Stocks
Sensex, Nifty to witness volatile session tomorrow: Wednesday closing report
Futures and options expiry Thursday will lead to volatile intraday moves
 
As we had suggested in Tuesday’s closing report the Indian stock market witnessed a sideways move and closed Wednesday flat. The BSE 30-share Sensex opened at 24,592 while the NSE 50-share Nifty opened at 7,325. Sensex moved in the range if 24,489 and 24,643 while the Nifty moved between 7,303 and 7,345. Sensex closed at 24,556 (up 7 points or 0.03%) and the Nifty closed at 7,330 (up 12 points or 0.16%). NSE recorded a volume of 126.63 crore shares. India VIX fell 8.08% to close at 17.5575.
 
Among other indices on the NSE, the top five gainers were IT (1.49%), Realty (1.30%), MNC (0.74%), Smallcap (0.68%) and Service (0.64%) while the top five loser were Metal (1.41%), PSE (1.21%), CPSE (0.99%), Auto (0.95%) and PSU Bank(0.90%).
 
Of the 50 stocks on the Nifty, 28 ended in the green. The top five gainers were UltraTech Cement (5.67%), Ambuja Cements (5.49%), Tata Power (4.71%), ACC (4.32%) and HCL Technologies (4.15%). The top five losers were Coal India (3.07%), ONGC (3.00%), Asian Paints (2.86%), M&M (2.71%) and Jindal Steel (2.51%).
 
Of the 1,591 companies on the NSE, 1,028 companies closed in the green, 517 companies closed in the red while 46 companies closed flat.
 
Market will face increased volatility with the near month May 2014 futures & options (F&O) expiry on Thursday.
 
The Reserve Bank of India (RBI) on Tuesday doubled the amount of forward contracts, importers can book, to 50% of their average three years import turnover, or previous year's actual import turnover, whichever is higher. The earlier limit for such contracts was 25%.
 
Ahead of the results to be given out, Hero MotoCorp (2.08%), the stock was among the top three gainers in the Sensex 30 pack. 
 
S Narsing Rao has stepped down as chairman and managing director of Coal India. Rao will  take up a new role as principal secretary to K Chandrasekhar Rao, the chief minister of Telangana — from 2nd June. The stock was the top loser (3.23%) in the Sensex 30 stock.
 
Power Finance Corp posted good March 2014 quarter results. The board of directors of the company have recommended a final dividend of Re0.20 per share, in addition to already paid interim dividend of Rs8.80 per share, thereby making total dividend of Rs9 per share for the financial year 2013-14. The stock was the top gainer (8.25%) in the ‘A’ group on the BSE.
 
Although Jet Airways could manage a top line growth, it continues to suffer huge losses as evidenced by poor March quarter results. The stock was the top loser (8.50%) in the ‘A’ group of the BSE.
 
US indices closed Tuesday in the positive.
 
The Conference Board's index of US consumer confidence increased to 83 in May from 81.7 a month earlier, the New York-based private research group said, while a Markit Economics preliminary index for services unexpectedly rose to 58.4 this month from 55.
Except for Straits Times (0.07%) all the other Asian indices closed in the positive. Seoul Composite (0.97%) was the top gainer.
 
Chinese industrial profit increased 10% this year through April from the same period in 2013, a report showed today, compared with 10.1% growth in the three months through March.
 
European indices were trading in the green. US Futures also were trading higher.
 

User

BG Srinivas quits Infosys
BG Srinivas, the highest paid executive, resigned from Infosys, making it the 10th high-profile exit from the company since the return of NR Narayana Murthy
 
The exodus of high-profile executives from Infosys continues. In a surprise move, BG Srinivas, president and member of the board has resigned from the company at a time when he was being considered as one of the candidates to become Infosys' chief executive (CEO). 
 
This is the 10th high-profile exit from the IT company since NR Narayana Murthy returned in June as its executive chairman. Before Srinivas, nine senior members including V Balakrishnan, Mohandas Pai and Vemuri had resigned from the company after a fairly long spell.
 
In a regulatory filing, Murthy, the chief of India's second-largest software services provider, said, "BG Srinivas has been an integral part of Infosys and has played an important role in the company’s growth. The Board and every Infoscion thanks BG Srinivas for his wonderful contribution and wish him great success in his future endeavours.”
 
Srinivas was the highest paid executive of the company in 2013-14. During the year, he received a total compensation of $1.3 million (about Rs7.8 crore).
 
Last year in December, Balakrishnan, who was head of Infosys BPO, Finacle, and India Business Unit as well as chairman of Infosys Lodestone and Subrahmanyam Goparaju, senior vice president and a member of Infosys' executive council resigned.
 
In July 2013, Infosys' global sales head Basab Pradhan quit. In August, Ashok Vemuri, the company's global manufacturing head joined rival iGate as chief executive. In November, Stephen Pratt, who co-founded Infosys consulting also stepped down.
 
Infosys closed Wednesday 1.2% up at Rs3,172 on the BSE, while the 30-share Sensex ended the day marginally higher at 24,556.

User

Maharashtra's Chavan ministry likely to be expanded on Thursday
NCP's Suryakanta Patil and Jitendra Awhad or Sharad Gavit from SP and Amit Deshmukh, Kalyan Kale and Rohidas Patil from Congress are likely to get ministerial berths in the last expansion before assembly elections
 
The Congress-Nationalist Congress Party (NCP) ministry in Maharashtra will be expanded on Thursday, say media reports. The swearing-in is scheduled at 10am at Raj Bhavan.
 
The expansion comes after a meeting between Maharashtra Chief Minister Prithviraj Chavan and Congress president Sonia Gandhi in Delhi, in the wake of the drubbing the ruling alliance suffered in the Lok Sabha polls.
 
The poll results saw Congress getting its lowest tally of just two of the 48 Lok Sabha seats in the state.
 
With the sacking of state Medical Education Minister Vijaykumar Gavit, one Cabinet rank of NCP is vacant. Besides, the term of Minister of State for Education, Health and Culture Fouzia Khan as MLC has ended. There had been complaints against her for non-cooperation with official NCP candidate in Parbhani during the recent Lok Sabha polls.
 
The reports said senior NCP leader Suryakanta Patil is in race to fill in the Cabinet post while state NCP working president Jitendra Awhad and Sharad Gavit, Samajwadi Party MLA and brother of Vijaykumar Gavit, are in race to replace Fouzia Khan.
 
Meanwhile, legislators Amit Deshmukh, son of former Chief Minister late Vilasrao Deshmukh, Kalyan Kale and senior leader Rohidas Patil are among the probables from the Congress, which has three ministerial berths vacant, including one Cabinet.
 
The Assembly elections in Maharashtra are due later this year. 

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)