Share prices set for a short rally in a day or two: Friday Closing Report

Nifty should find support at 4,785 and then at 4,700. The resistance would be at 5,000

The domestic markets fell by nearly 2% on Friday, closing the week with a loss—the fourth consecutive weekly loss—on global fears that the US could slide into a recession. The intra-day lows on both the Sensex and the Nifty today were the lowest since 26 May 2010.

We expect the Nifty to find support at 4,785 and then at 4,700. After a loss of a day or two, we can expect a bounce back on the bourses. Today’s decline on the market was on a volume of 69.81 crore shares on the National Stock Exchange (NSE).

The market opened lower, tracking weak global markets on the back of weak economic data from the US and the continuing debt issues in Europe. The Nifty opened 85 points down at 4,859 and the Sensex began the day at 16,238, a loss of 232 points from its previous close. Heavy selling was witnessed in IT and banking stocks, with blue-chips like Infosys, ICICI Bank, TCS and HDFC Bank falling sharply.

The decline attracted bargain-hunting and investors lapped up stocks at lower prices. The market touched the day’s high in mid-morning trade, though the indices were in the negative. At the highs, the Nifty rose to 4,894 and the Sensex touched 16,288.

However, the continuing decline in Asian indices through the session pulled the market down again. Signs of a sharp slowdown in global growth and institutional selling saw the indices drift further southwards.

European stocks edging towards two-year lows on worries over the ongoing debt crisis in Eurozone countries added to the woes and the indices dropped to intra-day lows in the post-noon session. At the day’s lows, the Nifty fell 148 points to 4,796 and the Sensex plummeted 482 points to 15,988.

However, the indices staged a pullback to close above those lows. The Nifty closed at 4,846, a loss of 99 points, and the Sensex finished trade at 16,142, down 328 points from its previous close.

The advance-decline ratio on the NSE was 336:1096.

Among the broader markets, the BSE Mid-cap index declined 1.36% and the BSE Small-cap index lost 2.01%.

Barring the BSE Realty index (up 0.77%), all other sectoral gauges settled lower. The top laggards were BSE IT (down 4.41%), BSE Capital Goods (down 4.17%), BSE TECk (down 3.70%), BSE Bankex (down 1.90%) and BSE Consumer Durables (down 1.68%).

Jaiprakash Associates (up 2.50%), DLF (up 2.47%), Hero MotoCorp (up 2.19%), Hindalco Industries (up 1.13%) and Tata Power (up 1.03%) were the top Sensex gainers. Infosys (down 5.79%), Tata Motors (down 5.28%), Larsen & Toubro (down 4.95%), BHEL (down 4.63%) and ICICI Bank (down 3.65%) finished at the bottom of the index.

The main gainers on the Nifty were JP Associates (up 3%), DLF (up 2.85%), Hero MotoCorp (up 2.17%), Hindalco (up 2%) and Reliance Infrastructure (up 1.20%). The key losers on the Nifty were Tata Motors (down 5.58%), Infosys (down 5.48%), L&T (down 4.98%), BHEL (down 4.71%) and Dr Reddy’s (down 3.53%).

Markets in Asia also closed the week on a dismal note. The Seoul Composite plunged over 6% on fears that the global slowdown would lead to another recession. Poor economic data from the US and concerns about the health of banks in Europe also weighed on the markets in the region.

The Shanghai Composite declined 0.98%, the Hang Seng tumbled 3.08%, the Jakarta Composite dived 4.43%, the KLSE Composite fell 1.29%, the Nikkei 225 tanked 2.51%, the Straits Times slipped 3.23% and the Taiwan Weighted plunged 3.57%.

On Thursday, foreign institutional investors were net sellers of stocks worth Rs488.67 crore. On the other hand, domestic institutional investors were net buyers of stocks worth Rs330.42 crore.

Today, state-run ONGC pipped corporate giant Reliance Industries (RIL) in late morning trade to emerge as the country’s second-most valued company, behind Coal India, with a slightly higher market valuation. Around 1145 hours today, ONGC commanded a market valuation of Rs2,38,528 crore on the BSE, which was a little more than RIL’s market value of Rs2,37,882 crore at that time. ONGC ended 0.45% lower at Rs275 on the NSE, while RIL settled at Rs731, down 1.38%.

