Sensex, Nifty up move intact: Friday closing report

As long as the Nifty holds itself above the previous day’s low, the up move may continue. The index is however, overbought and could react any day now.

The Sensex opened at 20,213 while the nifty opened at 6,057, slightly above yesterday’s levels. On Thursday, we had mentioned that as long as Nifty manages to stay above the 5,995 we might see the up move continuing. Today the index remained well above this level, but closed marginally in the red. The NSE saw a volume of 56.46 crore shares.
Both the Sensex and the Nifty hit new intraday high in the early noon session. The Sensex hit a high of 20,257, highest after 21 May 2013 while the Nifty hit a high of 6,067, highest after 31 May 2013. However, weak trading in European market brought weakness back home as well. The indices hit their respective lows in the end. The Sensex hit a low of 20,111 while the Nifty hit a low of 6,020. The Sensex closed at 20,150 (21 points up, 0.11%) while the Nifty closed at 6,029 (9 points down, 0.15%).
Among the broader indices, the BSE Mid-cap index fell 0.58% and the BSE Small-cap index fell 0.56%.
Among the sectoral indices, four closed in the positive territory. The top gainers were BSE IT (up 2.81%); BSE Teck (up 2.20%); BSE Auto (up 1.66%) and BSE Oil & Gas (up 0.67%). Top losers were BSE Capital goods (down 1.99%); BSE Power (down 1.87%); BSE Bankex (down 1.84%); BSE Realty (down 1.83%) and BSE Consumer durables (down 1.19%). 
Out of the 30 stocks on the Sensex, 16 stocks settled higher. Top gainers were TCS (up 4.92%); Bajaj Auto (up 3.68%);  Hero MotoCorp (up 2.62%);  Tata Motors (up 2.52%) and  Gail (up 2.51%). BHEL (down 8.02%); Sun Pharma (down 3.35%); Sterlite Inds (down 2.93%); Jindal Steel (down 2.77%) and ICICI Bank (down 2.64%) were among the top losers.
The top two A Group gainers on the BSE were- MMTC (up 4.96%) and TCS (up 4.92%).
The top two A Group losers on the BSE were- BHEL (down 8.02%) and Financial Technologies (down 7.22%).
The top two B Group gainers on the BSE were- Thirumalai Chemicals (up 19.98%) and Assam Company (up 19.90%).
The top two B Group losers on the BSE were- Astec Lifesciences (down 19.39%) and Swasti Vinayaka Synthetics (down 19.02%).
Of the 50 stocks on the Nifty, 24 ended in the in the green. TCS (up 4.97%); Bajaj Auto (up 3.97%);  HCL Technologies (up 3.43%); Gail (up 2.73%) and Hero MotoCorp (up 2.44%) were among the top gainers while BHEL (down 9.02%); IndusInd Bank (down 3.98%); Axis Bank (down 3.88%); Sun Pharma (down 3.70%) and Ranbaxy (down 3.60%) were top losers today.
Earlier in the day, Prime Minister Manmohan Singh said that the economy may grow slower than previously expected 6.5% for the year to March 2014. India is committed to bringing its current account deficit under control and reducing demand for gold and petroleum products. He also said that more foreign direct reforms are on the anvil while listing out the various positive measures undertaken by the UPA government to improve the country's finances and bolster growth.
On the issue of the rupee's slide, he said that the central bank is doing its bit to stabilise the market, however, the recent measures taken by the RBI "are not meant to signal long-term high interest rates." Dr Singh added that if the situation improves, RBI can even consider reversing some of those measures.   
US indices rose Thursday after the second day of congressional testimony from Federal Reserve Chairman Bernanke. New claims for jobless benefits fell in the world's biggest economy and factory data improved on Thursday. Back home the indices too opened in the green and traded mostly in the positive throughout the trading session. Federal Reserve Chairman Ben Bernanke spent a second day on Capitol Hill on Thursday, discussing the outlook and Fed rate policy with the Senate Banking Committee. The Fed chief said that economic data since the last Fed rate-policy meeting have been "mixed" and it is "way too early" to make a judgment on when the central bank will slow down the pace of its asset purchases. He remained silent on his future plans during the two hour hearing before the Senate Banking Committee.
The Asian indices closed mostly in the red with Taiwan Weighted being the major loser (1.62%). KLSE Composite rose the most (up 0.35%). 
European indices were trading in the red. Among the US Futures indices, Dow Jones Industrial Average and S&P 500 were trading in the red.



