Stocks
Sensex, Nifty to fall further: Monday Closing Report

 

If the Nifty closes below today’s low, the next support would be 5,060
 
All the Asian indices opened in the negative after a Chinese central bank adviser forecast an economic slowdown and on renewed concern that Greece may not meet its bailout targets, dampening demand for riskier assets. Back home the benchmarks also opened in the red. The Sensex opened 111 points below at 17,048 while the Nifty opened 42 points down at 5,163. 
 
The opening figure of the Sensex was its intraday high while the Nifty hit that level almost immediately at 5,164. As we had mentioned in our Friday’s closing report that the Nifty has to break the range of 5,190 and 5,340 for a reversal. If the market closes below today’s low, we may see the index finding the next support at 5,060. The National Stock Exchange witnessed a volume of 47.62 crore shares.
 
Greece is in a “Great Depression” similar to the American one in the 1930s, the country's prime minister Antonis Samaras told former US President Bill Clinton on Sunday. Samaras was speaking two days before a team of Greece's international lenders arrive in Athens to push for further cuts needed for the debt-laden country to qualify for further rescue payments and avoid a chaotic default.
 
Back home, investors will closely watch political developments as the Nationalist Congress Party (NCP) holds a party meeting today to decide the future course of action on continuing its alliance with the Congress-led United Progressive Alliance (UPA) government. The NCP is upset over what it says the Congress’ unilateral approach in decision making. Party chief Sharad Pawar will hold consultations with senior party colleagues to decide the future course of action. 
 
The weakness on the European opening pulled down the domestic indices further. The Sensex and the Nifty touched their lowest levels since 26 June 2012. Their intraday low was at 16,849 and 5,108. All Asian indices ended in the red. 
 
On the Sensex it was the maximum percentage loss of 1.64% since 16 May 2012 and on the Nifty it was the maximum percentage loss of 1.67% since 1 June 2012. The Sensex closed 281 points lower at 16,877 while the Nifty closed 87 points lower at 5,118.
 
The advance-decline ratio on the NSE was negative at 369:1553.
 
Among the broader indices, the BSE Mid-cap index closed 1.31% lower and the BSE Small-cap index declined 1.14%.
 
All sectoral indices settled lower. The top losers were BSE Metal (down 3.35%); BSE Realty (down 2.87%); BSE Power (down 2.70%); BSE Auto (down 2.40%) and BSE Capital Goods (down 1.97%.
 
Barring Dr Reddy’s Laboratories (up 1.10%) and Cipla (up 0.43%), the remaining 28 stocks on the Sensex ended lower. They were led by Maruti Suzuki (down 5.65%); Sterlite Industries (down 5.19%); Hindalco Industries (down 4.67%); GAIL India (down 4.52%) and BHEL (down 3.95%).
 
The top two A Group gainers on the BSE were—Shriram Transport Finance (up 3.78%) and Indian Bank (up 3.32%).
 
The top two A Group losers on the BSE were—Crompton Greaves (down 9.19%) and Pantaloon Retail (down 7.89%).
 
The top two B Group gainers on the BSE were—SIL Investments (up 13.11%) and 
Maestros Mediline Systems (up 12.61%). The top two B Group losers on the BSE were—Landmarc Leisure (down 15%) and Globus Corporation (down 12.82%).
 
The gainers on the Nifty were Dr Reddy’s Labs (up 1.19%); Cipla (up 0.91%) and ONGC (up 0.76%). The top losers on the index were Maruti Suzuki (down 5.75%); JP Associates (down 4.69%); Sesa Goa (down 4.67%); Sterlite Ind (down 4.66%) and Hindalco Ind (down 4.46%).
 
On the international front, a Chinese central bank adviser has predicted that the nation's expansion may slow down to 7.4% this quarter, adding to concern that the world's second-biggest economy has yet to bottom out. Song Guoqing, an academic member of the People's Bank of China monetary policy committee, also warned that a decline in producer prices along with consumer inflation may hurt investment returns of industrial companies.
 
Meanwhile, a German report over the weekend said that the International Monetary Fund may cut off aid to Greece. A visit by the inspectors from the European Commission, the International Monetary Fund and the European Central Bank—is set to start on Tuesday—to determine the fiscal position of the debt-ridden nation.
 
There is speculation that Spain’s banking sector bailout could widen to include aid for the government, as well. Spain revised down its gross domestic product (GDP) estimates from this year through 2014. Reports also said Spain's Valencia and Murcia regions may seek financial assistance from the government.
 
Ahead of its quarterly monetary policy review, the Reserve Bank of India (RBI) will hold a meeting tomorrow to firm up the policy action against the backdrop of prevailing macro-economic conditions. The RBI is scheduled to announce first quarter review of monetary policy on 31st July. The central bank is widely expected to maintain status quo as inflation at 7.25% in June is above its comfort level of 5-6%.
 
At the time of writing the European indices and the US stock futures were trading in the red.
 
Back home, foreign institutional investors were net buyers of stocks totalling Rs178.11 crore on Friday, whereas domestic institutional investors were net sellers of shares amounting to Rs84.40 crore.
 
Godrej Industries today said it plans to raise up to Rs 405 crore through a rights issue to institutional players. The company will issue up to 1,56,66,734 equity shares of Re1 each with a right, besides an additional allotment of up to 15,66,673 equity shares in case of over subscription. The stock tanked 5.80% to close at Rs231.50 on the NSE.
 
Aurobindo Pharma has received final approval from the US Food & Drug Administration (US FDA) to manufacture and market Metformin Hydrochloride Extended-Release (ER) Tablets USP 500 mg and 750 mg (ANDA 079118).
 
