Sensex, Nifty to head higher: Friday closing report

Watch out for a close below 6,085 on the Nifty for a change in the trend


A higher than forecast climb in a measure of US manufacturing in February boosted the sentiments in India stock market. Back of the positive performance from the US on Thursday and over all optimism among the Asian indices on Friday made the indices back home zoom up and cover up almost all of the loss of Thursday.


The BSE 30-share Sensex opened at 20,601 while the NSE Nifty opened at 6,108. The day’s low was almost at the same level. The indices hit the intra-day high at near the end of the session at 20,725 and 6,160. The benchmark closed almost at the near the day’s high. Sensex closed at 20,701 (up 164 points or 0.80%) while the Nifty closed at 6,155 (up 64 points or 1.05%). The NSE recorded a volume of 47.10 crore shares.


On the political front, lawmakers passed a bill to create India's 29th state on Thursday despite chaos in the Parliament, as opponents made a futile last attempt to stop the upper house carving landlocked Telangana from coastal Andhra Pradesh. Thursday's vote fulfils a promise made by the government in 2009, and comes just weeks before a national election in April.


The government's allocation of Rs11,200 crore for capital injection into state-run banks is credit negative as it is much smaller than estimated requirements, global credit rating agency Moody's Investors Service said on Thursday.


India should prepare a plan to respond to volatility in global currency markets that may come as the US Federal Reserve reduces monetary stimulus, the International Monetary Fund staff said in a report. While India’s finances have improved since last year, a coordinated plan is needed in case capital account pressures re-emerge, the IMF said. High inflation remains a “central macroeconomic challenge,” and reducing that “will require a tightening of the monetary stance, possibly over a protracted period, which inevitably will weigh on growth prospects,” the IMF said. The IMF estimates Asia’s third-biggest economy will expand 4.6% in the year to March 2014 and 5.4% in the next year.


India is "stuck in a rut" as weaker consumption and stalled investments prevent the economy from building any sort of momentum, HSBC said in a report on Friday adding "slow recovery" could start post elections. HSBC for now is "underweight" on Indian equities but some of its preferred sectors include energy which is likely to gain from subsidy changes, power (stands to benefit from distribution reform), non-ferrous metals (corporate restructuring) and telecoms (more clarity post the auctions).


US Indices closed in the positive on Thursday. US factory activity accelerated in February at its fastest pace in nearly four years.


The Markit Economics preliminary index of US manufacturing increased to 56.7 in February. On the other hand the Labor Department figures indicated fewer applications for unemployment benefits last week.


Except for Shanghai Composite (down 1.17%) all the other Asian indices closed in the positive. Nikkei 225 (up 2.88%) was the top gainer.


Group of 20 finance ministers meet in Sydney this weekend, with US stimulus cuts and political turmoil from Ukraine to Venezuela stoking concern over emerging-market volatility.


German Finance Minister Wolfgang Schaeuble said in a TV interview broadcast today, 21 February 2014, that emerging markets should get their own houses in order before demanding solidarity from other nations. The troubles in emerging markets would be the main topic discussed by finance ministers and central bank chiefs at the G20 summit in Sydney this weekend, Schaeuble said.


Meanwhile, global rating agency Standard & Poor's today, 21 February 2014, cut its long-term foreign currency rating on Ukraine by one notch to CCC, saying the country's worsening political situation is putting the government's capability to service its debt at increasing risk.


European indices were showing a mix performance, while the US Futures were trading higher.


UK retail sales fell more than economists forecast in January, led by a drop in demand at food and clothing stores. Sales including fuel plunged 1.5% from December, when they surged 2.5%, the Office for National Statistics said on Friday in London. The drop is the biggest since April 2012.


Moneylife Foundation launches Legal Helpline and Resource Centre
Need help in legal matters? Moneylife Foundation has launched a new helpline and Legal Resource Centre that aims to provide help in 10 specific areas, like filing complaints, guidance on RTI, PILs, housing societies as well as wills and nominations
Moneylife Foundation on Friday launched "Legal Resource Centre" (LRC) to provide information, advice and preliminary guidance to a person needing legal help or planning legal action. The LRC was launched by former Miss World Yukta Mookhey in an event at Mumbai that was attended by several prominent experts and activists.

Offering to help and guide people through Moneylife Foundation's Legal Resource Centre, Ms Mookhey in her short but extremely wise speech, pointed out “Through the last two years I have dealt with the law pretty close and have interacted with probably a dozen lawyers. The first question I am asked is ‘Do you really want to get into litigation?’ And I understand where they are coming from. It is probably part of their training to evaluate the client.” 

“I believe that it is important to ask this question to oneself. We often feel wronged or cheated and believe that a legal course of action will be right. But when you are coming from a feeling being wronged, you going to end up meeting a lawyer or a doctor or somebody who’s intend going to wrong you further,” pointed out Ms Mookhey.


“We should rather ask ourselves: 'Do I really want to get into litigation? Do we really want to fight against something or do I really want to put my energy, all my emotional charge into something else that I rather believe in,” said Ms Mookhey who has been involved in a tough divorce battle.


“I felt that had I been in different time and place I could have dealt with my personal life situation very differently. I may feel I am right and I need to prove that I am right and the law says this are my rights and this what I should get and this is what has been done wrongly etc. But those who want to fight legal battles also should know that letting go is also a great act. So, I would really want to suggest among the various things being offered at Moneylife Foundation LRC, one of the things which must always be offered is emotional counselling!"