Activists demand probe in matters associated with ex-CJI Altamas Kabir

Lucknow-based activists have prayed Chief Justice Sathasivam for an independent enquiry into various allegations associated with outgoing Chief Justice Altamas Kabir, including alleged leak of an order on medical entrance test passed on his last day

Lucknow-based activists, Dr Nutan Thakur and Asok Pande have demanded a probe by independent body into various allegations associated with outgoing Chief Justice Altamas Kabir. The allegations include, leakage of an order passed on his last day, allegations of not promoting Bhaskar Bhattacharya, former Chief Justice of Gujarat High Court for vested reasons and exerting undue pressure on Supreme Court Collegium to elevate a Judge to the Supreme Court.


In a letter sent to Chief Justice P Sathasivam, the activists said, at 8.36am on 18th July, Gopal Sankaranarayanan, a lawyer from the Supreme Court published an article 'Into the Darkness' on a website 'Bar and Bench'. The article stated, "In a little while, on his last day in office, the Chief Justice's court will deliver the much awaited judgment concerning the validity of the national medical entrance test to be conducted by the Medical Council of India. For the better part of the last week, senior counsel and junior advocates alike have without compunction shared a story that the appeals by the private colleges will be allowed with a declaration that the MCI has no jurisdiction, and that Justice Dave will dissent from this view. The judgment, it is confidently touted, runs into more than 190 pages and in excess of 300 paragraphs. It is my fervent hope that this tale is false - a figment of some perverse and destructive mind. In a few hours, we will know the truth."


On the same day at 11am, the three Judge bench including the then Chief Justice Altamas Kabir, Justice Vikramajit Sen and Justice AR Dave quashed the Medical Council of India’s (MCI) notification for holding common entrance tests for Bachelor of Medicine and Bachelor of Surgery (MBBS), Bachelor of dental surgery (BDS) and post-graduate medical courses.


Calling the pronouncement of almost same kind of judgement by the Bench headed by the ex-CJI, the activists have an independent enquiry preferably by Committee consisting of retired Chief Justice or Justice of Supreme Court, eminent advocate like Prashant Bhushan, Fali Nariman and social activist like Anna Hazare or Aruna Roy.


Dr Thakur and Mr Pande also cited articles from Times of India, Hindustan Times and Bar and Bench.


Here is what the report from the Hindustan Times, says...

"Meanwhile, CJI Kabir was caught unawares when informed that an article by SC advocate Gopal Sankaranarayanan - uploaded on a website two hours before the verdict - had leaked the judgment and even mentioned that Justice Dave's would be the dissenting vote. The article talked about "gossip" within court circles that the appeals by private colleges against the NEET would be allowed.  When questioned about the 'leak', Justice Kabir said he was surprised and shocked. "What can I say about it?" he said.  The outgoing CJI was on his way to his farewell party when media persons questioned him."


An article published by Times of India on 19th July titled "Collegium stalls outgoing CJI's attempt to push judge's appointment to SC" also talks about former CJI Kabir's meeting with the Collegium. It says...


In an unprecedented step, Chief Justice of India (CJI) Altamas Kabir had - a fortnight before his retirement - proposed before the Collegium of four senior-most Supreme Court Judges for recommending to the Centre to appoint a high court Chief Justice as Judge of the apex court. The CJI had on July 2 requisitioned a meeting of the Collegium comprising himself and justices P Sathasivam, GS Singhvi, RM Lodha and HL Dattu. Once they assembled, the Collegium members were told by the CJI about the proposal. But, the CJI was told that the President has signed the warrant of appointment designating justice Sathasivam as the next CJI and fixed July 19 for administering oath to him. Since, the warrant of appointment had come, it would be against precedents and tradition for the outgoing Chief Justice of India to push for appointment of Judges to the high courts or the Supreme Court.


Not convinced, Justice Kabir sought individual opinions of each member of the Collegium on the tradition and precedent thrown at him to stall his last proposal as the head of the judiciary. All four senior-most judges concurred that it would not be proper for the outgoing CJI to push for an appointment to the Supreme Court especially when his successor had been issued warrant of appointment. He was told that in the past, the outgoing Chief Justices had in fact requisitioned the meeting of Collegium but it was only to address an emergency, like an ad-hoc Judge's tenure in a high court coming to an end prior to the new CJI taking oath warranting extension or denial thereof. Unconvinced by the logic presented to scuttle his proposal, the CJI, it is learnt, flared up accusing the Collegium members of "ganging up" against him. With the overwhelming majority in the Collegium not favouring breaching the tradition and precedent, the CJI had no option but to drop his proposal.


Another article published on 12 July 2013 on the Bar and Bench site, claimed that Bhattacharya, former CJ of Gujarat HC alleged that the real reason for him not being denied a place in SC was opposition to elevation of (ex-CJI) Kabir's sister Shukla Kabir Sinha, to the Calcutta High Court.  


