Stocks
Sensex, Nifty to remain range-bound: Monday Closing Report

The market may get a firm direction in a couple of days

Nervousness ahead of the March inflation numbers and the Reserve Bank of India’s credit policy saw the market remaining volatile for the entire session. However, gains in rate-sensitive sectors like banking and auto stocks enabled a green close. The market is expected to remain range-bound and a firm direction is expected in a couple of days. The National Stock Exchange (NSE) saw a low volume of 48.81 crore shares being traded today.

The market opened in the red on nervousness ahead of the release of inflation data for the month of March. Weak cues from the Asian markets also weighed on the sentiments. The Nifty opened 16 points lower at 5,191 and the Sensex started the day at 17,048, down 47 points from its previous close.

The market fell to its intraday low in initial trade itself with the Nifty slipping to 5184 and the Sensex dropping to 17,010. Choppiness in early trade kept the indices fluctuating near their previous close till noon after which select buying lifted the benchmarks higher.

The overall inflation in March eased to 6.89% on account of sharp decline in prices of onions, fruits and protein-based items, even as vegetables and pulses turned costlier. However, it was marginally above the 6.5% projection made by finance ministry.  Inflation, as measured by the Wholesale Price Index (WPI), was 6.95% in February and 9.68% in March last year.

However, the market retreated in the post-noon session as volatility persisted. Support from the European bourses helped the domestic market venture into the positive once again. The volatile market touched its intraday high towards the fag end of the session. At the highs, the Nifty went up to 5,234 and the Sensex rose to 17173.

The market settled a tad below the highs. The Nifty closed 19 points higher at 5,226 and the Sensex added 56 points to finish at 17,151.

The advance-decline ratio on the NSE was 817:606.

The broader markets outperformed the Sensex today, as the BSE Mid-cap index surged 0.80% and the BSE Small-cap index climbed 0.56% d.

The sectoral gainers were BSE Auto (up 1.31%): BSE Bankex (up 1.22%); BSE Capital Goods (up 1.10%); BSE Realty (up 1%) and BSE Fast Moving Consumer Goods (up 0.97%). The losers were BSE TECk (down 0.65%); BSE IT (down 0.49%) and BSE Oil & Gas (down 0.27%).

The Sensex toppers were Tata Motors (up 3.91%); State Bank of India (up 2.44%); ITC (up 2.07%); Larsen & Toubro (up 1.54%) and Maruti Suzuki (up 1.41%). Bharti Airtel (down 1.74%); Infosys (down 1.41%); Sun Pharma (down 1.20%); Hindustan Unilever (down 0.68%) and Mahindra & Mahindra (down 0.64%) settled lower on the index.

The Nifty was led by Tata Motors (up 4.22%); Jaiprakash Associates (up 3.36%); Axis Bank (up 3.17%); SBI (up 2.60%) and Punjab National Bank (up 2.30%). The top losers were Ambuja Cement (down 2.39%); ACC (down 1.74%); Bharti Airtel (down 1.67%); Infosys (down 1.57%) and Sun Pharma (down 1.55%).

Markets in Asia settled mostly lower as a rise in Spanish government bond yields ignited fresh concerns about the debt crisis plaguing Eurozone nations. Besides, sluggishness in the Chinese and US economies also weighed on investor sentiment.

The Shanghai Composite shed 0.09%; the Hang Seng declined 0.44%; the Jakarta Composite fell by 0.31%; the KLSE Composite decreased by 0.35%; the Nikkei 225 tumbled 1.74%; the Seoul Composite dropped 0.81% and the Taiwan Weighted lost 0.75%. Bucking the trend, the Straits Times rose 0.14%. At the time of writing, two of the three the key European indices were green and the US stock futures were trading in the positive.

Back home, foreign institutional investors were net buyers of shares totalling Rs137.25 crore on Friday while domestic institutional investors were net sellers of equities amounting to Rs479.68 crore.

Turnkey engineering major ABB will invest Rs250 crore to build new facilities in India to manufacture high-voltage power products and transformers. The facilities, to be located at Savli in Gujarat, are expected to be operational by the end of 2012. The stock settled 0.36% lower at Rs828 on the NSE.

