Sensex, Nifty touch record levels as rupee recovers

Sensex, Nifty touch record levels as rupee recovers

Positive global cues on easing trade protectionist measures along with an appreciation in the Indian rupee lifted the key equity indices — S&P BSE Sensex and the NSE Nifty 50 — to settle at fresh high levels on Monday.

On a intra-day basis, the BSE Sensex touched a fresh high of 38,340.69 points, while the Nifty50 climbed a peak of 11,565.30 points.

Index-wise, the wider NSE Nifty50 closed at 11,551.75 points, up 81 points or 0.71 per cent from its previous close of 11,470.75 points.

The benchmark BSE Sensex which had opened at 38,075.07 points, closed at 38,278.75 points, higher by 330.87 points or 0.87 per cent from its previous close of 37,947.88 points. It touched an intra-day low of 38,050.69 points.

In the broader markets, the S&P BSE Mid-cap ended higher by 1.05 per cent and the S&P BSE Small-cap rose by 0.14 per cent.

The BSE market breadth was tilted towards the bulls with 1,437 advances and 1,307 declines.

“Positive global stocks, optimism over a trade resolution between the USA and China and strong institutional activity at home fuelled investor sentiment and pushed the bourses to close the day with gains,” Abhijeet Dey, Senior Fund Manager for equities at BNP Paribas Mutual Fund.

The two economic giants are expected to hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war, Dey added.

Accordingly, major Asian markets closed on a positive note, barring the Nikkei and Straits indices and European indices including FTSE 100, DAX and CAC 40 traded in the green, said Deepak Jasani, Head of Retail Research at HDFC Securities.

Besides, global cues, the appreciation in Indian rupee supported the indices’ upward movement.

On Monday, the Indian rupee appreciated by 33 paise to settle at 69.83 per US dollar, from its record closing low of 70.16 per dollar on the previous trade session.

“The rupee has appreciated today as the US dollar index has witnessed profit booking,” Anand Rathi Shares and Stock Brokers’ Research Analyst Rushabh Maru told IANS.

“There is an optimism in the market that US and China would find a solution for ongoing trade conflict. So that has also supported the rupee.”

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 483.04 crore and the domestic institutional investors purchased stocks worth Rs 593.22 crore.

Sector-wise, the S&P BSE capital goods index rose 668.41 points, the metal index was up 332.36 points and the auto index rose by 244.22 points.

In contrast, the S&P BSE IT index declined by 188.84 points, consumer durables fell 127.24 points and Teck (entertainment, technology and media) index ended lower by 76.07 points from its previous close.

The major gainers on the Sensex were Larsen and Toubro, up 6.74 per cent at Rs 1,323.95; Tata Motors (DVR), up 5.74 per cent at Rs 143.80, Tata Motors, up 4.74 at Rs 269.55; ONGC up 3.34 per cent, at Rs 168.55; and Tata Steel, up 3.24 per cent at Rs 599.40 per share.

The majors losers were Infosys, down 3.22 per cent at Rs 1,385.20; Maruti Suzuki, down 0.79 per cent at Rs 9,075.90; ICICI Bank, down 0.50 per cent at Rs 338.35; Axis Bank, down 0.46 per cent at Rs 624.20; and Hindustan Unilever, down 0.30 at Rs 1,775.40 per share.

-PTI |21 August 2018 | Mumbai

Sensex rises over 100 points, Nifty nears 10,600

Sensex rises over 100 points, Nifty nears 10,600 

The BSE Sensex rose over 100 points in early trade today, continuing its winning spree for the 10th straight session, on positive global leads and sustained buying by domestic institutional investors.
The 30-share index moved higher by 110.13 points, or 0.32 per cent, to 34,505.19. The gauge had gained 1,375.99 points in the previous nine sessions.
SensexAll the sectoral indices, led by metal and healthcare stocks, were trading in the positive territory.  The broader Nifty too opened higher by 30.70 points, or 0.29 per cent, at 10,579.40.
Brokers said continuous buying by domestic institutional investors (DIIs) and retail investors following a firm trend at other Asian bourses, overnight gains on Wall Street, and encouraging economic data strengthened market sentiment.
Major early gainers were Wipro, Yes Bank, Adani Ports, ITC, Asian Paint, Tata Motors, Bharti Airtel, ONGC, Sun Pharma, Tata Steel, TCS, Maruti Suzuki and RIL rising up to 1.47 per cent.
Meanwhile, on a net basis, DIIs bought shares worth Rs 723.81 crore, while foreign funds sold shares to the tune of Rs 951.39 crore yesterday, provisional data showed.

Brokers said continuous buying by domestic institutional investors (DIIs) and retail investors following a firm trend at other Asian bourses, overnight gains on Wall Street, and encouraging economic data strengthened market sentiment. Major early gainers were Wipro, Yes Bank, Adani Ports, ITC, Asian Paint, Tata Motors, Bharti Airtel, ONGC, Sun Pharma, Tata Steel, TCS, Maruti Suzuki and RIL rising up to 1.47 per cent.

