Weakness on the Sensex, Nifty may persist: Friday Closing Report
A close below 5,970 on the Nifty may pull the market down further. However, a close above any previous day’s high may bring some relief
The market managed to snap its four-session losing streak and end marginally higher today amid volatile and range-bound trade. A close below 5,970 on the Nifty may pull the market down further. However, a close above the previous day’s high may bring some relief. The National Stock Exchange (NSE) reported a lower turnover of 53.30 crore shares and advance-decline ratio of 750:628.
The market opened in the positive this morning, recouping itself from the 2% decline seen yesterday, as investors lapped stocks at lower levels. Across the globe, markets in Asia continued to trade in the negative in morning deals on economic concerns and the US markets closed marginally lower on Thursday as gains in IT major Hewlett Packard eased worries of the Federal Reserve’s proposed move.
The Nifty opened 44 points higher at 6,011 and the Sensex resumed trade at 19,765, a gain of 91 points over its previous close. Gains in fast moving consumer goods, banking, capital goods and consumer durables helped the indices hit their highs in initial trade itself. The Nifty rose to 6,015 and the Sensex inched up to 19,833 at their respective highs.
The market could not sustain the early gains and soon trended lower. The benchmarks fell to their lows at around 10.30am. The Nifty fell to 6,937 and the Sensex went back to 19,568 at their lows.
Select buying in capital goods, realty, metal and power stocks enabled the market recover from the lows and emerge in the positive terrain around 11.00am. However, the benchmarks remained range-bound and hovered on both sides of their previous closing levels in subsequent trade.
Meanwhile, the European markets opened mixed on negative news from China and the US. 
The market managed to snap its four-session losing streak and settle marginally higher today on buying in blue chips. The Nifty finished 17 points (0.28%) higher at 5,984 and the Sensex closed trade at 19,704, gaining 30 points (0.15%).
The broader indices outperformed the Sensex today, as the BSE Mid-cap index gained 0.37% and the BSE Small-cap index advanced 0.30%.
The top sectoral gainers were BSE Consumer Durables (up 1.86%); BSE Metal, BSE Capital Goods (up 1.61%) each; BSE Bankex (up 0.96%) and BSE Power (up 0.96%). The main losers were BSE Healthcare (down 1.28%); BSE IT (down 0.74%); BSE TECk (down 0.66%) and BSE Auto (down 0.04%).
Out of the 30 stocks on the Sensex, 15 settled higher. The major gainers were Tata Steel (up 4.56%); Tata Power (up 3.7%); Larsen & Toubro (up 2.705); ICICI Bank (up 2.60%) and Sterlite Industries (up 1.63%). The key losers were Sun Pharmaceutical Industries (down 3.67%); Hindalco Industries (down 1.70%); Cipla (down 1.63%); TCS (down 1.59%) and BHEL (down 1.51%).
The top two A Group gainers on the BSE were—United Spirits (up 6.55%) and Amara Raja Batteries (up 5.98%).
The top two A Group losers on the BSE were—Wockhardt (down 6.50%) and Apollo Hospitals Enterprise (down 5.09%).
The top two B Group gainers on the BSE were—TTK Healthcare (up 20%) and SAH Petroleums (up 20%).
The top two B Group losers on the BSE were—Ashima (down 19.77%) and GG Dandekar Machine Works (down 19.01%).
Of the 50 stocks on the Nifty, 34 ended in the in the green. The main gainers were Maruti Suzuki (up 7.86%); Tata Steel (up 4.77%); Tata Power (up 3.98%); Lupin (up 2.94%) and L&T (up 2.90%). Sun Pharma (down 3.1%); BHEL (down 1.61%); Cipla (down 1.53%); TCS (down 1.39%) and Ranbaxy Laboratories (down 1.32%), were the major losers on the index.
Markets in Asia closed mostly higher and the Nikkei 225, which plunged over 7% yesterday, managed to close nearly 0.90% higher today. A Tokyo-based market analyst said that the markets, which were going up and down like a roller coaster, are expected to calm down in a week’s time. Markets in Singapore, Malaysia, and Thailand were closed for a public holiday. 
The Shanghai Composite gained 0.57%; the Jakarta Composite advanced 0.66%; The Nikkei 225 climbed 0.89% and the Seoul Composite rose 0.22%. Among the losers, the Hang Seng fell 0.23% and the Taiwan Weighted lost 0.34%.
 At the time of writing, two of the three European markets were in the red and the US stock futures were trading lower.
Back home, foreign institutional investors were net buyers of equities aggregating Rs316.23 crore on Thursday while domestic institutional investors were net sellers of shares amounting to Rs538.75 crore.
Viceroy Hotels is in the process of securing shareholder nod, through a postal ballot, for selling its Chennai Property Division to Ceebros Hotels Pvt Ltd for Rs480 crore. The sale will help the company retire Rs430 crore debt of Chennai property and bring down the overall company debt to Rs200 crore. The stock rose 0.51% to Rs19.70 on the NSE.
Fortis Healthcare today said that its Singapore-based subsidiary will receive A$270.38 million (around Rs 1,452 crore) on completion of its stake sale in Dental Corporation Australia to Bupa Australia Health. Fortis Healthcare International has a 64% stake in Dental Corporation Holdings. The stock closed 3.90% down at Rs91.15 on the NSE.
Private sector lender YES Bank has ties up with the International Finance Corporation (IFC) to boost international trade opportunities. Through this programme, IFC will extend credit guarantees to YES Bank to cover its payment risks under trade instruments issued by the bank in favour of participating correspondent banks. YES Bank gained 1.75% to close at Rs505.40 on the NSE.