“I have gone through a very painful experience but I wouldn’t want to blame the legal system because there are some great lawyers and great people are doing fantastic work and there are really some genuine human being who are trying to uplift humanity and take us to a better future and I really hope and do pray that Legal Resource Centre and Moneylife Foundation will bring that change from 2014.”
Advocate Jamshed Mistry, Yukta Mookhey's lawyer in her legal battles, has been, for a long time, passionate about the idea of setting up a Legal Resource Centre. He said, "The idea of having the Legal Resource Centre that occurred not only to me but few others as well. This was in 2008, when we had the horrible terrorist attack in Mumbai on 26/11. At that time we found there was no easy availability of accurate legal information. Of course, the state has legal resources, but what about an ordinary citizen? And so this is how MLF-LRC shaped up. The other point is, let's have better informed clients, they are so much easier and better to deal with."
Focus on 10 Areas
While the Moneylife Foundation Legal Resource Centre would provide free help in 10 areas, the centre will not offer legal advice. It will provide essential, first-level guidance. All registered members of Moneylife Foundation can seek help in the following areas…
  1. Guidance for filing complaints with financial regulators & stock exchanges 
  2. Guidance for filing consumer complaints
  3. Guidance on filing Class Action Suits under new companies Act
  4. Guidance on filing Public Interest Litigation
  5. Guidance to Whistleblowers
  6. Guidance on filing complaints & consequences in Sexual Harassment cases
  7. Guidance Wills, transmission of assets etc. 
  8. Guidance on filing RTI effectively and handling the appeals process
  9. Property, conveyance, cooperative society related issues, registration, stamp duty etc. 
  10. Basic legal research of different kinds especially pertaining to new legislation where there is no case laws in India.
Speaking on the occasion, Shailesh Gandhi, former Central Information Commissioner and Right to Information (RTI) activist, said, “The MLF-LRC will make changes in the lives of many who do not access to legal system, lawyers and forums.”
Sandeep Ohri, who has been active in pioneering the switchover of power from Reliance Infrastructure to Tata Power in Mumbai, expressed that the MLF-LRC should put out some sample case, so that people can understand what exactly they would get here. “Sometimes people come with huge or wrong expectations. Therefore it is important for the MLF-LRC to state clearly what exactly people would get,” he said.
Environmentalist and Mumbai's foremost and veteran anti-noise activist Sumaira Abdulali also offered her support and help to all those seeking guidance on environmental issues through MLF-LRC. 
Apart from the Legal Resource Centre Helpline, Moneylife Foundation runs other helplines to assist Moneylifers and the common man namely Insurance Helpline, Mutual Fund Helpline, Samir Zaveri Railway Helpline, Credit Helpline and Disha Counselling Centre for loan-related issues.



Simple Indian

3 years ago

Great initiative from MLF on setting up the LRC. Hope it will guide many litigants to have their grievances addressed and rights restored. Kudos to MoneyLife & MLF team !!

deepak s kapadia

3 years ago

where to post the legal query

deepak s kapadia

3 years ago

where to post the legal query


3 years ago

sathya cumaran
operational head india
singapore media and channel group
thanks for moneylife this legal help would pave an way for many investors like me who have cheated by the broking houses and where bse nse sebi had failed to take any action and as an journalist we feel that these institution are hand in glow with erring broking houses in india unless we have some top policitical affliation justice for individual citizen is denied but in an small country like Singapore even an ordinary citizen or expariate if he approaches any govt institution for justice its done within an weeks time for which including the prime minister of the country would reply and ry to sort the issue that is the country but country like india where everywhere corruption doesnot speak well of an country we need your help in my case


3 years ago

Congratulations to Moneylife team. This is an excellent effort for people at large. Kindly provide me the contact details for onward information to any needy person. thks


3 years ago

Congratulations to Moneylife team. You are doing a great service for society.

G R Vora

3 years ago


Dear Sucheta and MLF-LRC team,
My best wishes to you all. This is an excellent initiative for the benefit of the common citizen.

Keep up the good work !!

G R Vora

suresh kumar gupta

3 years ago

pl provide me the mail id of money helpline to sent my illlegal termination issue

Aadhaar not required to get subsidised LPG cylinders, says Moily

A clarification on delinking Aadhaar account from disbursal of subsidised LPG cylinders would be issued within a week, the minister told the Lok Sabha


Consumers across the country can buy subsidised LPG cylinders without an Aadhaar-linked bank account, the government informed the Lok Sabha on Friday.


A clarification on delinking Aadhaar account from disbursal of subsidised LPG cylinders would be issued within a week, Petroleum and Natural Gas Minister Veerappa Moily said during the Question Hour.


As far as direct benefit transfer (DBT) is concerned, Cabinet has decided to delink Aadhar account from disbursal of subsidised LPG cylinders. Now, subsidised cylinders can be purchased without Aadhaar account, the minister said.


He said there have been some problems in DBT programme, mainly related to banks, which have been given Rs435 per cylinder (for subsidy) which is not enough since the subsidised price of one cylinder has increased to Rs700.


He also emphasised that the government has not increased the price of subsidised cylinders for consumers.


Under DBT, about 4.86 crore accounts have been made and around 2.06 crore households have received subsidised cylinders.


Regarding know your customer (KYC) norms for LPG connections, the minister said the government has already issued clarifications regarding multiple connections and would liberally look into the matter if required.


“If there are two separate LPG connections in the same address, it would be allowed if there are separate kitchens or separate households... A declaration has to be made (by the consumer),” he added.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)