RAJAN's TRYST WITH TUESDAYS

It may be sheer coincidence that all monetary policy reviews by RBI Governor Raghuram Govind Rajan this fiscal have taken place on Tuesdays and this would be the case for the upcoming review this week as well. In the current fiscal beginning April 1, 2014, Rajan has undertaken four monetary policy reviews so far and the fifth would take place on December 2, with all these five being on Tuesdays. The former chief economist of IMF, who took over as RBI Governor on September 4, 2013, came out with four policy reviews during the previous fiscal as well and two of them took place again on Tuesdays. The other two reviews by Rajan were on Wednesday and Friday last fiscal. As a result, six out of eight monetary policies announced by him during his entire tenure so far have been on Tuesdays. The ninth review, scheduled for this week, takes place on a Tuesday where RBI is widely expected to keep the benchmark rate unchanged. Incidentally, Rajan has maintained the benchmark interest rate in all four reviews so far in the current fiscal citing high inflation, even as there has been a growing clamour for rate cuts by industry, the government and economists among others. Surprising the industry and analysts completely, the RBI Governor in his first policy review in September last year raised the short-term policy (repo) rate by 0.25 per cent to 7.5 per cent to keep "worrisome" inflation under check. His fight against stubborn inflation gained pace the following month as well when he again hiked the repo rate by a quarter of a percentage point to 7.75 per cent. Rajan put a pause on rate hike on December 18, 2013 but said the RBI will hike interest rates if inflation does not subside in line with the expected declining trend. Not happy with the inflation trend, RBI did hike repo rate by 0.25 per cent the very next month that is in January 29, 2014 by 0.25 per cent to 8 per cent. Since then, the central bank has left its benchamark rate unchanged despite pressure from all quarters.

NEW PLANCOM MAY BE ANNOUNCED THIS MONTH

Work has moved into top gear for finalising the name and structure for the new institution that will replace the 64-year old Planning Commission and the same may be unveiled this December. "The Prime Minister has convened a meeting of the Chief Ministers on December 7 to seek their view points on the structure of the institution which would ultimately replace the Planning Commission," an official source said. The Commission has received many suggestions regarding the name and role of the new body. Some of the suggested names are Sustainable Development Commission, National Development Agency, Social Economic Development Commission or Bharat Pragati Lakshya. Besides, there have been reports about the new body being named as Niti Aayog or Policy Commission. The new institution, which is likely to be headed by the Prime Minister as was the case in Planning Commission, may have four divisions-- Inter-state council, plan evaluation office, UIDAI and DBT. All the divisions would have experts from the Centre and state governments as also experts from the industry. The Direct Benefit Transfer (DBT) Mission earlier was part the Planning Commission but was moved to the Finance Ministry later. According to sources, the new body could also be the secretariat for the inter-state council which is at present under the home ministry and met rarely during the UPA term. This council used to meet regularly during the previous NDA regime. Prime Minister Narendra Modi in his Independence Day speech had announced that the Commission would be abolished and replaced with a more relevant institution. Since then the Commission has held several meetings with experts to discuss the new structure of the proposed institution. Country's first Prime Minister Jawaharlal Nehru had set up the Planning Commission to steer the nation's economic destiny at that time. Set up by a Cabinet Resolution, the Commission has enjoyed power and prestige with Prime Minister as its Chairman. Its most important functions have been fixing targets for sectoral growth and allocate resources. The Deputy Chairman of the Commission has often been a political stalwart holding the rank of a Cabinet Minister. Gulzarilal Nanda, V T Krishnamachari, C Subramaniam, P N Haksar, Manmohan Singh, Pranab Mukherjee, K C Pant, Jaswant Singh, Madhu Dandavate, Mohan Dharia and R K Hegde had been deputy chaiman at differnt points of time.
Montek Singh Ahluwalia was the last deputy chairman.

WEEKLY ASTRO TECHNICAL GUIDE FOR NIFTY

CAUTION @ HIGHER LEVELS

During the current week Moon would be transiting  from Uttarabhadra  in Pisces to Krittika in Capricorn .

Sun transits in  Anuradha   and Jyeshta  in Scorpio.

Mercury   transits  in   Anuradha and Jyeshta constellations in  Scorpio  .

Venus transits in   Jyeshta in Scorpio.

Mars , exalted,  transits in   Uttarashadha  constellation in  Capricorn .  

Saturn transits in  Scorpio  in Visakha constellation and Leo Navamsa.

Jupiter transits in  Cancer in Aslesha constellation in    Pisces  navamsa ..

Nifty range of 1^st December and 2^nd December would be the reference range for December and Nifty can be considered bullish above the high of the range and can be considered bearish below the low of the aforementioned range.  