Tata Consultancy Services (TCS), the IT leader, today announced the launch of iON—the first-of-its-kind fully integrated information technology solution for small and medium businesses (SMB) in the national capital region. iON provides best-in-class, on-demand business solutions using the very latest in scalable cloud computing technology. Using a pay-per-use business model, iON helps SMBs leverage world-class technology solutions as a key business differentiator. The stock settled 2.74% lower at Rs936 on the NSE.

Jindal Cotex has received an approval to raise funds/capital up to Rs200 crore by way of issue of equity shares/securities, including GDRs and/or ADRs convertible into equity shares, FCCBs, QIP or any instrument or securities representing convertible securities such as convertible debentures, bonds, warrants, etc, convertible into equity shares, in one or more tranches, in domestic or foreign markets. The stock fell by 2.11% to Rs90.25 on the NSE.



Anna vows to continue hunger protest till Jan Lokpal is adopted

As support for anti-corruption movement surges across the country, nine opposition parties announce protests on 23rd August for effective legislation

New Delhi: Anna Hazare, who has become a forceful symbol of people's anger against corruption in the country, today vowed to continue his hunger protest till a strong legislation is passed to deal with the scourge. Addressing a huge gathering soon after he reached Ramlila Maidan from Tihar Jail, the 74-year-old crusader said, "We will not leave this ground till the Jan Lokpal Bill is brought."

A jubilant crowd cheered the Gandhian leader as he stepped out of Tihar jail this morning to continue his hunger protest in public, after the government first jailed him on Tuesday, then ordered his release, but when he refused to leave, even agreed to allow him to stage his protest.

"The fight for freedom has begun", "Bharat Mata ki Jai", he shouted, as he stepped out of the gates of the jail to a deafening roar from supporters, and then travelled on a truck decorated with flags slowly through the crowds to Ramlila Maidan.

In his address at Ramlila Maidan, Mr Hazare said, "There was a revolution in 1942 because of which the British had to quit India. But the loot and rowdyism have not stopped. That is why the second freedom struggle has begun. Do not allow this torch of struggle to be put out whether Anna is alive or not," he told the crowd.

Hazare's anti-corruption crusade which has gained unprecedented support from various sections around the country, received a further boost today with nine opposition parties, including the Left parties, announcing that they would jointly organise nationwide protests next week to demand effective legislation to curb corruption in high places.

"We have decided to conduct demonstrations, dharnas and other forms of protests all over the country against rampant corruption and the growing attacks on democratic rights," on 23rd August, CPI(M) general secretary Prakash Karat told a news conference after a meeting of the nine parties in the national capital.

CPI general secretary AB Bardhan said, "We may even demand its (the government Lokpal Bill) withdrawal if necessary." Mr Karat said the parties would also express their opinion before the parliamentary standing committee looking into the legislation.

Also present at the conference were N Chandrababu Naidu (Telugu Desam Party), HD Deve Gowda (JD-S), Ajit Singh (Rashtriya Lok Dal), Debabrata Biswas (Forward Bloc), Abani Roy (Revolutionary Socialist Party). M Thambidurai  of the AIADMK and Bhratruhari Mahtab of the Biju Janata Dal also attended the meeting.

To a question whether the nine parties would coordinate with the Bharatiya Janata Party-led NDA, Mr Karat said the nine parties would organise their own programmes. "The NDA has also expressed that the government version of the Bill does not serve the purpose," he said. Reports continue to pour in of gathering support for a strong anti-graft law.

Today, government employees in RAJASTHAN decided to join the agitation with a half-day mass leave post-lunch. "We have given a call for half-day mass leave and a candle march will be taken out at Ambedkar circle (in Jaipur) in the evening. We as citizens are with Anna. We want to give a message that we are not corrupt and we are also against corruption," said Mahendra Chaudhary, a representative of the state employees federation.

Traders also staged a dharna at Badi Chaupad in the walled city. Wearing black ribbons on their arms, they raised slogans in support of Mr Hazare.

In MUMBAI, dabbawalas who deliver tiffins to over two lakh customers at their work places, today took a break from their daily routine to support social activist Anna Hazare in the fight against corruption. "We don't have any demands of our own. We are here for Anna," said a dabbawala who was among those who joined the protestors at the Azad Maidan.

