Off late, it seems to me that the bourses are falling in love with hat-tricks – another hat-trick in a short while has seen the Sensex soaring by 397.92 points and the Nifty by 114 points in three days flat.. Today, the sensex rested at 17462.87, up by 50.04 points and the Nifty rested at 5233.35, up by 11 points.
The market breadth as reflected by Nifty stocks was quite positive – 36 advances and 14 declines. Mahindra & Mahindra, Reiance Capital and Tata Motors rose by were the top three gainers registering gains of 3.48,2.73 and 2.72 per cent respectively. Axis Bank, ACC and IDFC were the top three losers shedding 1.99, 1.85 and 1.82 per cent respectively.
GOI is proposing to take a loan of Rs. 4.5 billion from the World Bank to promote micro finance.It is estimated that the micro finance industry in India is likely to cross Rs.11 crores borrowers and Rs.135,000 crores in loan portfolio by 2014 as per a latest report by Intellecap.To make this happen huge capital inflow is anyway required.
As it is the officers attached to the Direct & Indirect Taxes are vested with lots of power and now the Income Tax Department has sought prosecution powers in the proposed Direct Tax Code for getting hold of tax evaders..
For God’s sake, I earnestly request shareholders of BOC to be extremely alert – BOC India has decided to delist its shares from the Indian bourses by acquiring 10.52 per cent public holding at a price of Rs. 225.29/share. Please note that the LTP per share today was Rs. 292.25 on NSE and Rs. 291.95 on BSE. I am sure that shareholders are wise enough to take appropriate action!
As I sign off, let me tell you that I would not be the last person to be shocked if some bad news starts flowing from China in the coming weeks.
Kishor S. Khot, [Kishor@hbjcapital.com], Equity Strategist, HBJ Capital Services Pvt Ltd
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