Weak rally likely: Monday Closing Report

Nifty may move up to 5,000 if today’s low holds

The domestic market snapped its two-day losing streak to close with modest gains even as some of its Asian counterparts closed lower on concerns over global economic growth. Today, the Nifty made a higher high and a higher low for the first time in many weeks. This could turn out to be the beginning of a small upmove, in case the Nifty is able to sustain above today's high of 4,910 and the low of 4,809 today. The gain may be to the level of 4,950 and thereafter a laboured move to 5,000. In case the Nifty breaks today's low and ends in the negative tomorrow, then we may see a fall up to 4,720.

Weakness in the global markets saw the domestic benchmarks opening mixed this morning. The Nifty opened almost unchanged (down two points) and the Sensex resumed trade at 16,156, up marginally by 14 points. However, the market turned negative within minutes of the opening bell as the absence of positive triggers limited investors' participation. IT, capital goods, metals, banking and auto sectors were under pressure in early trade.

The indices kept fluctuating in and out of the red, amid high volatility. The market fell to its intra-day lows in noon trade. At the lows, the Nifty fell to 4,809 and the Sensex went back to 16,046. However, a recovery in the key European bourses helped push the indices into the green.

The market ventured further northwards, supported by buying in select stocks in the post-noon session. Rising to the day's high, the Nifty touched 4,910 and the Sensex rose to 16,370. Breaking its two-day losing streak, the market closed higher with the Nifty notching gains of 53 points to settle at 4,899 and the Sensex surging 200 points at 16,342.

The advance-decline ratio on the National Stock Exchange (NSE) was a positive 1088:583.

The broader indices had an equal contribution in today's upmove as the BSE Mid-cap index gained 1.25% and the BSE Small-cap index advanced 1.54%.

In the sectoral space 11 of the 13 gauges settled higher. The leaders were BSE Oil & Gas (up 2.47%), BSE Power (up 2.04%), BSE Metal (up 1.91%), BSE Capital Goods and BSE Fast Moving Consumer Goods (up 1.63% each). The laggards were BSE IT (down 0.59%) and BSE Bankex (down 0.14%).

The top Sensex stocks were Jaiprakash Associates (up 5.38%), ONGC (up 3.99%), Wipro (up 3.74%), Tata Power (up 3.60%) and Bajaj Auto (up 3.56%). The main losers were DLF (down 2.25%), HDFC Bank (down 2%), Infosys (down 1.41%), TCS (down 1.24%) and Mahindra & Mahindra (down 0.66%).

The top performers on the Nifty were SAIL (up 7.49%), Reliance Communications (up 6.90%), IDFC (up 6.64%), Reliance Infrastructure (up 6.50%) and JP Associates (up 5.72%). GAIL (down 3.87%), DLF (down 2.09%), HDFC Bank (down 1.81%), Infosys (down 1.69%) and TCS (down 1.34%) ended at the bottom of the index.

Markets in Asia settled lower, as concerns about the economic growth in the US and Europe weighed on sentiments. Banking major Goldman Sachs has cut its US growth forecast for the second half of 2011 to 1%-1.5%, as it sees the economy "losing further momentum".

European Central Bank governing council member Ewald Nowotny was concerned that Eurozone members may not push through parliamentary approval of changes to their EFSF bailout fund as quickly as planned, keeping the region under pressure.

The Shanghai Composite fell by 0.73%, the Jakarta Composite shed 0.08%, the KLSE Composite declined by 0.80%, the Nikkei 225 tanked 1.04%, the Straits Times lost 0.07%, the Seoul Composite tumbled 1.96% and the Taiwan Weighted fell by 0.41%. Bucking the trend, the Hang Seng gained 0.45%.

Back home, on Friday, foreign institutional investors were net sellers of stocks worth Rs902.61 crore. On the other hand, domestic institutional investors were net buyers of equities worth Rs423.25 crore.

Telecom operator Bharti Airtel today said it sees significant potential for an upside in average revenue per user (ARPU), a key metric for telecom carriers, on account of rapid growth in consumption of value-added services (VAS) and the use of mobile internet. For the quarter ended 30 June 2011, monthly ARPU from Bharti's Indian operations fell by 12% to Rs 190 for the quarter. The stock ended 2.68% higher at Rs393.95 on the NSE.

