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Nifty, Sensex headed lower – Wednesday closing report
Nifty has some support at 8,120 but the overall trend is weak
 
In Tuesday’s closing report we mentioned that if the S&P CNX Nifty closes below 8,250, we may see some more weakness. Today the index opened marginally higher and hit the day’s high just 14 points above the opening. The move on the benchmark had no strength and it was pulled lower each time it tried reviving. Just before 3 pm, massive selling pulled the indices down sharply lower.
 
S&P BSE Sensex opened at 27,530 while Nifty opened at 8,272. The benchmark hit a high at 27,571 and 8,287. The indices headed lower to hit a four day low at 27,147 and 8,155. Sensex closed at 27,209 (down 298 points or 1.08%) while Nifty closed at 8,174 (down 93 points or 1.12%). NSE recorded huge volumes of 102.66 crore shares on account of expiry of futures & options (F&O) segment for December 2014. India VIX fell 1.49% to close at 15.0700. The stock market will remain closed on Thursday on account of Christmas.
 
The winter session of Parliament ended on Tuesday with the government unable to get key legislative reforms bills passed. However, today the Union Cabinet approved promulgation of the ordinance on the insurance bill, re-promulgation of the coal ordinance and allowing up to 100% FDI in medical devices in the pharmaceutical sector under the automatic route.
 
The Ministry of Finance today said that Prime Minister Narendra Modi will interact with bankers during the two day Bankers Retreat called ‘Gyan Sangam', to be held in Pune on 2nd and 3rd January, 2015 to prepare a blue print of reform action plan for banking sector. The objectives of this retreat are to create a platform for formal and informal discussions around the issues which are important for banking sector reform.
 
Jaiprakash Associates (8.96%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week low on Tuesday. The stock was in the news as it signed a memorandum of understanding with UltraTech Cement wherein it will buy two cement plants of Jaiprakash Associates Madhya Pradesh.
 
Jet Airways (3.30%) was among the top three losers in the ‘A’ group on the BSE. It closed a landmark five-year syndicated loan in the Middle East region for USD 150 million. The transaction was fully subscribed to by banks spread across the Middle East region, from Dubai, Abu Dhabi, Bahrain and Doha-based financial institutions.
 
The only gainers in the Sensex 30 pack were Sesa Sterlite (0.59%), Tata Steel (0.06%) and ICICI Bank (0.03%).
 
BHEL (2.62%) was the top loser among Sensex 30 stocks. It was recently in the news as it bagged a Euro 16.96 million contract for a thermal power project in Turkey. It bagged a contract for rehabilitation of 3 units of electrostatic precipitators for the 430 MW Tuncbilek thermal power project in Turkey on EPC (Engineering, Procurement & Construction) basis.
 
On Tuesday US indices closed flat with a positive bias.
 
US economy grew at its quickest pace in more than a decade last quarter.
 
The final estimate of the US gross domestic product (GDP) for the third quarter was revised up to a 5% annual pace, its quickest in 11 years, from 3.9% reported last month, on stronger consumer and business spending, Commerce Department said in its third and final estimate Tuesday.
 
Consumer spending, which accounts for nearly two-thirds of the US economy, jumped to its largest gain in three months in November. Consumer spending rose 0.6% last month, while October was upwardly revised to a 0.3% increase, the Commerce Department said Tuesday.
 
Except for Shanghai Composite (1.98%) and SET Composite index of Thailand (0.40%) all the other Asian indices closed in the green. Nikkei 225 (1.24%) was the top gainer.
 
European indices were trading in the green. US Futures too were trading marginally higher.
 

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Wasankar Wealth Management ordered to cease its portfolio management activities by SEBI

Wasankar Wealth Management has been restrained from buying, selling or dealing in the securities market, either directly or indirectly or in any manner, according to a SEBI Order

 

Wasankar Wealth Management Limited, having Trade name – Wasankar Investments, and Vinay Wasankar, Mithila Wasankar, Abhijeet Chaudhari,   Bhagyashree Wasankar and Prashant Wasankar have been ordered to cease and desist from undertaking its portfolio management activities or any unregistered activity in the securities market, directly or indirectly, in any manner whatsoever, according to a SEBI Confirmatory Order passed by Rajeev Kumar Agarwal, Whole Time Member, SEBI.
 
The following restrictions apply to the wealth management company as per the SEBI Order:
 
It is prohibited from mobilising or pooling funds from its clients, other general investors or public and from offering any portfolio management activities or any other unregistered activity, in whatever form.
 
It is to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, etc. in relation to the portfolio management activities or any unregistered activity in the securities market.
 
It is to refund the monies so collected from their clients and other investors in its various schemes along with income, profits or returns promised to them under such schemes or interest at the rate of 10% per annum, whichever is higher, from the date of investment till the date of refund, within a period of seven days from the date of this order and submit a repayment report to SEBI in a prescribed format.
 
It is prohibited from transferring the funds/deposits mobilised from the clients or other investors or from disposing of or alienating any asset that has been created from the funds/deposits received from their clients or other investors for purposes other than refund as directed hereinabove.
 
It is restrained from buying, selling or dealing in the securities market, either directly or indirectly, in any manner whatsoever, till further directions.
 

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COMMENTS

Kiran Aggarwal

2 years ago

Reason ??
Kindly SHARE THAT ML .

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