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

Positive global cues boost the indices

 
The market closed higher on firm global cues and sustained buying in blue chips. The benchmark may see range-bound movement before a correction sets in. The National Stock Exchange (NSE) saw a lower volume of 50.16 crore shares. Bulls don’t have much of a conviction at the current levels.
 
The market witnessed a gap up opening on positive global cues. Markets in Asia were higher in morning trade on the back of better-than-expected US payroll data and easing of concerns relating to the Eurozone debt crisis. The Nifty opened 45 points higher at 5,261 and the Sensex started the day at 17,313, a gain of 115 points over its previous close.
 
Private sector oil and gas major Reliance Industries (RIL) was the top gainer on the Sensex and Nifty on reports that the company has agreed to share accounting information relating to the KG D6 gas block, under the terms of the production sharing contract, with the national auditor. The oil ministry is also expected to the company’s annual investment plans for the gas block, which were pending for the past two years.
 
The market gave up a small part of its gains in noon trade on profit booking. However, the upmove continued after a brief pause as the European markets were in the green on optimism from the European Central Bank, which reiterated its willingness to resolve the Eurozone crisis.
 
The benchmarks hit their highs in the post-noon session on sustained buying in blue chips. At the highs, the Nifty rose to 5,293 and the Sensex surged to 17,452.
 
The market closed off the high, snapping its two-day losing streak. The Nifty gained 67 points (1.28%) to settle at 5,283 and the Sensex climbed 215 points (1.25%) to finish trade at 17,413.
 
The advance-decline ratio on the NSE was negative at 926:563.
 
Among the broader markets, the BSE Mid-cap index gained 0.53% and the BSE Small-cap index climbed 0.79%.
 
In the sectoral space, BSE Oil & Gas (up 3.03%); BSE Auto (up 1.70%); BSE Bankex (up 1.38%); BSE Capital Goods (up 1.37%) and BSE Realty (up 1.24%), were the top gainers. On the other hand, BSE Fast Moving Consumer Goods (down 0.37%); BSE IT (down 0.12%) and BSE TECk (down 0.09%) were the losers.
 
The key gainers on the Sensex were Reliance Industries (up 5.71%); Tata Motors (up 3.51%); GAIL India (up 2.49%); HDFC Bank (up 1.95%) and Tata Steel (up 1.85%). Dr Reddy’s Laboratories (down 0.86%); TCS (down 0.69%); Wipro (down 0.59%); NTPC (down 0.54%) and ITC (down 0.42%) were the main losers.
 
The top two A Group gainers on the BSE were—RIL (up 5.71%) and Rural Electrification Corporation (up 5.25%).
The top two A Group losers on the BSE were—Britannia Industries (down 2.95%) and Godrej Consumer Products (down 2.78%).
 
The top two B Group gainers on the BSE were—Winsome Textiles (up 20%) and Reliance MediaWorks (up 20%).
The top two B Group losers on the BSE were—Tricom Fruit Products (down 19.88%) and Venus Power Ventures (down 19.80%).
 
The top performers on the Nifty were RIL (up 5.51%); Tata Motors (up 3.67%); Jaiprakash Associates (up 3.07%); GAIL (up 2.74%) and Kotak Mahindra Bank (up 2.36%). The top laggards on the index were BPCL (down 3.02%); Wipro (down 0.94%); Dr Reddy’s (down 0.92%); TCS (down 0.88%) and ITC (down 0.62%).
 
Markets in Asia settled in the green on positive data from the US and assurance that European leaders would work towards easing the debt problems in the continent. Meanwhile, Indonesia’s gross domestic product growth in the June quarter was 6.4% from a year earlier against 6.3% in the first quarter, helped by domestic consumption and investment. After China, Indonesia’s growth is also the highest among the world’s leading emerging economies.
 
The Shanghai Composite advanced 1.04%; the Hang Seng surged 1.69%; the Jakarta Composite rose 0.14%; the KLSE Composite gained 0.27%; the Nikkei 225 jumped 2%; the Seoul Composite climbed 2.01% and the Taiwan Weighted settled 0.95% higher.
 
At the time of writing, key European indices were up between 0.20% and 0.63% and the US stock futures were trading with marginal gains.
 
Back home, foreign institutional investors were net buyers of shares totalling Rs208.69 crore on Friday while domestic institutional investors were net sellers of equities amounting to Rs434.64 crore.
 