Jindal Steel & Power has raised $475 million through the takeout financing route, to part finance expansion plans overseas. The company has raised the loan at 225 basis points over LIBOR, for a tenure of five years, with 10 banks participating in the transaction. The banks include Standard Chartered, DBS, Citibank, Bank of Tokyo Mitsubishi, Mizuho, Barclays, RBS, ANZ, Credit Agricole and JP Morgan. The stock closed at Rs502.60 on the NSE, up 3.69% over its previous close.

Reliance Industries is likely to close its $7.2 billion deal to sell its stake in 21 oil and gas blocks to UK's BP plc in the next 7-10 days. With the government formally communicating its approval for sale of 30% stake in the 21 blocks, the closing documents are likely to be signed before month-end, sources in the know of the development said. The blue-chip stock gained 3.73% to close at Rs759.85 on the NSE.


Team Anna must not ignore suggestions by other groups and citizens

Some citizens are disturbed that Team Anna will not listen to other viewpoints on a strong anti-corruption law. There is also concern about who a powerful Lokpal will be accountable to 

While Anna Hazare's call for strong ombudsmen against corruption has gone from strength to strength, his ultimatum to the government on tabling his Jan Lokpal Bill by 31st August does not seem to have gone down well with many. At the same time, some citizens think that Anna must also consider suggestions offered by other groups and individuals-like Ms Aruna Roy and her group-instead of being rigid about his draft.

The National Campaign for People's Right to Information (NCPRI) activist Ms Roy recently presented an alternate version of the Lokpal Bill, which is quite different from those proposed by the government or Anna Hazare. However, Team Anna has apparently cold-shouldered the proposal.

Noted RTI activist Bhaskar Prabhu says, "Setting aside the NCPRI'sdraft is something I consider erroneous." He has also expressed scepticism over the shape the movement has taken and he thinks that it should go beyond the popular uproar and manifest itself in concrete forms. The idea that corruption will vanish after the Lokpal is set up is too simplistic.

One of the troubling aspects of Anna's Jan Lokpal Bill is the question of accountability. There is confusion about who this immensely powerful body should be answerable to. The NCPRI version has sought to fill up this lacuna. "The Joint Committee was to hear suggestions from all as to how the prime minister or the judiciary should be brought under the Lokpal. They did not hear the NCPRI and so it is NCPRI's right to suggest their deferred version," Mr Prabhu said.

The NCPRI version suggests that there should be three nodal bodies, instead of one. Also, there are suggestions on strengthening the existing bodies, the Judicial Accountability Bill, and something for the protection of whistleblower.
However, Team Anna has been unwilling to accept any changes to its draft or to discuss its contents.

Ms Roy said, "There have been public meetings, but few consultations on the content of the Act in detail. Every critique was attributed to wrong intent and viewed with suspicion and mistrust by the civil society members of the Joint Committee. A critique of the Bill has evoked sharp reactions, and statements have been made that disagreement with the draft was tantamount to promoting corruption. We were baffled by such statements."

EAS Sarma, former power and finance secretary now turned activist says, "It is not an easy task for any one to come up with a fool-proof behemoth of a system that will eliminate corruption. The strength of civil society lies in its ability to sort out its internal differences and develop a healthy consensus."

Some other citizens, too, have voiced there concerns about the Lokpal as envisioned by Team Anna which appears too powerful. Rajaram Bojji, former managing director of the Konkan Railways, said, "If thousands of inspectors of Lokpal, spread out and start descending on every office, even routine work gets dislocated."

He thinks that in most cases vigilance bodies have victimised more innocent people than culprits. The proposed Lokpal with its vast powers can abuse its authority; considering that its functioning will be the same as others. Moreover, the scope of the Lokpal, as suggested, is too broad. In that case, there will be an overload, and cases/files will soon start to pile up like it has happened with the judiciary.

