Nifty to trade in the range of 4,700 and 4,900
The market settled lower on Friday on lacklustre global cues, erasing all the gains accrued yesterday. Today the Nifty traded below yesterday’s high for the entire session with the market edging sharply lower towards the end of trade. The market is likely face a struggle in its attempt to notch some gains. We may see the Nifty moving in the range of 4,700 and 4,900.
The market managed a close marginally off the day’s lows. The Nifty settled 46 points down at 4,710 and the Sensex ended the session at 15,695, a fall of 163 points. Volume on the National Stock Exchange was 62.77 crore shares.
A sharp decline in the global markets led to the domestic bourses opening lower, after notching gains of 1% on Thursday. While the US markets were closed on Thursday for the Thanksgiving holiday, comments from the EU economic and monetary affairs commissioner that public finances were under stress led the Asian markets lower in morning trade today. The effect was felt on the Indian benchmarks as the Nifty opened 25 points down at 4,731 and the Sensex started the day at 15,781, a loss of 77 points over its previous close.
The indices ventured into the positive territory for a short while at around 10.30am with the benchmarks hitting their intraday highs. At the highs, the Nifty touched 4,767 and the Sensex went up to 15,891. But selling pressure amid choppy trade led the indices lower again. The indices were range-bound in subsequent trade.
However, selling pressure from institutional investors increased in the post-noon session sending the indices further southwards. The market fell to the day’s lows in the last hour as the key European indices were trading lower. At mid-session lows, the Nifty went back to 4,693 and the Sensex declined to 15,646.
The advance-decline ratio on the NSE was 909:730.
The broader indices outperformed the Sensex today. The BSE Mid-cap index rose 0.38% and the BSE Small-cap index closed 0.84% higher.
The top sectoral gainers were BSE Capital Goods (up 2.64%); BSE Realty (up 1.32%), BSE PSU (up 0.59%); BSE Consumer Durables (up 0.58%) and BSE Power (up 0.37%). On the other hand, BSE IT (down 2.06%); BSE Metal (down 1.65%); BSE TECk (down 1.63%); BSE Oil & Gas (down 1.62%) and BSE Auto (down 1.29%) were the key losers.
The top five gainers on the Sensex were BHEL (up 3.45%); Larsen & Toubro (up 3.40%); DLF (up 3.24%); State Bank of India (up 2.27%) and Coal India (up 1.51%). The laggards on the index were Maruti Suzuki (down 3.89%); Hindalco Industries (down 3.73%); Sterlite Industries (up 3.29%); Tata Steel (down 2.82%) and Hero MotoCorp (down 2.70%).
The Nifty gainers were led by Ranbaxy (up 3.73%); BHEL (up 3.53%); L&T (up 3.33%); BPCL (up 2.99%) and SBI (up 2.12%). The main losers on the index were Hindalco Ind (down 4.02%); Reliance Power (down 3.91%); Maruti Suzuki (down 3.88%); Sterlite Ind (down 3.57%) and Sesa Goa (down 3.43%).
Markets in Asia closed with cuts of 0.72% to 1.37%, closing lower for the third day, as the European debt crisis showed no signs of easing. The stalemate pressurised the outlook for exporters.
The Shanghai Composite fell by 0.72%; the Hang Seng declined 1.37%; the Jakarta Composite tumbled 1.59%; the KLSE Composite slipped 1.14%; the Nikkei 225 shed 0.06%; the Straits Times fell 1.24%; the Seoul Composite lost 1.04% and the Taiwan Weighted settled 1.16% lower.
Back home, foreign institutional investors were net sellers of stocks totalling Rs1,636.08 crore on Thursday. On the other hand, domestic institutional investors were net buyers of equities amounting to Rs1,047.75 crore.
Balaji Amines has drawn up plans to expand the capacity of its Solapur facility at an investment of Rs70 crore. The project envisages expansion of the capacity of methyl amines from existing 22,000 tonne per annum to 55,000 tonne per annum. The stock jumped 7.69% to Rs38.50 on the NSE.
