Still under pressure: Weekly Market Report

Nifty trapped in the narrow range of 5,200 and 5,400

The market closed in the red for the fifth week in a row as worries about the global economic growth and domestic concerns weighed on the sentiments. Across the world, lower manufacturing output in China and Eurozone raised worries about the pace of economic growth while rising fiscal deficit and the revenue loss on account of the roll-back in railway passenger fares were the main domestic concerns that led the market 1% lower in the week.

The Sensex settled 104 points lower at 17,362 and the Nifty closed the week at 5,278, a fall of 40 points in the week. The sentiment remains cautious with the market still under pressure. The Nifty is expected to remain trapped in the narrow range of 5,200 and 5,400.

The sectoral gainers were BSE Fast Moving Consumer Goods (up 3%) and BSE Healthcare (up 2%) while BSE Metal and BSE Power (down 3% each) were the losers in the week.

The Sensex leaders were Sun Pharma (up 6%), Hindustan Unilever, Hero MotoCorp, ITC and Bharti Airtel (up 3% each). The key losers were Jindal Steel & Power (down 7%), Hindalco Industries, Tata Power (down 6% each), Tata Motors and Maruti Suzuki (down 5% each).

The top gainers on the Nifty were Sun Pharma (up 6%), HUL, Hero MotoCorp, ITC and Ambuja Cements (up 3% each). The major losers on the index were Jindal Steel & Power, Hindalco Ind, Reliance Power, IDFC (down 7%) and Reliance Infrastructure (down 6%).

Investors’ disappointment with the Union Budget as it lacked firm reforms to push growth led the market lower on Monday, but bargain hunting after three straight days of decline saw the indices close in the positive on Tuesday. Across-the-board buying and gains in the European markets enabled the domestic market extend its gains on Wednesday.

However, the huge sell-off in the latter part of the session and the rupee hitting fresh two-month lows resulted in the market settling sharply lower on Thursday. Gains in the second half of trade, despite unsupportive global cues, helped the market close nearly 1% higher on Friday.

In a reply to the Rajya Sabha, finance minister Pranab Mukherjee said that due to the shortfall from disinvestment, lower tax receipts and high subsidy bill, the fiscal deficit in the current year is estimated to go up to 5.9% of the gross domestic product (GDP) against the original estimate of 4.6%.

The controversial hike in rail passenger fares was rolled back for all classes, except AC 2 Tier and First Class, by the new railway minister Mukul Roy, overturning the decision of his predecessor Dinesh Trivedi, who lost his job on account of his bold proposals. Mr Trivedi had assumed an income of Rs4,000 crore on account of the hike but the reversal of the decision could result in a loss of Rs3,000 crore, officials said.

On the global front, China's flash HSBC purchasing managers index (PMI) for March dropped to 48.1 from 49.6 in February—the fifth consecutive month China's factory activity has contracted. The data raises concerns about export as well as internal demand. Similarly, the Eurozone composite PMI for March fell to 48.7 from 49.3 in February. Most concerning is a sharp drop in factory activity in region's two largest economies—Germany and France.


Life Exclusive
Protecting children from abuse

Children’s Rights in Goa is the first NGO set up specifically to address tourism-related child abuse

Goa’s reputation as a great tourist destination is sometimes sullied by its murky underbelly that makes news headlines occasionally because of the dogged perseverance of activists like Dr Nishtha Desai. Tourism-related paedophilia, child labour, school dropouts, exploitation and trafficking of migrant children are among the many issues addressed by Children’s Rights in Goa (CRG). It is the first not-for-profit organisation in India set up specifically to address tourism-related child abuse.

CRG’s origin dates back to the notorious case of paedophile Freddy Peats who was arrested in 1991 and convicted five years later. There were twin reactions to the case—NGOs thought it was only the ‘tip-of-the-iceberg’, while the government insisted that it was just an aberration. Intrigued, Dr Desai, a PhD in sociology, began to research tourism-related paedophilia. “I wanted to find out what the reality was,” she says. See the Evil: Tourism related paedophilia in Goa, a research, was supported by Vikas Adhyayan Kendra (VAK), an NGO, and conducted with the help of community workers. It examined the prevalence of tourism related child sexual abuse and the modus operandi of travelling sex offenders.

In 2000, Dr Desai joined CRG, a part of VAK which was conducting awareness programmes to urge local communities to understand and report the menace of paedophilia and increase awareness about children’s rights. Dr Desai intensified the drive after joining CRG. In 2001, she launched a concerted campaign called STOP (Stop Tourism-related Paedophilia). To raise awareness about paedophilia in villages required hard work. “Though migrant children were more susceptible, Goan children are also at risk. Many foreigners take accommodation in villages. They call kids, supposedly to teach them English and to engage them in fun activities,” explains Dr Desai.  

CRG worked with tourists to conduct a signature campaign and submitted it to the then chief minister, expressing these concerns. “The CM organised a dialogue between the police and NGOs. Handouts were kept at airport counters to warn tourists that sex with a child is a serious offence,” she explained. CRG worked at drafting of the Goa Children’s Act (GCA) along with other NGOs. It was enacted in 2003 and is the first legislation in India to address child abuse issues. Dr Desai says, “A major outcome of the campaign is a shift in the state’s stand from denial of the problem to an acknowledgement of the issue.”

CRG was registered under the Societies Registration Act in 2006 with Dr Desai as its director. It started empowerment and awareness sessions at schools in north Goa, informing students about their rights and how to resist abuse. “While interacting with teachers, we found that some children are very sleepy in school during the tourist season and also bring expensive gifts given by foreigners. It was then that we found how susceptible these kids were to advances by foreigners,” she says.

CRG focuses on increasing awareness on the provisions of GCA, like no child can be denied admission in government-aided schools on the basis of being HIV+ or lack of identification papers. It assists the tourism industry to adopt a child-friendly tourism code provided in the GCA. It runs two activity centres which children can attend after school. CRG has conducted special sensitisation sessions for the Goa Police. “We provide counselling to children and also assist them to seek justice at the Children’s Court,” Dr Desai. One can volunteer for CRG, donate financially or in kind, like toys, picture books, etc, for its activity centres. All donations are eligible for tax exemption under Section 80 (G) of the Income-Tax Act.


CT-2, Block C, Building A,
Nevio Apartments, 3rd Floor, Angod
Mapusa, Goa 403507
Tel: (91+832) 2263838
Mobile: (91) 9822983336


Life Exclusive
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