Stocks
Strong uptrend in Sensex, Nifty: Friday Closing Report

A close below 5,570 on the Nifty may signal a change in the trend

 
The government's decision to stand by its reforms and support from the Samajwadi Party to the UPA coalition saw the market settling over 2% higher. Today with the overall positive cues, the Nifty hit an intraday high of 5,720, its highest since 11 July 2011 and closed at 5,691 which is the highest closing since 8 July 2011. We may see a strong uptrend continuing, however, a close below 5,570 may change the trend. The National Stock Exchange (NSE) saw a volume of 110.65 crore shares, the highest since 24 February 2012, while the advance decline ratio was a positive 1020:435.
 
The market witnessed a gap up opening on the government's move to notify the policy decisions taken last week. The Nifty opened 23 points higher at 5,577 and the Sensex resumed trade at 18,411, up 62 points over its previous close. The opening figure on the Sensex was its intraday low while the Nifty touched its low at 5,575.
 
Gains in power, capital goods, realty and banking stocks saw the market moving higher in early trade. The benchmarks hit their highs in noon trade as finance minister P Chidambaram announced measures to revive investment sentiment. At the highs, the Nifty touched 5,720 and the Sensex climbed to 18,867. The gains were also supported by a firm opening of the key European markets. 
 
Moving ahead with steps to revive investor sentiment, the finance minister today cut withholding tax on overseas borrowings to 5% from 20% and approved the Rajiv Gandhi Equity Savings Scheme (RGESS). While the RGESS is aimed at encouraging first time retail investors to invest in stock markets through tax concessions, the cut in withholding tax to 5% seeks to lower the cost of foreign borrowings by the Indian companies.
 
The indices came off the highs in late trade as a minor bout of profit booking was noticed. However, the market closed with smart gains of over 2%, erasing the losses incurred in the past two trading days.
 
The Nifty climbed 137 points (2.46%) to 5,691 and the Sensex settled at 18,753, a jump of 404 points.
 
Among the broader markets, the BSE Mid-cap index surged 1.61% and the BSE Small-cap climbed 1.46%.
 
BSE Power (up 4.35%); BSE Capital Goods (up 4.12%); BSE Metal (up 4.06%); Bankex (up 4.05%) and BSE PSU (up 2.74%) were the top gainers in the sectoral space. On the other hand, BSE IT (down 0.68%) and BSE TECk (down 0.04%) were the only losers.
 
Twenty six of the 30 stocks on the Sensex closed in the positive. The key gainers were BHEL (up 7.12%); Jindal Steel (up 6.41%); Sterlite Industries (up 5.20%); State Bank of India (up 4.30%) and ICICI Bank (up 4.19%). Dr Reddy's Laboratories, TCS (down 1.38% each); Infosys (down 0.80%) and Sun Pharma (down 0.10%) were the losers on the index.
 
The top two A Group gainers on the BSE were-GMR Infrastructure (up 10.64%) and Reliance Capital (up 10.11%).
The top two A Group losers on the BSE were-Ruchi Soya (down 3.90%) and AstraZeneca Pharma India (down 3.67%).
 
The top two B Group gainers on the BSE were-ICICI Prudential MF (up 20.61%) and NEPC India (up 20%).
The top two B Group losers on the BSE were-Silicon Valley Infotech (down 16.67%) and Landmarc Leisure Corporation (down 15.22%).
 
Out of the 50 stocks listed on the Nifty, 45 stocks settled in the positive. The major gainers were Reliance Infrastructure (up 9.86%); Axis Bank (up 7.72%); SAIL (up 7.62%); BHEL (up 7.47%) and Jindal Steel (up 7.34%). The main losers were TCS (down 1.15%); Dr Reddy's (down 0.96%); Infosys (down 0.85%) and Cipla (down 0.11%).
 
The Asian pack settled mostly higher on the measures taken by central banks across the world to stimulate growth in their economies. The International Monetary Fund, which is expected to announce a revision in its economic forecasts, is expected to cut growth expectations, analysts opined. The move is expected to see government looking at new initiatives to boost growth.
 
The Shanghai Composite rose 0.09%; the Hang Seng advanced 0.70%; the Jakarta Composite climbed 0.64%; the Nikkei 225 gained 0.25%; the Straits Times rose 0.51%; the Seoul Composite surged 0.60% and the Taiwan Weighted settled 0.35% higher. Bucking the trend, the KLSE Composite fell 0.12%.
 