The activists requested CJI Sathasivam, to get all the facts mentioned in their petition enquired by a completely independent body and take all possible measures, including criminal and administrative measures on extremely critical issues raised in the petition as well as published in various news articles and as leveled by a person of the stature of acting Chief Justice of the Gujarat HC.



P M Ravindran

4 years ago

My concern is not just about the leak of the order but the very reason given by Altamas Kabir that a common entrance test would adversely affect minority rights! He has followed the foot steps of KG Balakrishnan in blatantly misusing his position and mocking at the citizens at large, thanks to the criminals who dominate our law making bodies!


Ram Prasad Yadav

In Reply to P M Ravindran 4 years ago

His hastily judgement on medical entrance and bias comment on concept of reservation, both are hurting very much to the common people in India. they never forget it, shall never pardon to Mr. CJI Altamas Kabir.


4 years ago

If dignity of judiciary is to be maintained the CJI must order a thorough probe in the matter. Such issues put the judiciary in shadow of doubt.

DrMukesh Yadav

4 years ago

There is need for CBI probe in the matter to look for reasons and such a favoured decision at last hours of retirement.

Thomas Kuruvilla

4 years ago

I have been told that in Jan/Feb this year some doctors in Mumbai were already aware that the NEET would be scrapped & that money in hundreds of crores had exchanged hands with the private medical colleges having given this money. I came to know about this after the SC judgement on NEET was delivered a few days back.



In Reply to Thomas Kuruvilla 4 years ago

This is a very serious allegation. Mr. Kuruvilla, are you the person who is known as "pavam payyan' in media circles in Kerala?

Thomas Kuruvilla

In Reply to MOHAN 4 years ago

No, Mohan. I'm not the one.

nagesh kini

4 years ago

The ex-CJI was after all a human like all of us with built in prejudices and bloated egos. Can't stand even right opposition. When his own sister's appointment was stalled he gets annoyed. Who is any one to question when he is still occupying the chair, irrespective of the Presidential warrant of appointment of the new CJI?
A clear case of Caesar's wife should be above suspicion!
So far the SC and our judiciary was the only constitutional authority to remain untainted.
This needs thorough investigation by a multi-disciplinary body of individuals not only from the bar and bench - a mych more wider - with dedicated civil society.


Krishna Baalu

In Reply to nagesh kini 4 years ago

Mr NAGESH having said what has been said well said;but m scared of the so called civil society you mentioned at the end hmm dangerous I believe!

nagesh kini

In Reply to Krishna Baalu 4 years ago

Krishna you certainly should not stuff the committee with the members of the same tribe - law.
The civil society is a healthy mix of men and women from all walks of life,media journalists, accountants,doctors and engineers et al. Where else can you come across dedicated individuals? There may be some black sheep, you can't apply the same brush to one and all. There are good people too !

Suman Mukherjee

4 years ago

The question is why was the new Chief Justice of India, Mr.Palanisamy Sathasivam appointed by the UPA Government inspite of opposition from the outgoing CJ, Mr.Altamas Kabir?

Is it because of his caste? Or did he represent some backward (depressed) caste community?

What was the real reason for his appointment, will the UPA government please spell out...?

Also, can the Upper Caste (or Forward Caste or whatever you call this group) expect anything from the current UPA Government?


4 years ago

Chief Justices may come and Chief Justices may go but the sole lode star of Indian jursiprudence will remain "The Balance of Convenience". Ask Prashant Bhushan.


4 years ago

His judgement of scrapping of NEET was really shocking !!

Sports Ministry recommends Bharat Ratna for Hockey legend Dhyan Chand

The clamour may have been for Sachin Tendulkar but the sports ministry has recommended hockey legend Major Dhyan Chand’s name for the Bharat Ratna

The sports ministry has recommended hockey legend Major Dhyan Chand’s name for India’s highest civilian honour - the Bharat Ratna. By doign so, the ministry seems to have ignored demand from several quarters to recommend name of Sachin Tendulkar, the cricket legend.


Sports Secretary PK Deb said, “The letter recommending the Bharat Ratna for Dhyan Chand has already been sent to the Prime Minister. The Ministry has only recommended Dhyan Chand’s name for the highest honour".


Earlier, in 2011, the Government had ignored the plea of 82 Members of Parliament, who recommended Dhyan Chand’s name for the Bharat Ratna. However, in January 2012, the ministry itself forwarded Dhyan Chand's name along with Olympic gold medallist shooter Abhinav Bindra and mountaineer Tenzing Norgay for the award.


However, Tendulkar’s name was not given by the ministry as the Board of Control for Cricket in India (BCCI) had not recommended him for the highest award in the country.


The recommendation sent to Prime Minister Manmohan Singh, will be studied further before it goes for approval by President Pranab Mukherjee, for the hockey wizard to get the award posthumously.


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