Apollo Hospitals Group has chalked out plans to invest Rs1,500 crore on increasing the number of its beds to nearly 11,500 by March 2014. The healthcare group had added 800 beds in 2011 in its existing 56 hospitals, which now have 9,000 beds. The stock lost 0.32% to close at Rs601.20 on the NSE.

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Public Interest Exclusive
Protest against President’s land grab set to spread countrywide

The Indian Ex-Servicemen Movement (ISEM) and related defence NGOs have begun galvanising support

On Saturday evening, around 150 citizens, mostly jawans and retired officers gathered at the National War Memorial in Pune Cantonment to protest against President Pratibha Patil’s land grab by lighting candles.

The Delhi headquarters of the Indian Ex-Servicemen Movement (IESM) has already amplified the protest. In an email to Col Suresh Patil (retired) and Comm Ravindra Pathak who are spearheading the campaign from Pune, Major Gen Adityajung Bahadur Jaini wrote that the IESM has started galvanising support at their end through their national and international network of members. IESM, Delhi is also staging a big rally at Jantar Mantar on 22nd April wherein besides their core issue of one rank-one pension, they would be protesting against the President’s post-retirement home issue. “Although we are not at the forefront of this protest as our mainstay is the pension issue, we are supporting the Justice of Jawans in its endeavour.”

The anger against President Patil’s brazen encroachment on 2,42,000 sq ft of defence land against the backdrop of Pune, which is the headquarters of the Southern Command, facing crisis of accommodation for its several thousands of its serving soldiers and officers, has echoed not only in all parts of the country, but around the world as well.

States Col Patil (retd), “We have received a communication from retired Air Force officers from Dubai who have joined this campaign. Retired defence personnel from Toronto have also joined it. Similarly, I have got calls from Vishakhapatnam, Jabalpur and Lucknow who are all fired up to join the protest until the President gives back the land. What tugged my heart most was when an 86 year old lady from Mhau, Ms Sohoni whose 93 year old husband (who recently died) has fought the World War II, called me up yesterday. She told me that she had approached President Patil in connection with a land that the government gave them but it was grabbed. Ms Patil did not address the issue. Hence, she has also joined our campaign.”

The two bungalows—No 38 and 26A—both of which have been illegally demolished to make way for President Pratibha Patil’s palatial bungalow were studded with more than 100-year old trees. These have been mercilessly cut down and are lying all around the construction area. Col Patil is taking up the issue with the Principal Director, Defence Estates. He states, “Despite merciless tree cutting, there seems to have been no legal action. We are going to first question him about what kind of permission was given to fell the stalwart trees. Secondly, as per the law, the local military authority has to auction them officially and deposit the revenue in the treasury. Has it done that?”

In a day or two, Col Patil and Comm Pathak  are dashing off a letter to Chief Justice of India, SH Kapadia asking him to intervene and consider this letter as a writ petition.

Clearly, the battle-lines are drawn until victory (who’s will it be?). Meanwhile,  enthused by the world wide outcry over the President’s brazenness in using defence land for her personal benefit, founder of Justice for Jawans (JFJ) Col (retd) Suresh Patil, Indian Ex-servicemen Movement’s (IESM) head of Pune Ravindra Pathak and former Navy officer and RTI activist Anup Awasti say they will not stop till the President backtracks from the land.

(Vinita Deshmukh is a consulting editor of Moneylife. She is also an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte. She can be reached at [email protected])

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COMMENTS

M Kumar

5 years ago

there is NO TRUE DEMOCRACY IN INDIA! IT IS A HOG WASH IN THE FORM OF FARCE-O-CRACY!

THE BEST TRUE DEMOCRATIC COUNTRY IS THE U.S.A. WHERE EVEN A PRESIDENT IS A PUPPET IN FRONT OF THE LAW & THE CONSTITUTION.