But Hazare's movement condemns the entire system, which many citizens feel is pushing the envelope too far. "We are one nation and it is unfair to treat the entire group of public servants to be useless and dishonest. That includes the politicians. It does not mean we condemn the entire system. We have done well in spite of some bad guys," says Mr Bojji.



vimal bhair

5 years ago

At this stage there should not be discuss anything expect Anna's Lokpal.Govt. is trying hard to linger this through Mrs Roy & co.Where were these people.Why they did not advise before Three Months,when this date was fixed.Now the most of the public is with Annaji I think no body should distrub this and must support this movement.

c jyoti

5 years ago

I know about a retired IRS officer having done a very paistaking job of giving his own suggestions on the Draft JLP Bill of Anna's team. This was never even acknowledged by them, the self-styled Civil Society of a few personms in a country of millions! Let the anti-corruption law be drafted by the common people ion their language. Let the upper class English-educated and speaking people make space for them.

vimal bhair

5 years ago

Mrs.Roy you do not have much public support so you are requested not to proceed with your Bill.Pl. do not shields these congressis who have looted the country like anything.



In Reply to vimal bhair 5 years ago

I agree with you,by looking support given to Anna,they all feel that nobody is looking to them ,so just to get publicity all this drama is created.Nobody is perfact but one who is nearer will always gets more support.

nagesh kini

5 years ago

The Parliamentary Committee has rightly put the issues of the Lok Pal Bill in the public domain for views and suggestions. This also should be made applicable to the Jan Lok Pal, NCPRI and every Private members Bill submitted. It should be the prerogative and Right of We, the people, to have our say in matters that concern us, in addition to going to the street wearing the "I am Hazare" topis. The citizen in addition to submitting views/suggestions must also be ready and willing to appear in person to defend the submission
At least as a concerned citizen I have exercised this right by mailing my views ans suggestions. I want to be heard/read and not simply ignored. Every right thinking citizen ought to do this too.
It is only then that our netas-babus will not take us for granted.


Tira T

In Reply to nagesh kini 5 years ago

Which is the site and where can one send one's views?

Utsal Karani

5 years ago

Is there any space left for reasoned, civilised and dignified debate on Lokpal in the current intolerant climate created by Tean Anna?


5 years ago

request ---every human every soul either good or bad ,angle or evil ,sinner,demon , god or devil every one want to live as a good humanbeing --please save
------------------requests to all to request and pray, enemities,quarrels ,old evil (bhudhi) intelligence of sins like vengeances , kama (so far which are the cause for every bad happenings ),enemities to destroy,spoiling others, hates for others all bad wisedom, bad evil thoughts, be change to good & noble and betterment for others, intelligence not commiting sins and not doing bad for others,.and save every soul ,grand soul, humans , balas in back bones , kundlani power , every molecules of humans .
----------------------------------1 ) we request you from the time of old vedic (india ancient scriptures time) .puranic stories (indian ancient) time and stories, curses of rishes (saints) devtas (angles) asurans (satans) ( devatas quarrels ) ramanya , mahabharata enemities, conspirancies ( षङयत्रॅ ) cheatings ,dirty politics , mistakes ( that time may be mistake of one or two persons) ,old revenges are taking place still going on. due to some bad budhies ( wise )(wisedom) ( बुदधि ) bad thoughts , bad understanding , egos , and adamant natures ( हठ ) ,blaming each others, those enemities and revenges has brought to this level . now it has taken very destruction .

2 ) if at those ancients times some wise peoples would have taken wise decissions for the betterment for each others and others , no ramayana, mahabhartha , no war ,no fight ,no quarrels , in puranic (ancients) times and now nothing would have not taken place .

3 ) on the name of punishment , taking revenges, taking under earth alive , several thousnds kilometers under earth , even to center of the earth, where no body can be able to find out , under rocks ( चटटान ) .even converting souls (atamas) to pieces the size of molecules even to newtron, proton size so that no one can search .buring alive .beating , cutting parts of boby of (souls) atama , sending to hell ( नरक़ ) the place where no body sees , making aliens and like aliens from human .joining different souls atamas giveing unnatural shapes .
breaking soul ( atama ) cutting hands , legs .stomach ,toungs,seprating layers of body ,atama
spoil of budies( बुदधि ) brains , spoiling atama , kundlies shakties ,nurves systems ,spoiling humans -,-beating souls ,human .micro soul powers .

