Share prices struggling to go higher: Monday Closing Report

Nifty can fall to 5,800 if today's lows are broken. The second support is at 5,670

The market is showing signs of tiredness and unable to cross the previous high made in January. There are signs that we will get a short decline to 5,800 on the Nifty. If that level holds, the market may make an effort to move higher again. If no support comes, Nifty may fall to 5,660 and below.

Today the market opened sideways, weighed down by lacklustre quarterly results from Reliance Industries. Oil & gas, metal and power stocks were on the sellers' radar in early trade. The Sensex opened 63 points lower at 19,539 and the Nifty was at 5,860, down 25 points from its previous close. Gaining some strength in subsequent trade, the market touched the day's high at around 10am. The Sensex rose by 95 points to touch 19,697 and the Nifty added 22 points at 5,907 at the day's high.

The market erased most of its gains and was range-bound with the indices hovering on both sides of the neutral line till noon trade. Fluctuations continued in the post-noon trade with the market slipping to the day's low towards the end of the session, as passenger car maker Maruti Suzuki reported a marginal rise in fourth quarter earnings. At the day's low, the Sensex fell to 19,531 and the Nifty eased to 5,857. The benchmarks ended near those levels as lacklustre earnings hurt sentiment. The Sensex fell by 18 points to 19,584 and the Nifty closed the session 10 points lower at 5,875. The advance-decline ratio on the National Stock Exchange was 810:985.

While the broader indices also settled almost flat, the BSE Mid-cap added 0.09% and the BSE Small-cap index rose 0.24%.

Among the sectoral gauges, BSE Consumer Durables (up 0.92%), BSE IT (up 0.83%) and BSE TECk (up 0.55%) were the noteworthy gainers, whereas BSE Oil & Gas (down 1.75%), BSE Realty (down 1.18%) and BSE Bankex (down 0.05%) were the major losers.

Sterlite Industries (up 4.40%), State Bank of India (up 2.06%), Maruti Suzuki (up 1.53%), Infosys Technologies (up 1.13%) and Larsen & Toubro (up 1.03%) were the top gainers on the Sensex. The losers were led by Reliance Industries (down 2.97%), DLF (down 2.25%), Reliance Communications (down 1.41%), Jaiprakash Associates (down 0.98%) and Jindal Steel (down 0.76%).

Managing inflationary pressures, particularly in food grain prices, is the biggest challenge before the policy-makers, according to C Rangarajan, chairman of the Prime Minister's Economic Advisory Council.

Saying that he did not subscribe to the idea that high growth demanded higher level of inflation, Mr Rangarajan said, "We must use all of our policy instruments-interventions in the grain market, fiscal and monetary policies-to bring down inflation further and re-anchor inflationary expectations to the 5% comfort zone."

Asian markets were mostly lower on Monday as concerns about muted corporate earnings in Japan made investors jittery. Japanese automakers declined following a decline in output last month, while the Chinese market slipped on speculations that higher oil prices would prompt policymakers to take further rate-tightening measures.

The Shanghai Composite declined 0.52%, the Jakarta Composite lost 0.33%, the Nikkei 225 fell by 0.11%, the Straits Times was down 0.22% and the Taiwan Weighted contracted by 0.21%. On the other hand, KLSE Composite added 0.09% and the Seoul Composite surged 0.83%. The Hang Seng market remained closed for a local holiday.

Back home, foreign institutional investors were net buyers of stocks worth Rs307.79 crore on Thursday. Domestic institutional investors were net sellers of equities worth Rs269.62 crore.

Crompton Greaves (up 0.09%), part of the $ 4-billion Avantha Group, has announced the inauguration of its drives and automation plant at Mandideep, Bhopal. The plant will produce AC drives for the industrial segment and supply traction converters and control electronics to the Indian Railways. It will also offer package solutions involving transformers, low voltage switchgear, motors and AC drives.

Kalpataru Power Transmission (down 0.87%) has bagged three orders worth over Rs 1,300 crore, including from the Ukraine and Tanzania. In a regulatory filing, the company said it has received Rs825-crore turnkey contract from Ukraine's state entity NEC Ukrenergo to construct 750 kv, 353 km transmission lines. The company has received a Rs42-crore contract from Tanzania for design, supply and construction of 132 kv transmission line of 41 km to connect Zanzibar Interconnector. It has also bagged a Rs457-crore turnkey contract from the Maharashtra State Electricity Transmission Co.

Sun Pharmaceutical Industries (down 0.10%) and MSD (Merck) in India today said they have entered into a partnership to market diabetes drugs Sitagliptin and Sitaglipitin plus Metformin in the Indian market. Under the pact, which comes nearly two weeks after the two firms agreed to form a joint venture, Sun will have the rights to sell the two drugs in the Indian market under different brand names.


Kimsoon Chua, chief operating officer at Bharti AXA General Insurance moves to a larger role in AXA Group

Kim Soon Chua assumes the position of principal officer and chief executive officer at AXA Singapore with effect from 1 April 2011

Kim Soon Chua, chief operating officer, Bharti AXA General Insurance, has moved on to a larger role within the AXA group. He has assumed the position of principal officer and chief executive officer at AXA Singapore with effect from 1 April 2011.

Kim Soon has played a very crucial role in fuelling Bharti AXA General Insurance's success in reaching the Rs500 crore mile-stone in its second full year of operations. As COO, he was responsible for distribution, marketing and underwriting. He was amongst the earliest employees at Bharti AXA GI and was instrumental in channelising the company's efforts in the retail segment.

Starting 1 April 2011, Bharti AXA General Insurance has consolidated to a flatter hierarchy structure by getting the sales channels, Business verticals and Marketing teams to report into the chief executive officer & MD Dr Amarnath Ananthanarayanan. This will further strengthen market responsiveness, turnaround times and aid pro-active decision making so that both our partners and consumers can benefit.