IN INDIA, EVEN MINIONS IN A CORPORATION & PANCHAYAT HAVE A CLOUT OF "UNTOUCHABLES", EVEN GOD CAN'T DARE TO BRUSH PAST THE HIGHEST & THE MIGHTIEST!

EVEN MONARCHIAL GULF COUNTRIES HAVE SUBTLE DEMOCRACY NOT FOUND IN THE WORLD'S LARGEST FARCE-O-CRACY CALLED 'DEMOCRACY' - A TOOL FOR POLITICIANS @ ELEXION TIMES & THEN PUT IN COLD STORAGE UNTIL NEXT ONE! THEN, THEY CAN BE ANYTHING - AUTOCRACY TO DICTATORSHIP & ALL THE IN-BETWEENS!



Ravindra

5 years ago

Ashamed to have such a lady as PRESIDENT.

Laloo, Kalmadi, Bhujbal and all other land grabbers will also salute such a President.

atul kumthekar

5 years ago

it will be interesting to see how Dr Abdul Kalam is staying now...

REPLY

malq

In Reply to atul kumthekar 5 years ago

One answer is given here, please take a look, and pass it on . . .

http://zeenews.india.com/news/nation/hom...

atul kumthekar

In Reply to malq 5 years ago

Thanks, that helps.

Wg Cdr N Monie

5 years ago

SHAME ON PRATIBHA PATIL. THIS IS NOT THE FIRST LAND-GRAB BY HER OR HER FAMILY.

thyagarajan

5 years ago

it is widely circulated about the precedents questionable deals of of the SUPREME COMMANDER, which brings shame not only to the person but also to the CHAIR.
Now this land grab is another disgraceful incident. But with the UPA in power, nothing less can be expected and we r not surprised.

atul kumthekar

5 years ago

its preety simple. They will fudge numbers, find some other cause of that land donation, may be erect a statue of shivaji or ambedkar on small part, find some law in the books. There are so many ways. then they will reduce the number to her allocated house area, which is perfectly legal. Case dismissed.

REPLY

malq

In Reply to atul kumthekar 5 years ago

Dear Atul Kumthekar, I don't think there is any reason to feel so dejected, have faith in the larger greatness of human beings and the power of the same system.

Please keep an eye, also, on this case involving the Vice COAS who was then also in charge of Pune as Southern Command headman:-

http://www.sakaaltimes.com/20120414/5223...

Also Adarsh in Mumbai involving a vast variety of people.

All are and will sing.

It would be good if we are all positive about stopping this brazen daylight robbery by our "Hail to the Thief".

rgds/VM

atul kumthekar

In Reply to malq 5 years ago

Dear Malq,
I wanted to do positive things for india, and not just keep fighting against negative things of people who are actually supposed to do positive things. That is the pain, as even after a lot of efforts these people find a work around and fighting people are made fools of. that is my point. Look at the bank robbery by Ajit Powar, How the cag report is hated so on and so forth. where all is the common man supposed to fight? and how is he supposed to survive too?

Tata Motors global sales rises 16% to 12.5 lakh units in FY12

Tata Motors global wholesales—including Jaguar Land Rover—increased 26% to 139,655 units in March 2012 over March 2011

Cumulative sales for FY11-12 are 1,252,173 units, a growth of 16% compared to the corresponding period in 2010-11.

Tata Motors global wholesales—including Jaguar Land Rover—increased 26% to 139,655 units in March 2012 over March 2011. Cumulative sales for FY11-12 are 12.52 lakh units, a growth of 16% compared to the corresponding period a year ago.
Global sales of all commercial vehicles—Tata, Tata Daewoo and the Tata Hispano Carrocera range—were 63,791 units in March 2012, a growth of 12%. Cumulative sales for the fiscal are 599,927 units, a rise of 17%.

According to the company press release, global sales of all passenger vehicles rose 41% to 75,864 units in March 2012. Cumulative sales for the fiscal are 652,246 units, higher by 14%.

At 3.45pm, Tata Motors was trading 3.91% up at Rs300.40 per share on the Bombay Stock Exchange, while the benchmark Sensex was 0.33% up at 17,150.95.

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