Stocks
Sensex, Nifty struggling to remain positive: Thursday Closing Report

The short uptrend seems to be maturing. A close below the day’s low on the Nifty may bring in several days of downtrend. However, a close above 6,140 would take the market higher

Late buying in FMCG and auto stocks helped the market close higher amid a high degree of volatility. The short uptrend seems to be maturing. A close below the day’s low on the Nifty may bring in several days of downtrend. However, a close above 6,140 would take the market higher. The National Stock Exchange (NSE) reported a higher volume of 68.56 crore shares and advance-decline ratio of 569:807.

 

The market opened lower tracking its Asian peers which were in the negative in morning trade today. US benchmarks closed down on Wednesday no gains in US Treasury bonds, which have been on the upmove since Federal Reserve chief Ben Bernanke hinted at curbing its bond-buying programme. The local market is expected to see volatile trade on account of the expiry of the May F&O derivatives contract, which takes place today.

 

The Nifty opened 32 points down at 6,072 and the Sensex resumed trade at 20,067, a cut of 81 points from its previous close. The opening figures on both the benchmarks were also their intraday lows.

 

Gains in auto, fast moving consumer goods and capital goods sectors soon saw the market moving higher. However, intense choppiness saw the market taking a roller-coaster ride as trade progressed.

 

A positive opening of two of the three key European markets saw the domestic benchmarks venturing into the positive in noon trade. The indices fluctuated between red and green in the late session.

 

Buying interest in FMCG and auto stocks helped the indices hit their highs in the last half of trade. The Nifty rose to 6,134 and the Sensex went up to 20,254.

 

The market settled off the highs amid a high degree of volatility associated with the F&O contract expiry. The Nifty closed 20 points (0.32%) higher at 6,124 and the Sensex finished the session at 20,215, a gain of 68 points (0.34%).

 

The broader indices witnessed a mixed close as the BSE Mid-cap index rose 0.04% and the BSE Small-cap index declined 0.35%.

 

The top sectoral gainers were BSE Auto (up 2.29%); BSE FMCG (up 1.88%); BSE Power (up 0.71%) and BSE PSU (up 0.12%). The main losers were BSE Realty (down 2.39%); BSE Metal (down 1.11%); BSE Oil & Gas (down 0.74%); BSE Capital Goods (down 0.56%) and BSE Healthcare (down 0.40%).

 

Out of the 30 stocks on the Sensex, 15 settled higher. The major gainers were Mahindra & Mahindra (up 4.61%); Tata Motors (up 4.31%); ITC (up 3.51%); HDFC (up 1.80%) and NTPC (up 1.62%). The key losers were Cipla (down 4.62%); Tata Steel (down 3.90%); Hindalco Industries (down 3.18%); ICICI Bank (down 2.71%) and Hero MotoCorp (down 1.96%).

 

The top two A Group gainers on the BSE were—Mphasis (up 8.42%) and Adani Power (up 7.53%).

The top two A Group losers on the BSE were—HDIL (down 6.88%) and Madras Cements (down 5.06%).

 

The top two B Group gainers on the BSE were—Networth Stock Broking (up 20%) and Prime Capital Market (up 19.96%).

The top two B Group losers on the BSE were—Fourth Generation Information Systems (down 19.97%) and Sharp India (down 18.13%).

 

Of the 50 stocks on the Nifty, 21 ended in the in the green. The main gainers were M&M (up 4.93%); Tata Motors (up 3.69%); ITC (up 3.60%); Asian Paints (up 2.55%) and Kotak Mahindra Bank (up 2.41%). The major losers were Cipla (down 4.72%); Tata Steel (down 3.80%); Jaiprakash Associates (down 3.47%); Hindalco Ind (down 3.36%) and ICICI Bank (down 3.04%).

 

Markets across Asia closed in the negative on falling commodity prices and strengthening of the yen against other key global currencies. Japanese economy minister Akira Amari said that investors should not overreact to the market declines and reiterated that economic policies would be pursued without anxiety in regard to recent stock market volatility.

 

The Shanghai Composite fell 0.27%; the Hang Seng declined 0.31%; the Jakarta Composite dropped 1.37%; the KLSE Composite declined 0.48%; the Nikkei 225 tumbled 5.15%; the Strait Times contracted by 0.93%, the Seoul Composite shed 0.05% and the Taiwan Weighted settled 1.13% down.