4 ) .
bhupinder gupta (or his soul , atamas ,paramatama (grand soul )micro soul , son of purshotam lal gupta in his earlirer past births ( janams ) would have done some mistakes or sins that may be due to bad budhies (bad wisedom )( बुदधि ) or bad fate . which made sinner and sinner, and was not able to come out of bad thoughts and bad budhies . due to that others are also got affected and became victims and getting punished .
----------------------------- ------------------------------------------------- ------------------------------------
5 ) please requsts you to request , give death penality for bhupinder gupta ( even to his father purshotam lal gupta and mother )to his (soul)atama , jeevatama , parmatma , kundalani power , every molecule of body by giving posion or injecting (now science have and can produce poision) and burn on the earth not in earth in front of every body .

6 )
requests you to and request to other guru jis . please come forward togethers to make to stop bad things,quareels which under earth are going on , taking souls under earth and requests to make to bring back on earth .all the bad things are going on ..and save lives ,pain of every molecules of atama ,paratama ,human
please save to every one good or bad . prevent form paining and sufferings .

8 )
request thousands times to guru ji to save every molecules and take care of every atama .human .balas (like human ) in back bone ,kundalani sakties .and bring back lives to even micro micro molecules of every one .every creaters,every life bring back to earth and give life .

hope all will do best .and will request to others to save every life from the under earth and hell bring back to earth every grand or micro soul good or bad souls ,creatuers .

please save to every one good or bad .

requests, pray and beg , please read full request . please come forward together to make to stop all the bad things,destructions of humans, lives , souls ( atma) , (grand souls) parmatama, are going on and save to everyone good or bad souls..

message for request .please request you to at the time ancient ,puranic times ,there may be mistake of one or two persons .mistakes would have been due to bad wisedom or bad fate and could not come out of sins which made sinner .at that time itself mistakes would have rectified and proper steps would have taken for betterment that mistakes should not be repeated .there would have been no bad happenings..

human souls ,are taken under earth .please request you to request make bring back all the souls ,every molecules back on earth .and make good dissison to save every one or REQUEST to give DEATH for ME ,MOTHER ,and FATHER ,and even to my TWO BROTHERS,and ONE SISTER to soul ,grand soul ,kundaliy , by giving or injecting POSION ( which science & scientits can produce ) and ( shown in the "DASAVATARAM "tamil & hindi india movie )BURN infront of ALL ON THE EARTH ONLY .

Commexes turnover up by 57.50% till July of FY11-12

The increase in business volume of commexes came from futures trading in gold, silver, guar seed, chana and soyoil, FMC data showed

New Delhi: The turnover of the 23 commodity exchanges in the country has risen by 57.50% to Rs53,11,356 crore as of July in the current fiscal on the back of increased trade in bullion and farm items, reports PTI quoting the Forward Markets Commission (FMC) data.

The turnover of the commodities exchanges stood at Rs33,72,249 crore in the corresponding year-ago period, the FMC said in a statement.

Much of the business volume came from futures trading in gold, silver, guar seed, chana and soyoil, it said.

According to the FMC data, the turnover from bullion has more than doubled to Rs30,57,508 crore till July of the current fiscal from Rs15,19,559 crore in the corresponding year-ago period.

The turnover from agricultural items rose by 56.43% to Rs5,89,893 crore from Rs3,77,099 crore, while business from energy items jumped by 31.32% to Rs8,25,432 crore in the review period from Rs6,28,568 crore in April-July of FY10-11.

However, the turnover from metals like copper has declined marginally to Rs8,38,520 crore as of July of 2011-12 fiscal from Rs8,47,009 crore in the corresponding year-ago period.

During July, leading commodity bourse MCX did the maximum business of Rs12,45,256 crore, followed by NCDEX (Rs1,92,791 crore), ICEX (Rs15,998 crore), ACE Derivatives and Commodity Exchange (Rs13,089 crore) and NMCE (Rs10,288 crore).

Currently, there are five national level and 18 regional commodity exchanges in the country. The commodity futures market did business worth Rs119.48 lakh crore in 2010-11.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)