"In the last 120 years, we have been on the job, come rain or shine. We never stop work. But we decided to back Anna's agitation as it is for a just cause," said Sopan Mare of the Nutan Mumbai Tiffin Box Suppliers' Association.

Asked about the inconvenience caused to customers, Mr Mare said, "They will not mind it. They know we are supporting a just cause." Over 5,000 dabbawalas walked in a procession from the Churchgate railway terminal to Azad Maidan a little before noon.

In JAMMU, several people took out protest marches and sat on dharna for a fourth consecutive day today in support of the Jan Lokpal Bill.

Jammu and Kashmir National Panthers Party state secretary Manoj Kumar led his party activists on a dharna near the city railway station. They shouted slogans condemning the arrest of Anna Hazare and demanded that the prime minister and judges be brought under the check of the Lokpal.

"Accountability should start from the top with the prime minister. Rules and regulations are equal for the prime minister as they are for the common man," Mr Kumar said. "The PM and the judges should also be made accountable and come under the Lokpal."

Over 500 girls from schools in GCW Gandhi Nagar marched in a peaceful procession. They raised slogans of 'Bharat Mata ki Jai' and 'Vande Matram', and appeared excited about the release of Anna Hazare from jail.

This morning, lecturers at Government Gandhi Memorial Science College marched in a candle-light procession on the campus in an expression of support for the anti-corruption campaign.

Arun Kandroo, general secretary of the All Party Migrants Coordination Committee, led activists in a demonstration in the Bagwati area and urged people to join the campaign for a strong anti-corruption legislation.

"The demand by Anna Hazare is every common man's wish. A strong Lokpal will ensure accountability from the top, starting with the prime minister. Scams after scams have shaken the faith of the common people in the government and the rulers," Mr Kandroo said. "There should be Jan Lokpal and not the government-formulated weak Lokpal which has loose ends that can help offenders escape punishment."



Vicky singh

5 years ago

I m vicky. I also with anna hajare i prefer his effort this kind of person is always be possitive thinkin. I will fully suported him till he is walking on this way. Jan lokpal bill must be pass in our contoury.


5 years ago

Anna to chidambaram- Kuchh bhi karne ka tha LEKIN ANNA ka ego hurt nahin karne ka tha Atta MAJI SATAKLIRE Aali re aali atta maji bari aali CHIDAMBARAM tujha aaicha gawat !


5 years ago

Anna and Sreeramulu

Remembering Shri. Potti Sreeramulu

I was not aware of this Mahatma. But yesterday while watching the TV, my 80 years old mother told me about him. We are Malayalees and living in Kerala yet my mother advised me to know more about this Mahatma. My old mother painfully asked me whether our Anna Hazare will meet the same fate of Potti Sreeramulu?.

Potti Sreeramulu , was an Indian revolutionary. He became famous for undertaking a fast-unto-death for achieving the Andhra State and losing his life in the process. His sacrifice became instrumental in the linguistic re-organisation of states. He is revered as Amarajeevi (Immortal being) in Andhra for his sacrifice. As a devout follower of Mahatma Gandhi, he worked life long to uphold principles such as truth and non-violence, patriotism and objectives such as Harijan upliftment.

Max Bupa promises healthier India

Launches a distinctive movement-‘Health Promise’ at the Lakme Fashion Week 2011

Max Bupa, a specialist health insurance company, has introduced health movement - 'Health Promise'. The movement, aimed at creating awareness about the importance of being healthy, will connect with the public at large through Max Bupa's commitment of enabling people to live healthier and by being their healthcare partners for life.

The initiative which was introduced at the Lakme Fashion Week propagates the idea of healthy living and remaining fit amongst its universal audience and at the same time encourages them to make a health promise for people they care about. As part of the initiative, Max Bupa also gave a preview of a website,, which will  enable the people to keep their promises for loved ones by actionable tips, health advice and health information.

Dr Damien Marmion, CEO, Max Bupa said, "To achieve this, Max Bupa has launched a health movement-'Health Promise', which will enable people to give priority to their health first and at the same time encourage them to make a health promise for their loved ones. The initiative is being launched against the backdrop of the Lakme Fashion Week. Our tie up with Lakme Fashion Week is part of our endeavour to promote healthy and positive living among people."


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