Tata Consultancy Services (TCS), which launched a first of its kind fully integrated information technology solution for Small and Medium Business (SMB) segment recently, said it was targeting to reach over 1000 customers in the segment nationally this year. The scrip declined 2.82% to close at Rs1,061 on the NSE.
Madhucon Projects has announced that the company has bagged an EPC contract amounting Rs422.06 crore from Bharat Coking Coal, Dhanbad. The project, which covers surface mining, extraction and transportation of coal located in Phularitand Colliery of Barora area, is to be completed in 84 months from the date of acceptance. The stock declined 1.71% to close at Rs49 on the NSE.
The state commission had upheld the decision of district forum, which found the company guilty of unfair trade practise for not settling the nominee claims under its ‘Sahara 10’ bond scheme
The National Consumer Disputes Redressal Commission (NCDRC) has rejected a revision petition of Sahara India Commercial and upheld the state commission’s decision to upheld the company guilty. Sahara India had challenged the state commission decision to upheld an order from the district commission finding the company guilty of unfair trade practice while settling claims of nominees under its ‘Sahara 10’ bond scheme.
Orissa-based Prafulla Mohanta had subscribed to bond scheme “Sahara 10” in 2000. As per the terms and conditions of the scheme, nominee of the bond holder, who had subscribed to the bond of Rs10,000, was entitled to get Rs10,000 each month for a period of 10 years, in case of death of bond holder.
On 15 September 2001, Mr Mohanta, died. His sons, Purnanda and Sailendra, being the nominees, submitted their claim and necessary documents to Sahara India. However, the company rejected their claims saying that they had not furnished the required documents. Both brothers decided to drag the company to the district consumer forum.
In its defense, Sahara India, denied the charges of being guilty of unfair practice and maintained that the nominees did not submit all the documents, full filling the terms and condition of ‘death help’ under the bond, ‘Sahara 10’ and hence it was not liable for claims.
The Mohantas, on their part, produced documents such as copy of money receipt issued to their father and death certificate before the Forum. The Forum, on 1 October 2003, gave the company more than one opportunities to settle the claims and pay the dues, which Sahara India agreed to. However, the company did not settle the claims and stopped appearing before the District Forum, which then issued an ex-parte order.
The Forum, in its judgment directed Sahara to pay Rs10,000 from September 2001 onward and clear up the entire accumulated dues of Rs2.60 lakh up to the month of October 2003. It also directed Sahara to pay a compensation of Rs.2,000 and Rs.500 as costs.
The forum said that it found Sahara and its Baripada branch, from where the bonds were purchased, had “adopted unfair trade practice U/S 2 (1) (r) of C.P. Act, 1986 in not settling up the claim of the nominees (the complainants) and paying off the death help dues to them in time as per the terms and conditions of the bond vide Ext.-2 taking the plea of non-submission of required papers and documents and a dilatory tactic to avoid payments.”
Sahara challenged the order in the State Commission. The State Commission observed that Sahara India’s contention that documents were not submitted could not be accepted in a view of the acknowledgement of the receipt of the required documents/papers given by the Mohantas and dismissed its appeal. Upholding the decision of the District Forum, the Commission observed that evidence given by the nominees has “remained ‘uncontroverted”.
The company then filed a revision petition, challenging state commission in the NCDRC. After hearing the facts of the case, the National Commission observed that Sahara India, “instead of settling the claim as assured by it to the District Forum, stopped appearing before the District Forum”. NCDRC dismissed Sahara India’s petition with costs at Rs10,000.
Competition is stiff between domestic and international companies to gain a large share for the diabetes market that is growing at a phenomenal rate
With the number of patients spiralling up, India is becoming the ‘diabetes capital’ of the world. This growth will propel pharma companies’ future as well. According to research reports, total anti-diabetic market in India will grow at a compound annual growth rate (CAGR) of 13% over 2009-2019 to Rs7,348.9 crore from Rs2,127.3 crore.