Nifty Outlook for Next Week :: (01.12.2014 to 05.12.2014) …

NIFTY :: 8588 (+111) (RBI Policy holds the Key)

Nifty rallied for the Sixth week in a row. However the net rise during Four weeks has been relatively small aggregating about 3%. Bank stocks were the main contributors for the current rally as interest rate cut is around the corner. With sagging  GDP growth, interest rate cut is a necessity now and RBI has the best opportune time to respond. Market discounts future events in advance and rate cut appears most likely. “Buy on Rumour and Sell on News” is the saying of the market. In the event of a rate cut, market could give up some of the gains due to profit booking etc., before another cycle of uptrend. On the other hand, if there is no rate cut too, market would be disappointed and would fall. In either case, caution is the buzzword for the week and a reasonable correction could set in either this week or next week.  Further, Government could push certain reform bills in the forthcoming winter session of Parliament. Sentiment is upbeat because renewed FII interest, reforms by the Government and proactive nature of the present Government and global cues. However, short term uptrend is already Six weeks old and a small correction (week on week) is overdue and can  be expected sooner than later. In view of the above, scrip specific approach is to be followed in general . Despite the Nifty’s gain for the last Six weeks, range of Nifty during November is quite narrow (less than 4%) and a wide range month can be expected during December.

All eyes are on RBI as market is expecting a rate cut and if the market is disappointed on this count, a sizeable correction can be expected. Present positive  Macro factors would have their positive effect on corporate earnings with a lag effect and the market is ahead of fundamentals. Falling crude and commodity prices coupled with lower interest cost (rate cut to be announced) would all help improve corporate earnings next year and market appears to have largely factored them in their prices. All in all, Stock market is a barometer of the economy and foretells future in advance. Despite these positive factors, market appears to be  generally fully priced and stock picking is the only way to perform in the market. Next Big event is Budget and big bang reforms can be expected in the budget.

Nifty is once again above all short term moving averages and  is infact at a new HIGH. However, in view of the overbought position, traders need to be vigilant and high degree of caution with proper risk management is necessary. Short term correction is only a matter of time and leveraged positions need to be properly protected.

20DMA, 50DMA, 100DMA and 200 DMA are placed at about 8400, 8140, 7970 and 7380 respectively and would

act as supports / resistances.

Nifty continues to be above 200 DMA and 50 DMA too is above 200 DMA (Golden Cross) suggesting that the long term bullish trend is intact.   Nifty is quoting at a PE of about 22, which is about 22% above the  long term PE multiple.  Expected target for the year was 8500 (as being reported in this column for the last Four months ) has been reached  ahead of time. Next big events are Government’s reform process (GST Bill) and Budget.

Strong long term support would be around 7380 level and Medium term support is 7970. Short term support is at 8450 and Nifty would become weak only on a close below 8450..

For the coming week, Nifty spot is expected to face resistance at 8680,  8775, 8870 and find support at 8495, 8405, 8310.

Minor resistances may be found at 8690, 8765, 8815  and minor supports at 8485, 8410, 8360.

For short term Nifty is bullish and would become bearish only if it closes below 8450 in first half of the week and below 8500 in Second half of the week.

Breakout level for the week is 8665 and break down level for the week is 8380. Break out level for December is 8700 and Break down level for December is 8200. Unless 8700 is decisively crossed, further uptrend for December is unlikely.

USERS TURNING TO WeChat, WhatsApp

An increasing number of people are now using mobile messaging apps like WeChat and WhatsApp to communicate with their friends rather than using social networking platforms such as Facebook and Google+, according to GlobalWebIndex (GWI) Research. While social networking is one of the fastest rising online activities -- up 187 per cent globally and 242 per cent in Asia Pacific region -- the gap between users with accounts and those actively using is significant. GWI surveyed about 42,000 respondents in the Asia Pacific region, including 5,000 respondents in India during the year. According to GWI, 83 per cent Internet users had Facebook accounts, but only 47 per cent actively used the website. In India, 93 per cent said they had a Facebook account but only 48 per cent had active usage. Also, the number of global users using Facebook to message a friend has continued to decline from 512 million in Q1 2013 to 402 million in Q4 2013 to 313 million in Q3 2014. About 28 per cent of respondents from India said they "logged in to see what's happening without posting/commenting on anything myself" on Facebook, Twitter (23 per cent) and Google+ (21 per cent). At the same time, number of people using mobile messaging services has increased from 446 million in Q1 2013 to 538 million in Q4 2013 and 616 million in Q3 2014.
Respondents said they were not interested in using Facebook like before, they were bored or generally spending less time on social networks as top reasons for using the world's largest social networking lesser.
According to GWI, the top reasons for this surge in usage includes messaging apps being free (45 per cent), being quicker than using social networks or text messages to speak to people (41 per cent) and lots of friends using them (41 per cent). In Asia Pacific, WeChat was the dominant messaging app (337 million), WhatsApp led the pack in India. "Mobile messaging tools have experienced substantial growth during this recent period, particularly amongst the younger generation. Social networks are now being treated more passively, the number of people messaging friends on social networks is now declining," GlobalWebIndex Head of Trends Jason Mander told reporters here. People are now seeing mobile messaging apps as a more efficient way to communicate, he added. "In the last year, the Indian mobile messaging audience grew by 113 per cent, we expect the number of mobile messaging users to continue to grow in the coming quarters," he said. He added that smartphones are vital to Internet users in India, where 79 per cent of the online population own a smartphone. "The users of mobile messengers are young, affluent and highly active online," Mander said.