At the time of writing, the European indices were mixed with a negative bias while the US stock futures were in the green.
 
Back home, institutional investors-both foreign and domestic-were net sellers in the equities segment on Thursday. While foreign institutional investors pulled out Rs73.67 crore, domestic institutional investors were net sellers of 331.11 crore worth of stocks.
 
Mumbai-based pharma major Wockhardt has said that the winding up petition filed by the trustees to the foreign currency convertible bonds before the Bombay High Court has been withdrawn. The petition was filed by BNY Corporate Trustee Services (the Bank of New York Mellon) on behalf of bondholders, including Sun Pharma Global and QVT after it defaulted on repaying its $110-million FCCB (foreign currency convertible bonds), in October 2009. The stock jumped 5% to close at Rs1,253.70 on the NSE.
 
Mahindra & Mahindra Financial Services has sold 12.27% stake in its wholly-owned subsidiary, Mahindra Insurance Brokers (MIBL), to Inclusion Resources for Rs64.33 crore. Inclusion Resources is a subsidiary of Leapfrog Financial Inclusion Fund, incorporated in Singapore. This stake sale is subject to the "receipt of necessary regulatory approvals," said M&M Financial Services in a filing to the BSE. M&M Financial settled 1.06% down at Rs837 on the NSE.
 

 

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Tyeb Mehta sets another record of Rs9.63 crore in auction

The 1988 oil on canvas 'Falling figure with Bird' is the fourth highest price achieved amongst Tyeb Mehta's other paintings sold across the world

 
Mumbai: Modernist painter Tyeb Mehta notched up another record when his oil painting fetched Rs9.63 crore ($1.8 million) at the recent online Saffronart Autumn art auction, becoming the most expensive artwork to be sold this season, reports PTI.
 
The 1988 oil on canvas "Falling figure with Bird" is the fourth highest price achieved amongst Mehta's other paintings sold across the world.
 
The late master's work was among 53 sold works out of a total of 75 works in Saffronart's annual online Autumn auction that featured 35 modern and contemporary Indian artists and raked up a total sales of Rs21.04 crores ($3.9 million).
 
Said to be one of the most important ones from Mehta's suite of falling figures, the painting draws on both Indian and Western myths and legends depicting an androgynous human figure entangled with that of a bird.
 
The figures, locked together in endless free fall, convey not only the anxiety and disquiet that the Mumbai -born Mehta carried with him following his experiences of the horrors of Partition and war, but also his engagement with modernist concepts like existentialism and "Universal Man".
 
Before the sale Saffronart had said they expected the work to fetch between Rs8.1 crores- Rs10.8 crores.
 
Mehta who died in 2009 was the first Indian artist to break the Rs1 crore barrier. In the year 2002 at a Christie's auction Mehta's "Celebration" fetched Rs1.5 crore. In the year 2005 his work "Mahishasura" again crossed the $1 million mark. In 2008 one of his paintings sold for $2 million. 
 
In December 2005, Mehta's painting "Gesture" was sold for Rs3.1 crores at the Osian's auction.
 
Previously, in the 2011 Saffronart Autumn Art auction, Tyeb Mehta's "Untitled" was the top lot and sold for Rs7.19 crores.
 
Another top attraction in the recently concluded Saffronart auction was a rare work by Amrita Sher Gill.
 
The rare 1931 painting "Untitled (Zebegeny Landscape)" fetched Rs3.24 crore falling within the estimated Rs3.24 -Rs4.32 crores. The canvas was one of only five paintings by the artist to have ever come up for public auction.
 
The landscape portrays a grassy path meandering along a thatched wall. While the light in the foreground is dappled, passing through a stand of tall trees on the right, the sky beyond them is a bright, clear blue.
 
Meanwhile acclaimed modernist painter M F Husain's "That Obscure Object of Desire Eight" fetched Rs1.17 crores. One untitled work of his went under the hammer for Rs71.64 lakhs while another was sold at Rs31.59 lakhs.
 
Francis Newton Souza's "Figure on Red & Green Background fetched Rs65.19 lakhs, NS Bendre's "Untitled" won the bid at Rs51.6 lakhs.
 
An untitled Ramkumar work fetched Rs48.72 lakhs while another of his untitled works went for Rs27.03 lakhs.
 
Contemporary artist Bharti Kher's "Indra's Net(6)" fetched Rs47.7 lakhs.
 

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