Not just Indians, the US too is worried over UID

Many Indians have raised data security and privacy issues over the ambitious UID number project. Now, even the US is concerned that the number could be issued to terrorists through fake ID

While many citizens and privacy advocates in India have raised serious questions about the unique identification (UID) number, also known as the Aadhaar project, the United States is worried about security aspects of the project.

According to a report based on US diplomatic cables, accessed and published by The Hindu newspaper from WikiLeaks, the US was worried about the possible procurement of UID numbers by extremist groups and their effort to spoof or defeat biometric enrolment by alteration in fingerprints.

"The ostensible reason behind the interest in the US was that the project 'could present a vulnerable target for regional extremist groups-such as Lashkar-e-Tayyiba-who could obtain fraudulent Indian ID cards during the large-scale enrolment for use in travel or as breeder documents to apply for passports'. Hence, the State Department wanted to know what security features would be incorporated in the card, and anti-fraud measures adopted, and if any encryption method would be used," the report said.

The cables, sent on 17 December 2009 from the office of the Secretary of State under the name of Hillary Clinton, asked the US Embassy in New Delhi to find out the motivation behind the (Aadhaar) project and to collect as much information about it as possible.

"Specific instructions were given to Embassy officials to report on any efforts to 'spoof' or defeat biometric enrolment, such as fingerprint alteration," the newspaper report said.

Although, the US has raised apprehensions about the UID number project, there are chances that it may have changed its opinion since. For, at the time, let alone US authorities, many Indian officials were in the dark about how the project would be implemented. Also, today, numerous big-profit organisations-many of them 'influential' companies from the US-have partnered with the UID Authority of India (UIDAI). (Read, "UIDAI's not-so-'clean' partners and their tainted executives".)

Last year, the UIDAI selected three consortia-Accenture, Mahindra Satyam-Morpho and L-1 Identity Solutions-to implement the core biometric identification system for the Aadhaar programme. UIDAI had stated that the three agencies would design, supply, install, commission, maintain and support the multimodal automatic biometric identification subsystem. The three vendors would also be involved in the development of a multimodal software development kit (SDK) for client enrolment stations, the verification server, manual adjudication and monitoring functions of the UID application.

L-1 Identity Solutions, in particular, has names in its top management, or directors, who have been associated with the Central Intelligence Agency (CIA) and other American defence organisations. Over the years, particularly after taking some top-notch 'retired' intelligence and defence officials on board, L-1 Solutions has made rapid progress.

French aerospace and defence systems company Safran, bought L-1 Identity Solutions for about $1.6 billion. After the announcement last September, there was a furore in the US. At the time, one blogger from the US wrote, "Just think about how happy you can feel now knowing that your personal information including your social security number and biometric information (fingerprints, iris scans and digital facial images) may soon be available to a French company. The federal government must sign off on the deal before the deal can be sealed. All this brings us back to the topic of the revolving door that exists between government and corporations."

Interestingly, even as Safran was announcing the deal to buy L-1 Identity Solutions, the UIDAI gave a purchase order worth $24.5 million for fingerprint and iris biometric capturing devices in September 2010. The White House, however, announced the deal during the visit of US President Barack Obama to India in November last year.

Although the concerns raised by the US over the UID card for Indian residents are still valid, it leaves one wondering whether Uncle Sam would pursue these issues even after fulfilling its commercial interests.

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5 years ago

Basically US is trying to create some kind of fear in the minds of the people of India by saying this. Julian Assange keeps making whole US Diplomats naked every now and then and still they say they are concerned about security aspect of UID.

Ashok Moda

5 years ago

Respected UID Board members & Mr. Nilekeni
In my view, a UID card one must carry FREELY at all times with him, so the best is to give a visible embossing prints like on Credit card, details only his UID No., Contact No.(other than his own) may be spouse or may be introducer, his photo and his signature. His name, address, and other information is not required on the card as India is a multi religion nation and these information on the card may lead to misutilisation, you understand like during riots etc. some people would not like to disclose their identity or at some other time a third party may misutilise the other informations. Besides this is issued in the interest of national security and of course all other informations could be easily obtain at any time from the central repository. This is like you have recorded each and every citizen or individual. Next if you can add the recording of all financial transactions, say above rupees one thousand, made by each individual, be his personal expense or a salary or a business transaction, I feel both the records of people and financial fraud / transaction can easily be under check and well controlled.
Please pressurise the authority to make it must carry card, mandatory and only for the Indian citizen and for foreigners, they always carry their passport, anyway. So no need to be confused.
Regarding UID no. it can be the first character of his given name, first character of his last name, three characters of his state of birth, eight characters of his date of birth i.e. DD MM YYYY and finally the 001, three digits serial numbers. All these 16 digits, you mast must have noticed quite easily remember-able, even by a most illitrate ones as he only has to remember the last three digits. Chances of duplication is again reduced by names, state, DOB and serial no.
Well sir, you must have designed in a better way, but please let me request you once again not to disclose MY ID and allow me to carry my card at all time or attach it to my financial transactions so that I have no choice but to carry it always with me.
Thanking you
Ashok Moda
[email protected]


5 years ago



5 years ago

i guess the US should mind its own business. we are capable enough of running the largest ,multi party democracy in the world through such a complex electoral process . the man heading this project is an icon who knows the magnanimity of the job at hand. there may be some leakages and there will be attempts in future too. but just like the benefits of air travel outdo the downsides, the benefits of democracy out do the demerits, similarly the benefits of uid far outdo its possible drawbacks.


5 years ago

security is main aspect while making such large potential project . as the contracts have been delivered to many companies , there is question mark over security. UIDAI havent declared security patches ON WEBSITE

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