Stocks
Sensex, Nifty to move in a range: Wednesday Closing Report

The Nifty may move sideways with a negative bias in the range of 5,060 to 5,155

The volatile market settled higher on hopes that the prime minister, who has kept the finance portfolio, will create a path for economic reforms. On a higher volume of 53.36 crore on the National Stock Exchange (NSE), the Nifty managed to close in the positive after a range-bound session. We may now see the index moving sideways with a negative bias in the range of 5,060 to 5,155.

The market opened in the green on positive cues from the Asian markets which were trading higher following gains in the US indices overnight on optimistic data on home prices. However, European concerns capped the gains. The Nifty opened 28 points up at 5,149 and the Sensex started the day at 16,976, a gain of 69 points over its previous close.

Buying in banking, technology, power and metal stocks supported early gains. The indices were in the positive till the noon session on hopes that the prime minister, who has decided to keep the finance portfolio, will take steps to speed up reforms.

The market hit its intraday high shortly after 1.00pm as the key European markets opened in the green. At the highs, the Nifty went up to 5,610 and the Sensex scaled 17,029.

However, the indices came off the highs on selling pressure in auto and oil & gas sectors amid volatile trade. The benchmarks fell to their lows in post-noon trade with the Nifty going back to 5,129 and the Sensex dipping to 16,931.

Select buying in the last hour helped the market close off the day's high. The Nifty settled 21 points up at 5,142 and the Sensex edged 61 points up at 16,968.

The advance-decline ratio on the NSE was in favour of the gainers at 904:706.

Among the broader indices, the BSE Mid-cap index gained 0.36% and the BSE Small-cap index advanced 0.32%.

The top gainers in the sectoral space were BSE Metal (up 1.55%); BSE Power (up 1.03%); BSE IT (up 0.94%); BSE TECk (up 0.77%) and BSE Healthcare (up 0.52%); BSE Auto (down 0.77%); BSE Consumer Durables (down 0.54%) and BSE Oil & Gas (down 0.08%) were the losers.

The key gainers on the Sensex were Tata Steel (up 2.51%); Tata Power (up 2.25%); Sterlite Industries (up 1.79%); Sun Pharma (up 1.34%) and Hindalco Industries (up 1.30%). The top losers on the index were Tata Motors (down 3.06%); Bharti Airtel (down 0.42%); Wipro (down 0.37%); Mahindra & Mahindra (down 0.25%) and State Bank of India (down 0.13%).

Top two A Group gainers on the BSE were-Manappuram Finance (up9.77%) and United Breweries (up 6.49%).
Top two A Group losers on the BSE were-Andhra Bank (down 7.10%) and Tata Motors (down 3.06%).

Top two B Group gainers on the BSE were-HBL Power and Sheetal Diamonds (up 20% each).
Top two B Group losers on the BSE were- GSL Nova Petrochemicals (down 10.56%) and Bhagawati Gas (down 10.10%).

The Nifty was led by Sesa Goa (up 3.66%); IDFC (up 3.41%); Tata Steel (up 2.53%); Tata Power (up 2.45%) and HCL Technologies (up 1.96%). Tata Motors (down 3.16%); Cairn India (down 1.40%); Kotak Mahindra Bank (down 1.37%); ACC (down 1.35%) and Jaiprakash Associates (down 0.57%) settled at the bottom of the index.

Markets in Asia closed mostly in the positive on speculations that China would announce new initiatives to spur growth. Positive economic data from the US on Tuesday also supported investor sentiment.

The Hang Seng climbed 1.03%; the Jakarta Composite surged 1.38%; the KLSE Composite gained 0.49%; the Nikkei 225 advanced 0.77%; the Straits Times rose 1.28% and the Taiwan Weighted settled 0.63% higher. Bucking the trend, the Shanghai Composite fell by 0.23% and the KOSPI Composite shed 0.01%.

At the time of writing, the key European indices pared early gains and were up between 0.17% and 0.42% on nervousness ahead of the European leaders' summit on 28th and 29th June. On the other hand, US stocks futures were mixed.

Back home, foreign institutional investors were net buyers of shares totalling Rs13.03 crore on Tuesday whereas domestic institutional investors were net sellers of equities amounting to Rs355.05 crore.

Amara Raja Batteries is in advanced stage of negotiations with a clutch of two-wheeler manufacturers for supplies of batteries, according to an equity research report. The company is confident of starting supplies by July-August. The stock declined 0.55% to close at Rs297.30 on the NSE.

Videocon Industries today said it expects to finalise a deal to sell 40% stake in its consumer electronics goods retail chain Next by this Diwali. The company is in talks with three European firms and two US firms which are in the same business as Next Retail. The stock shed 0.15% to close at Rs169.20 on the NSE.

User

Max New York Life drags and delays compensation

Insurers go to any length to lure new customers, but when the time comes for payback, they often try to drag the claim proceedings and delay payments

 

I had a pension policy from Max New York Life (MNYL), which I surrendered in April 2012. However, I did not receive the cheque and enquired as to what was happened to it. MNYL’s Pune office took roughly eight days to inform me that the cheque was dispatched on 18th April.

I therefore contacted their courier, an international company, Express-IT. They informed me that, as per their records, the cheque was delivered on 24th April and had an acknowledgement signed by me along with my mobile number. Upon hearing this, I thought that I had misplaced or lost the cheque. I therefore asked MNYL to issue “Stop Payment” instructions to their bank, which they did promptly. In the meantime the bank also confirmed that the said cheque remains unpaid at their end, which was a big relief.