 

At the time of writing, the CAC 40 of France was trading 0.86% higher, the DAX of Germany gained 0.54% and UK’s FTSE 100 rose 0.15%. At the same time, the US stock futures were trading with minor gains.

 

Back home, foreign institutional investors were net buyers of equities amounting to Rs643.81 crore on Wednesday while domestic institutional investors were net sellers of shares aggregating Rs308.11 crore.

 

State-owned Balmer Lawrie & Co plans to acquire a domestic company offering tour operating services. Its travel services arm, Balmer Lawrie Tours and Travel, garnered revenues of Rs 1,132 crore during 2012-13, accounting for nearly 44% of the company’s net sales. The stock climbed 1.79% to close at Rs397 on the NSE.

 

BEML has posted a Rs85.35-crore profit for the fourth quarter of financial year 2012-13, against a loss of Rs13.99 crore in the same period the previous fiscal (2011-12). The company’s revenues for Q4 grew 41.43% to Rs1,122.04 crore (Rs793.35 crore). The EPS was at Rs20.49 (Rs3.36). BEML advanced 8.96% to close at Rs183 on the NSE.

 

Tata Communications has deployed a range of unified communications solutions at mid-size IT company KPIT Cummins. As per the deal, the Tata group company has completed a multi-technology implementation of network consolidation, business video and managed voice services for KPIT Cummins. Tata Communications declined 3.82% to Rs211.40 on the NSE.

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Why We Lose Money in Financial Products?

The Financial Conduct Authority (FCA), a regulatory body in the UK, has pointed out that poor choices and outcomes in financial markets are a result of three clusters of factors
 

The Financial Conduct Authority (FCA) of UK, a new regulatory arm that oversees the conduct of financial services companies across different sectors, has come up with an analysis of the various factors that determines risk in financial products. The next issue of Moneylife will have a detailed analysis of these factors. The FCA has pointed out that poor choices and outcomes in financial markets are a result of three clusters of factors namely:

  1. Inherent Factors
  2. Structures and behaviours
  3. Environment conditions

To read more about these three factors in detail as well as our view on FCA’s findings, do check out our blog at http://savers.moneylife.in/.

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Kiran Mazumdar Shaw, 3 others in Forbes Asia-Pacific philanthropy list

The annual list of “Heroes of Philanthropy” compiled by Forbes Asia magazine, features a total of 48 persons from the Asia-Pacific region, including countries like China, Singapore, Hong Kong and Indonesia

Four Indian business leaders—Kiran Mazumdar-Shaw, PNC Menon, Vineet Nayar and Ronnie Screwvala—figure in this year's list of Asia-Pacific's most remarkable ‘givers’.

 

The annual list of “Heroes of Philanthropy” compiled by Forbes Asia magazine features a total of 48 persons from the Asia-Pacific region, including countries like China, Singapore, Hong Kong and Indonesia.

 

Listing Indian biotechnology major Biocon's founder and chief Kiran Mazumdar-Shaw as one of “the most notable givers”, Forbes said she is working to improve cancer care and has pledged to give away 75% of her wealth.

 

Other Indians on the list included realty major Sobha Developers' chairman emeritus PNC Menon, who plans to give away half his estimated $435 million fortune through his Sri Kurumba Trust—his family's charitable arm.

 

The Sri Kurumba Trust has adopted four villages in his native Kerala in 2006 and helps families with a monthly income below $90 (over Rs5,000).

 

HCL Technologies vice-chairman Vineet Nayar sold shares in the outsourcing company for $24 million last year and the proceeds went mostly to Sampark, a charity he started long with his wife Anupama. It works with local governments to improve schools, fund social ventures and expand water supply.

 

Entertainment mogul Rohinton ‘Ronnie’ Screwvala, co-founder of UTV Group and Walt Disney's India managing director, also plans to spend $180 million over five years to uplift over a million villagers in Maharashtra.

 

“The selections are subjective and we aim for a mix of notable people and causes. We also try to identify new philanthropists each year and pick only true philanthropists who are giving their own money, not their company's because donating shareholder's funds is not charity,” Forbes Asia senior editor John Koppisch said.

 

He further noted that “by calling attention to these charitable souls, we hope to encourage more giving”.

 

Forbes further said that this year four of the previous year's honourees—Australia’s Andrew Forrest (and his wife, Nicola), India’s Azim Premji, Malaysia’s Vincent Tan and Taiwan’s Samuel Yin-signed the Giving Pledge, an effort by Bill Gates and Warren Buffett to get the world's richest to give at least half their wealth for philanthropy.

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