Globally, Japan’s Nikkei moved up 1.29 per cent and Hong Kong’s Hang Seng gained 0.27 per cent in early trade today. Shanghai Composite Index, however, shed 0.36 per cent. The US Dow Jones Industrial Average ended 0.87 per cent higher in yesterday.

– PTI/18 April 2018 / Mumbai

GDP surprise takes market to 6-month high, Sensex soars 241 points

GDP surprise takes market to 6-month high, Sensex soars 241 points

Robust GDP data for the December quarter allayed market fears as the Sensex on Wednesday rallied over 241 points to end at about a six-month high of 28,985 amid firm global cues.

GDP, microstatThe impact was such that even the broader NSE Nifty took back the 8,900-mark.

The Central Statistic Office on Tuesday showed that GDP expanded by 7 per cent in the third quarter, belying all fears of the note ban derailing economic activity. It also retained its first advance growth estimate for the fiscal at 7.1 per cent.

The Sensex took off on a positive note and went past the key 29,000-mark to touch a high of 29,029.17 before settling up by 241.17 points, or 0.84 per cent, at 28,984.49, a level last seen on September 8 last year when it had closed at 29,045.28.

The gauge had lost 149.65 points in the previous two sessions.

The NSE Nifty also moved up 66.20 points, or 0.75 per cent, to 8,945.80 after shuttling between 8,960.80 and 8,898.60.

A monthly PMI survey showed that India’s manufacturing sector grew for the second straight month in February.

Meanwhile, U.S. President Donald Trump, in his address to the Congress, took a more measured tone, saying he is open to immigration reforms.

Moody’s Investors Service said demonetisation will be credit positive for India as it is likely to reduce tax avoidance and corruption, which cheered market players.

“A surprise growth of 7.1 per cent in third quarter GDP data and no negative comments in Trump’s speech have given a renewed buying interest in the market. The impact of cash crunch seems over—estimated. Prima facie, the February auto sales numbers are looking better as discretionary spending is gradually picking up,” said Vinod Nair, Head of Research, Geojit Financial Services.

 Both the key indices have rallied by almost 9 per cent in the past two months, largely on the back of a growth-oriented Budget, better-than-expected earnings from bluechip companies and strong global cues.

The government pegged GDP growth at a higher-than-expected 7.1 per cent for 2016-17 despite the cash blues, with manufacturing and agriculture doing exceptionally well, which in turn made India keep the tag of the world’s fastest growing large economy.

Better Chinese factory readings led to a higher closing in Asia and and a better opening in Europe.

Stocks of automobile companies led by M&M, Hero Motocorp and Bajaj Auto were in limelight and gained up to 3.13 per cent largely on the back of encouraging sales numbers for February.

Other prominent gainers included Tata Steel, Dr. Reddy’s, ITC Ltd, Sun Pharma, HDFC Ltd, Axis Bank, Infosys, SBI, Hindustan Unilever, ICICI Bank, Power Grid and Cipla, rising by up to 3.66 per cent.

Out of the 30-share Sensex pack, 21 ended higher while 9 led by GAIL, NTPC, Tata Motors, Bharti Airtel, RIL, Coal India, Lupin and Wipro ended lower, which limited the gains.

The BSE realty index gained the most by surging 3.46 per cent, followed by metal 1.91 per cent, FMCG 1.30 per cent, bank 0.96 per cent and healthcare 0.87 per cent.

In step with the trend, the small-cap index rose 0.45 per cent and mid-cap 0.13 per cent.

Meanwhile, foreign investors bought shares worth Rs 1,146.23 crore on Tuesday, showed provisional data.

-PTI, MUMBAI, MARCH 01, 2017

SC orders Bengal govt to return Singur land to farmers

SC orders West Bengal govt to return Singur land to farmers

The Supreme Court quashed the allotment of 1,000 acres of Singur land by the former CPI(M)-led government in West Bengal to Tata Motors in 2006 for the company’s aborted project to start a Nano car plant in Singur, declaring that the “entire acquisition process was illegal”.

Singur land

A bench of Justices V. Gopala Gowda and Arun Mishra agreed for different reasons, in their separate judgments in the case, to quash the acquisition process and return the land to thousands of short-changed landowners, farmers and cultivators, who have been fighting a prolonged legal battle in the courts for over 10 years.

The Left Front government’s policy to acquire the land saw widespread protests in the State and ultimately led to an electoral victory for Mamta Banerjee’s Trinamool Congress.

Justice Gowda, reading his judgment, said the acquisition of land in “favour of a company” by taking it away from the farmers cultivating it cannot be construed as a “public purpose”.

But Justice Mishra differed on this aspect, saying the acquisition of land in favour of Tata Motors for a car plant was indeed in public purpose as the factory would have given thousands of persons jobs. He said there was no “illegality” on this aspect.

But both judges agreed that the enquiry process that led to the notification for acquisition was not properly held. “Either do as per law or not at all,” Justice Gowda said.

Notice was not issued to the landowners and their objections not properly considered, he observed.

In his turn, Justice Mishra held that the entire enquiry process stands vitiated. He observed that though the acquisition was made for a public purpose, the project has moved to Gujarat and the “need has come to an end . . . quash the entire acquisition process”.