Metformin Hydrochloride ER Tablets are oral anti-hyperglycemic drugs indicated as an adjunct to diet and exercise to improve glycemic control in patients with type-2 diabetes. The annual sale of the product is approximately $230 million. The stock rose 0.05% to close at Rs108.45 on the NSE.

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"Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse sit amet mauris magna, eget condimentum arcu. Nunc sed lacus eget velit " Dr. Anant Phadke

 

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Choose Carefully
Immediate Annuity Rates (%)
Age in Years Tata AIG(%) LIC(%) Max New York Life(%)
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
Source: Smaller manufacturers for all drugs will have to rely on higher priced local
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Choose Carefully
Immediate Annuity Rates (%)
Age in Years Tata AIG(%) LIC(%) Max New York Life(%)
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
21 7.086 - -
Source: Smaller manufacturers for all drugs will have to rely on higher priced local

Nam dui justo, semper ut elementum ac, facilisis quis justo. Curabitur ac suscipit purus. Curabitur vestibulum arcu sit amet Fusce facilisis tristique fermentum. Phasellus ullamcorper, nisi ut malesuada vehicula, metus ipsum adipiscing erat, in congue libero lectus ac dolor. Fusce ac sem tortor. Vivamus malesuada accumsan nunc, ac euismod libero auctor vel. Lorem ipsum dolor sit amet, consectetur adipiscing elit.

Nam dui justo, semper ut elementum ac, facilisis quis justo. Curabitur ac suscipit purus. Curabitur vestibulum arcu sit amet Fusce facilisis tristique fermentum. Phasellus ullamcorper, nisi ut malesuada vehicula, metus ipsum adipiscing erat, in congue libero lectus ac dolor. Fusce ac sem tortor.

Nam dui justo, semper ut elementum ac, facilisis quis justo. Curabitur ac suscipit purus. Curabitur vestibulum arcu sit amet Fusce facilisis tristique fermentum.

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Maharashtra aims to provide crop loans of Rs24,700 crore this year

About 48% of the total farm credit in Maharashtra would be provided by co-operative banks while 52% would come from nationalized banks


Mumbai: Maharashtra government would make every effort to provide crop loans to farmers, Co-operative Minister Harshawardhan Patil assured the Legislative Council on Monday, reports PTI.
 
"We have the target of providing crop loans of Rs24,700 crore for the year 2012-13," Patil said, replying to debate initiated by senior BJP legislator Pandurang Phundkar on the six district cooperative banks which are making losses.
 
Forty-eight per cent of the total farm credit would be provided by co-operative banks while 52 per cent would come from nationalized banks, he said.
 
Loans of Rs716 crore had been disbursed so far, he said.
 
"No farmer will be denied the crop loan," Patil said, stating that government would try and increase the loan disbursal to Rs30,000 crore in the next two years. In 2010-11, state had disbursed crop loans of Rs19,788 crore.

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Monsoon deficiency: PM directs weekly monitoring

 

PM Manmohan Singh directed all departments and ministries to co-ordinate efforts with state governments to meet any eventuality and monitor the situation on a weekly basis

New Delhi: As the Monsoon rain recorded 22% deficiency, a concerned Union government has swung into action, with Prime Minister Manmohan Singh directing all departments and ministries to coordinate with states to meet any eventuality by monitoring the situation on a weekly basis, reports PTI.
 
The Central government has prepared extensive plans to deal with the deficiency in the Monsoon rainfall in some parts of the country and is in full readiness to address any situation that may arise due to any rainfall anomalies, an official statement said here today.
 
It said the Prime Minister has been apprised of the situation and he has directed all departments and ministries to co-ordinate efforts with state governments to meet any eventuality and monitor the situation on a weekly basis.
 
According to the Indian Meteorological Department, the cumulative rainfall for the period from 1st June to 15th July is 22% less than the long period average (LPA).
 
The statement said the rainfall deficiency which existed at the end of June has lessened somewhat, but the intensity and spread of rainfall over the next week or so needs to be watched carefully, especially in Karnataka, Maharashtra, Gujarat and Rajasthan
 
"The progress of the Monsoon so far has not allayed earlier concerns," it said.
 
The IMD's second stage forecast on 22nd June predicted rainfall over the whole Monsoon season to be normal at 96% of LPA with model error of plus or minus of 4%, but this is now reportedly likely to be around the lower end of the range.
 
As on 15th July, Monsoon has covered all parts of the country.
 
The statement said the government has already chalked out contingency plans and these will be rolled out in the areas which continue to receive low rainfall.
 
An inter-ministerial group under Secretary, Department of Agriculture and Cooperation is reviewing the situation on a weekly basis and holding video conference with the state governments, it said.
 
While the prices of wheat and rice are stable, the prices of sugar, pulses and vegetable are showing an upward trend, the government noted.
 
In this context, it said a proposal for increase in subsidy for supply of pulses through Public Distribution System to BPL families is being brought before Cabinet Committee on Economic Affairs by the Ministry of Consumer Affairs, Food and Public Distribution.
 
Sufficient funds to the tune of Rs4,524 crore are currently available under National Disaster Relief Fund.
 
Suitable advisories regarding fodder availability have been issued in the states by the Department of Animal Husbandry, Dairying and Fisheries.
 
These include preservation of crop residue that may be used as fodder in the nest season, the statement said, adding sufficient funds for this purpose are available with the State Governments under various schemes.
 
All options for increasing fodder availability under Joint Forest Management Programme will be explored by the Ministry of Environment and Forests.
 
The need for according the highest priority to drinking water was stressed. The Ministry of Drinking Water & Sanitation will henceforth be monitoring the status of the affected habitations on a weekly basis, rather than on a fortnightly basis as is presently being done.

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