4 years ago

GMR Infra after touching Rs 25 the recent 6 months high , has sharpely corrected till Rs 20.90 and have started upmove and within a day gained Rs 0.85 to Rs 21.75 ( more than 4% gain in a single day)

This strongly indicates it will go higher than the Rs 25 mark in this upmove and the results are also scheduled next week.

This being one of the very high Beta share stop loss is a must for trading.

NSE cuts STT rate in capital markets segment from 1st June
The revision is as per the Finance Act 2013, which received Presidential assent on 10th May
Leading bourse NSE (National Stock Exchange) today said it will reduce securities transaction tax (STT) in the capital market segments from 1st June.
The revision is as per the Finance Act 2013, which received Presidential assent on 10th May.
Introduced in 2004, STT is levied on the sale and purchase of equities.
In the case of sale of securities in futures segment, the tax has been revised downward to 0.01%, from 0.017%.
“We would like to inform you that as per the Finance Act 2013, which received the Presidential assent on 10 May 2013, rates of levy of STT with effect from 1 June 2013, are revised,” NSE (National Stock Exchange) said in a circular.
Regarding the sale of a unit of an equity oriented fund, where the transaction is entered into on a recognised bourse and the contract for the sale of such share is settled by the actual delivery or transfer of such share, STT has been revised downward from 0.1% to 0.001%.
In case of purchase of a unit of an equity oriented fund, where the transaction is entered into in a recognised stock exchange and the contract for the purchase of such unit is settled by the actual delivery, NSE has done away the tax from the existing 0.1%.
The exchange said that in case of other transactions, there would not be any change in STT rate.


US lauds India’s efforts to reduce oil imports from Iran; hints at new waiver
India and some other countries such as China and Japan have cut their oil imports from Iran to secure waivers. This enables them to continue imports of oil to some quantity without facing a backlash from the US 
India may soon get a fresh waiver from the sanctions imposed on doing business with Iran, the US indicated today while noting that India has made “tremendous progress” in reducing imports of oil from the Persian nation.
“I think India has made tremendous progress in reducing the level of its imports of Iranian oil. India has long been a leader in non-proliferation, stood side by side with all of us in the international community to say that Iran should not acquire a nuclear weapon,” US Under-Secretary of State for Political Affairs Wendy Sherman informed the media.
“That decision will be made shortly and all of the data is certainly pointing in a positive direction,” she said when asked whether the US could grant a fresh waiver to India to conduct business with Iran.
Her indication of a third waiver comes against the backdrop of India’s moves to reduce Iranian crude purchases to less than 13 million tonnes in the current financial year from 18.1 million tonnes last fiscal.
“We greatly appreciate all of the leadership that India has provided, including their imposition of sanctions,” Sherman said.
India and some other countries such as China and Japan have cut their oil imports from Iran to secure waivers. This enables them to continue imports of oil to some quantity without facing a backlash from the US.
The sanctions imposed by the US on Iran in view of its controversial nuclear programme prohibit any country from engaging them in the field of commerce.




4 years ago


Uncle Sam:

Dear India, thank you for reverting to buying Petrol in dollars (otherwise we are so ****ed you know). These dollars had to head home to roost without your complicity in the petro-dollar scam.


Dear Uncle Sam, we desperately need the toilet roll Ben Bernanke prints every month in order to prop up our unsustainable and bloated real estate sector. The feeling is mutual. We still haven't managed to grow a spine of our own.

Vinay Joshi

4 years ago


Is commerce prohibited with Iran? Under which provisions?

India had to reduce oil imports coz of forex payments. Each worldwide entity was restricted to US$ 500mn dealings.
In addition insurance.

OK, so the Govt. supposedly pooling 2.5KCR to meet the insurance liability, FRACTION if a liability arises as EU re-insurers can't insure under sanctions. Liability in billions of dollars cant be paid by Indian insurers NEITHER THE GOVT. [it will have to pitch in.]

However India continues to import oil from Iran, new fix scenario, barter. Insurance grey area but latest tankers are deployed.

Now Iran has shown interest in importing automobiles & pharma products from India.
The payments will be settled in rupees.

Iran can draw from its rupee a/c with UCO Bank.

FY13 Indian exports to Iran were $3.36Bn against imports of $ 11.6Bn.

This is a fillip to the sagging auto sector & growing pharma as this perfectly suites the importing country. Pharma exports are approx 30% of now.

TVS may be the first to enter into a JV with Iran mfgr's.

With rupee payment it can beat imports from Japan & S.Korea in passenger cars & LCV's but long haul truck-trailers it will have to depend on their source.

Iranian port Bandar Abbas, now modernized Raja Sallai, transports FCL's across CIS.

Ajai Sahai, DG & CEO, FIEO has corroborated the development. Suranjan Gupta, Dir.EEPC has welcomed it. The delegation led by Com.Sec, S.R Rao has yielded results.

Iran may not depend on Indian imports but for some more time India has to depend on Iranian oil imports which is cheaper.

In UN Iran has always stood by India, India will extract all possible concessions on Indo-Iran trade from US. US has to oblige.


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