Engineers India (EIL) today said it has bagged a project management consultancy contract from the 2,000 km Mallavaram-Bhopal-Bhilwara-Vijaipur natural gas pipeline project. GSPL India Transco, the Gandhinagar-based firm which would be implementing the project, has awarded the project management consultancy services contract to EIL, the state-owned firm said in a statement. EIL gained 0.19% to settle at Rs237.80 on the NSE.
 
Sadbhav Engineering has informed the BSE that it has been declared successful bidder for five projects totalling Rs378.28 crore by Sardar Sarovar Narmada Nigam, Gujarat. The contracts are for construction of canal and allied works, including operation and maintenance. The stock gained 1.66% to close at Rs134.85 on the NSE.
 
Bhushan Steel hopes to sign a memorandum of understanding with the Odisha government in the current quarter, which will enable the company mining 3.5 million tonnes of iron ore a year for its new steel projects. The company is building a 2.5 million tonne steel plant which is expected to get commissioned in the third quarter of this year. The stock gained 0.33% to settle at Rs471.70 on the NSE.
 

User

IDBI Bank launches online portal for buying CDs

IDBI Samriddhi CD portal offers investors an facility to easily purchase certificate of deposits issued by the Bank 

 
Mumbai: State-run IDBI Bank said it launched a new portal, a kind of first in India for certificate of deposit (CD). The portal IDBI Samriddhi CD was launched by Anand Sinha, deputy governor of the Reserve Bank of India (RBI) in Mumbai. This portal offers investors an facility to easily purchase CDs issued by IDBI Bank. 
 
Mr Sinha while commending the initiative said that technology provides great opportunities for increasing transparency, enhancing efficiency and also in reaching out to a wider investor base.  He suggested that banks need to fully leverage on the potential of technology. 
 
RM Malla, chairman and managing director, IDBI Bank stated that the Bank is committed to bring technology and transparency in the markets by offering products that are available to the entire investor community. 
 

User

BSE, NSE warn market entities on Iran money in stocks

The Indian bourses have asked members to ensure compliance with the FATF statement about Iran’s persisting failure to address the risk of terrorist financing and money laundering

 
New Delhi: The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have asked market participants to exercise caution in dealing with entities linked to Iran, pursuant to a fresh warning from market regulator Securities and Exchange Board of India (SEBI) about possible money laundering and terror financing risks from that country, reports PTI.
 
In a circular issued on Monday, BSE told its member brokers that the exchange has been informed by SEBI about a Financial Action Task Force (FATF) public statement against the jurisdictions having strategic anti-money laundering/combating financing of terrorism (AML/CFT) deficiencies.
 
FATF is a global inter-governmental body for making policies for combating money laundering, terrorist financing and other related threats to the international financial system.
 
The BSE has asked its members to ensure compliance with the FATF statement about Iran’s persistent failure to address the risk of terrorist financing and money laundering. The NSE has also issued a similar circular to its members.
 
SEBI’s direction to the stock exchanges follows an FATF warning, dated 22nd June, on Iran and North Korea in its tri-annual compliance status of various countries to its AML/CFT standards.
 
FATF reviews the status of various jurisdictions in complying with these standards thrice a year—February, June and October—and accordingly issues warnings to all the member countries, including India, about dealings with jurisdictions with deficiencies in mechanism to check money laundering and terror funding risks.
 
As per an established process, the FATF warning on Iran and North Korea is forwarded by the Indian government to its key financial sector regulators, including SEBI and the Reserve Bank of India (RBI), which subsequently advise the institutions in their respective areas to apply caution in dealings with the entities and funds from the FATF-identified high-risk jurisdictions.
 
Earlier this year, the 36-member FATF had appreciated the Indian government’s efforts to combat money laundering and financing of terrorism.
 
India became a member of FATF in June 2010, while its other member countries include the US, UK, Russia, South Korea, Japan, China, Brazil, Argentina, Italy, Germany and Australia.
 
In its latest warning, the FATF has asked India and other countries to “apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks” emanating from Iran and North Korea.
 
It has said that the “FATF remains particularly and exceptionally concerned about Iran's failure to address the risk of terrorist financing and the serious threat this poses to the integrity of the international financial system”.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

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)