Now started the big drama. I received a courier from MNYL through Express IT in May which was duly received by my wife. To my surprise, the envelope contained a cheque of redemption bearing the same number as the original one which was presumed to have been lost by me. I purposely banked the cheque knowing that it should bounce as payment was stopped.

I contacted MNYL to complain that the original cheque was received only now. I had to speak to a lot of people for this but that was possible because my wife is my advisor! I also spoke to Express-IT and asked to see the POD on which my signature was supposedly there. After considerable trouble they showed it to me and it was clear that nobody had signed it and the signature was someone else’s.

It seemed that the courier person took my phone number from the window envelope and “signed it off”. I complained to the courier company. They stalled me for a long time by saying that they were investigating the matter! When I asked them to compensate me for the delay of nearly one month, their customer relationship department flatly refused and told me to claim the compensation form MNYL!

A few months back my aunt had found a number of packets of the same company dumped in her building compound. She took the trouble of locating their office and returned them. This is the total callous approach of an international courier company!

I then wrote to MNYL asking for interest for the delay and the inconvenience caused for no fault of mine. I had told their officials that I expected them to pay me interest, which they had accepted. Now it has been more than 15 days since I put the request in writing. I have received three SMSs from MNYL that they were processing my request and will get back to me in three days. The first message was received on 6th June and the final one on 11th June!

With all new admirable advertising by MNYL, the customer still is where he always was!

This same company had once told me that the Reserve Bank of India (RBI) does not allow policyholders to pay their premium in advance through ECS. I had to fight with them before they apologized and admitted that if they invoked the name of RBI or IRDA most of their clients would believe it!

In short all service providers are the same. Customers are at their mercy and that’s what they love!

User

COMMENTS

Max New York Life

5 years ago

Dear Mr Tiwari

Greetings from Max New York Life!

Thank You for sharing your concern. We request you to help us with your contact number and policy details to assist you. Post receipt of the requirement , our customer service representative will get in touch with you within 48 hours.

Alternatively, you may also post your concern along with your policy details at http://www.maxnewyorklife.com/contactus/....

We look forward to hearing from you.

Regards,
Max NewYorkLife Insurance

REPLY

tewarisurendra

In Reply to Max New York Life 5 years ago

To MNYL,

Dear sirs, It appears irrelevant to ask for my policy number or my phone number. I simply asked where MNYL shal be going to adjust/ appropriate the charges commited to pay for a fault on the part of courier. Why MNYL has agreed to pay the compensation under reference for a fault not on thei (MNYL) part?
Anyway my phone number is 9451333600.

tewarisurendra

5 years ago

My question in no way relates to Mr. Anil but to MNYL and MNYL should respond to my querry.

Anil Agashe

5 years ago

Thanks to the article published by you, yesterday I got a call from Express IT couriers expressing regret and offering compensation! Why it took them so long is a mystery.
I request earnestly to all readers to bring out service deficiencies through Money Life so that they get highlighted and also force the companies concerned to take notice. Power of media that is trying to do the right things is enormous.

tewarisurendra

5 years ago

It is difficult to understand why MNYL has agreed to compensate for a fault on the part of courier. If they agreed so, they are wrong and are guilty, as the money they are wrongfully agreeing to pay as compensation belongs to other policyholders and not to MNYL. MNYL are supposed to act only a trustee of its policyholders and can not be deemed to own the funds/ earnings except the reasonable expenses as maintenance charges. Where MNYL would adjust such wrongful compensations so paid?

Max New York Life

5 years ago

Dear Mr. Agashe

Greetings from Max New York Life!

We are concerned to note that your interaction with us did not elicit a satisfactory response. We acknowledge your concern pertaining to policy number 230300188 . Request you to quote the reference number 9047983 in all future communication with us.

Our customer service representative will get in touch with you within 48 hours.

In case of any clarifications please feel free to write back at [email protected] or call us at 1800 200 5577

Regards,
Max NewYorkLife Insurance

Anil Agashe

5 years ago

Thanks to this article MNYL called today and said they will pay the interest immediately. Thanks debashis and Sucheta.

Anil Agashe

5 years ago

I have today received a mail from MNYL saying that they will pay the compensation..
The point is the major fault in this case is that of Express-IT and they have been pretty arrogant.

Personal Finance Exclusive
StanChart launches online credit card approval solution

The online application process involves verification of key customer details such as Permanent Account Number, mobile number, email ID and credit history through CIBIL, and other internal eligibility criteria

 

New Delhi: Standard Chartered Bank said it has launched an instant online credit card approval solution which will enable a customer to apply for a card online and receive an ‘approval in-principle’ (AIP) almost instantly.

 

Standard Chartered will extend this process to several other consumer banking products over the next few months, making it more convenient for its customers, Standard Chartered Bank said in a statement.

 

“The online Credit Card AIP is poised to revolutionise customer experience with its instant feedback feature,” it said.

 

“Digital solutions are the future of banking and Standard Chartered is leading the way in making digital channels an important and integral part of the way customers bank,” Standard Chartered Bank regional head (South Asia) and chief marketing officer (consumer banking) Sanjeeb Chaudhuri said.

 

The online application process involves verification of key customer details such as the Permanent Account Number, mobile number, email ID and credit history through CIBIL, and other internal eligibility criteria.

 

The AIP will be followed by a final approval after completion of “Know Your Customer” (KYC) and credit approval processes.

User

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