Justice Gowda said the Land Acquisition Collector did not assign any reasons, revealing that the State government did not apply its mind in issuing notification in favour of acquiring land in favour of the company. Justice Gowda also disagreed against passing of a composite compensation for landowners.

Again the judges differed on the issue of notices to the landowners.

Justice Gowda said individual notice should have been issued to them for voicing prior objections against the acquisition.

But Justice Mishra said there was no need to issue individual notices and gazette notice was enough.

“We have concurrently quashed the acquisition and compensation proceedings. The appeals [by farmers] are allowed,” Justice Gowda spoke for the Bench.

The Bench ordered the State government to identify the land acquired in 10 weeks and return the land to the farmers in the next 12 weeks.

“Restore the ownership of the lands to cultivators,” the Supreme Court directed the State.

It further held that the farmers can retain the compensation paid to them by the State as they were “deprived” of their 10 years’ income from the land by the State’s acquisition. The State will have to pay the compensation to those who were not paid.

The court was hearing petitions filed by farmers, questioning the manner in which over 1,000 acres was allotted by the CPI(M)-led government to Tata Motors without adhering to sections 4 and 5 of the Land Acquisition Act, which mandate public notice for receiving objections.

Singur land acquisition: A timeline

May 2006: Tata Motors announces Nano car plant at Singur in West Bengal.

July 2006: Mamata Banerjee opposes the plant on fertile land.

December 2006: Protests against the acquisition begins.

December 2006: Mamata Banerjee holds 26-day hunger strike against the land acquisition | Also read: Singur and political posturing

January 21, 2007: Tata Motors starts construction of Nano car plant in West Bengal.

January 18, 2008: Calcutta High Court upholds Singur land acquisition, following which farmers and NGO moved the Supreme Court challenging the HC order.

August 24, 2008: Mamata Banerjee starts indefinite dharna at Singur outside the car plant.

September 2, 2008: Tata Motors suspends work on Nano Plant at Singur.

September 3, 2008: Governor Gopal Krishna Gandhi plays mediator; CPI(M)-led Left Front government and Trinamool agree to hold discussions.

September 5, 2008: West Bengal government and Trinamool start negotiations.

September 7, 2008: Talks break down.

October 3, 2008: Tata Motors decides to move out of Singur. Read: We cannot run a plant with police protection, says Tata

October 7, 2008: Tata Motors announces new Nano Plant at Sanand in Gujarat.

May 20, 2011: Mamata Banerjee sworn in as Chief Minister of West Bengal, announces first Cabinet decision to return 400 acres of land to unwilling Singur farmers.

June 14, 2011: Singur Land Rehabilitation and Development Bill, 2011 passed in West Bengal Assembly.

June 22, 2011: Tata Motors moves Calcutta High Court challenging the Bill.

September 28, 2011: Calcutta High Court single bench upholds the Singur Land Rehabilitation and Development Act, 2011.

June 22, 2012: A division bench of Calcutta High Court strikes down the Bill on an appeal by Tata Motors.

August 31, 2016: Supreme Court sets aside January 18, 2008 order of Calcutta High Court, allows appeals filed by some farmers and NGOs

NEW DELHI, August 31, 2016

Tata Motors only Indian firm on top-50 global R&D

Tata Motors only Indian firm on top-50 global R&D

Tata Motors has entered the top-50 league of the world’s biggest companies in terms of their R&D investments, topped by German automaker Volskwagen.

On the annual Industrial R&D Investment Scoreboard for 2015, prepared by European Commission, Volkswagen is followed by Samsung, Microsoft, Intel and Novartis in the top-five.

Tata Motors has moved up from 104th position last year to 49th now and has also shown the largest increase in R&D (Research and Development) investments on the list. However, most of this R&D is at its UK subsidiary Jaguar Land Rover.

In the expanded list of the world’s 2,500 top R&D firms, there are a total of 26 Indian companies, as against 829 from the US, 360 from Japan, 301 from China, 114 from Taiwan, 80 from Switzerland and 27 each from Canada and Israel.

There are 608 companies from the EU countries, including 136 from Germany, 135 from the UK, 86 from France, 42 from Sweden and 32 from Italy. India is overall placed at 15th position in terms of the number of companies on the list.

Among other Indian companies, Dr Reddy’s Laboratories is ranked 404th, M&M is at 451st, Reliance Industries at 540th, Lupin at 624th, Sun Pharma at 669th, Cipla at 831st and Infosys at 884th.

Other Indian firms on the list include ONGC, Tata Steel, Wockhardt, Cadila Healthcare, Bajaj Auto, Hindalco, BHEL, Piramal Enterprises, Wipro, Helios and Matheson, HCC, Ashok Leyland, Apollo Tyres, TCS, Suzlon Energy, TVS Motor, Force India, HCL Tech and Glenmark.

While the top-five companies globally have retained their respective positions, Google has moved up to sixth place (from 9th), while Pfizer has moved to 10th (from 15th). Roche, Johnson and Johnson and Toyota are ranked 7th, 8th and 9th, respectively.

-PTI | Dec 20, 2015