved Janet Yellen to be the first woman to run the Federal Reserve in the central bank's 100-year history. Yellen's four-year term will begin on 1 February 2014.
The Institute for Supply Management said Monday its services index for December decelerated to 53% from 53.9% in November. In a separate report, orders for goods produced in US factories jumped 1.8% in November. The increase, led by orders for durable goods, suggests the manufacturing sector enjoyed stronger growth than the services side of the economy toward the end of last year.
Among the Asian indices, four indices closed in the positive while five indices closed in the negative. Seoul Composite, was the top gainer, which rose 0.32% while Jakarta Composite was the top loser which fell 0.64%.
European indices were trading in the green and the US Futures were also trading higher.
British businesses plan to hire more staff and invest in new equipment this year, signaling the UK's economic revival is likely to gather strength through 2014. A survey of nearly 8,000 businesses by the British Chambers of Commerce, published Tuesday, said a gauge of manufacturing firms' hiring intentions reached a record high at the close of 2013, while firms in Britain's services sector reported their strongest hiring intentions since the end of 2007.
French consumer confidence rose slightly in December, although it remains at a level below its long-term average, statistics showed Tuesday. Consumer confidence measures by national statistics agency Insee rose to 85 in December from 84 in November. The long-term average reading is 100.
Thinlas Chorol is founder of an all women travel company that provides female guide and all assistance for trekking in the rugged terrain of Ladakh
Thinlas Chorol, founder of Ladakhi Women’s Travel Co has been awarded the Jankidevi Bajaj Puraskar 2013 for her outstanding contribution towards rural entrepreneurship. The award is given every year by Ladies’ Wing of Indian Merchants’ Chamber (IMC).
In 2009, Thinlas established the Ladakhi Women’s Travel Co , the first travel company in Ladakh to be both owned and operated solely by women and through ‘homestays’, expose women in the village to people and cultures they would normally not have as much contact with. Ladakhi Women’s Travel provides trekkers, travellers and tourists with female guides and porters. It also organises treks and homestays as well as cultural and scenic sightseeing tours in Ladakh.
Since her start as a guide in 2003, Thinlas has led countless treks around Ladakh and is today working to bring more women into the field of tourism.
A strong advocate for eco-friendly and community-based tourism, such as homestays, Thinlas is constantly promoting sustainable development of the tourist industry. Aside from trekking, Thinlas has a BA from Jammu University and was awarded Charkha’s “Ladakhi Women’s Writers Award” in 2008. She also received a bronze medal in the National Ice Hockey Championship 2006.
On most of the trekking routes in Hemis National Park, trekkers can now use homestays as they trek from village to village. They can walk during the day and at night stay in traditional homes, where they can eat Ladakhi food, meet local people and experience the Ladakhi culture and lifestyle.
The homestay system was started by the Snow Leopard Conservancy, a non-government organization, dedicated to preserving Ladakhi wildlife. The system was set up in order to generate income for the villagers in Hemis National Park, famous for its wildlife.
Naveen Patnaik-led Biju Janata Dal, which will face Assembly elections in May, had opposed disclosure of its ITRs
The Central Information Commission (CIC) has directed the Income Tax (I-T) department to disclose within three weeks income tax returns (ITRs) of Naveen Patnaik-led Biju Janata Dal (BJD) as the issue concerns larger public interest. Anil Bairwal of Association of Democratic Reforms (ADR) had filed the Right to Information (RTI) application seeking ITRs of BJD.
While asking the I-T department to disclose the information, Information Commissioner Rajiv Mathur, cited an earlier order of the CIC which had said an information which is otherwise exempt, can still be disclosed if public interest so warrants.
“In view of the fact that a larger public interest has been established by the Commission in the judgement referred to above, the disclosure of I-T returns of Biju Janata Dal does not fall in the exemption clause of Section 8(1)(j) of the RTI Act. The CPIO is directed to provide the information sought within three weeks of receipt of the order,” Mathur held.
BJD, which will face Assembly elections in May, had opposed disclosure of its ITRs saying since they do not receive any grant from the government directly and indirectly information about their income tax returns should not be disclosed.
The I-T department decided to withhold information sought by Anil Bairwal citing a Supreme Court order which said that ITRs are personal information and should not be disclosed unless a larger public interest is involved.
Bairwal also wanted to know if the IT returns of the party contained balance sheet, auditor’s report, schedules, contribution reports and copy of assessment order among others.
The IT department held that there was no public interest involved in the disclosure of tax returns of the political party and, therefore, it could not be disclosed.
BJD was not among the six political parties that were declared to be public authorities liable to answer queries under the RTI Act by a full bench of the CIC.