FUND RISING VIA QIP Rs 30,000 cr

Indian firms have garnered about Rs 30,000 crore through the Qualified Institutional Placement (QIP) route in the first ten months of this year, much higher than Rs 12,634 crore raked up in the entire 2013. Moreover, market experts believe that the fund raising through this route is likely to go up further as many companies have lined up with their plans. According to latest update available with the market regulator Sebi, companies have mopped up Rs 29,582 crore through 33 QIP issues during January-October period of 2014. There was a large gap between the capital raised through QIPs and funds garnered via other routes. A total of Rs 4,733 crore was raked up through rights issue, while Rs 1,522 crore mopped up via initial public offerings (IPOs) during January-October period of the year. Market experts said that return of investor confidence in the equity markets has encouraged some of the large firms to mop up funds through the QIP route. Interestingly, most of the funds were raised through QIP issuances after the election verdict was announced in May, thus clearly showcasing the revival of investor sentiment, backed by a strong secondary market, experts said. Among the firms which garnered funds via QIP segment this year included SBI, Yes Bank, Idea Cellular and Reliance Communications. Most of the funds were raised for expansion purpose and to support working capital requirements. The fund raising was in line with the soaring markets where the benchmark Sensex gained around 32 per cent in the first ten months of the year.

GOA DESTINATION OF CHOICE

Goa has continued to be the destination of choice for travellers and has bagged the 'Favourite Leisure Destination in India' award by Conde Nast Traveller India.
"Right now, we are focused on improving our infrastructure and other related facilities, so that Goa continues to remain a favourite," Goa Tourism Minister Dilip Parulekar said in a release.
The fact that Goa offers so much for tourists makes it an easy choice when it comes to planning a holiday, Goa Tourism Director Ameya Abhyankar said.
"We are conscious of the fact that tourism is poised for growth in the country and we are taking steps to ensure that Goa leads the way for this growth," he added.
Goa Tourism is also planning to introduce services like sea-planes, heli-tourism and has recently started a 'Hop On, Hop Off' bus tour facility during the ongoing St. Francis Xavier Exposition in old Goa.
"The fact that these awards have been endorsed by readers, who are or have been tourists in Goa, adds credibility to the fact that our state continues to be the destination of choice for travellers in and out of India," Goa Tourism Development corporation (GTDC) Chairman Nilesh Cabral added.

NIFTY OUTLOOK FOR 1st DEC & REVIEW

MID SESSION BETTER

 

Nifty                               8588  +94

 

Nifty opened with a huge gap following positive macro cues due to sharp fall in Crude Prices and closed with a gain of more than 1%. Bank stocks gained the most ahead of RBI policy next week. Further, Short term trend continues to remain positive  and stoploss  may be  raised to  8450 (on close basis).  Nifty spot is expected to encounter resistance at 8625,, 8660 and find support at 8545, 8510 for Monday.   While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market is expected to experience volatile / zigzag movements with better midsession and possible profit booking towards close.

SENSEX VALUATION @ 100 TRILLION RUPEES

Stocks continued their upward sprint for the third straight session today with benchmark Sensex galloping 255.08 points to 28,693.99 and Nifty surging 94.05 points to 8,588.25 as tumbling oil prices strengthened the case for a rate cut by the RBI next week. Brent crude oil contracts for January settlement were trading around USD 72/barrel, the lowest level since August 2010. Falling oil price is good news for India, which imports 80 per cent of its requirements. This will also help the country narrow its Current Account Deficit. Stocks related to oil like oil marketing companies, airlines, paint makers attracted heavy buying interest. Shares of banks, automobile makers and realty firms spurted on rising hopes of a rate cut on December 2. Besides, select NBFCs saw heavy investor interest after RBI yesterday unveiled final guidelines for small finance banks and payments banks. All eyes are now on quarterly GDP data to be released later today. The BSE 30-share Sensex resumed better and shot up to log new life time high of 28,822.37. It shed some gains on weak European cues but nevertheless settled at yet another closing peak of 28,693.99, up 255.08 points or 0.90 per cent. In three days, the index has gained over 355 points. Similarly, the broader 50-issue NSE Nifty also flared up by 94.05 points, or 1.11 per cent, to register fresh closing peak of 8,588.25. It also hit new intra-trade peak of 8,617. "Sentiments were buoyed by OPEC's decision to sustain production levels and the subsequent sharp fall in crude prices. Markets are hoping for a rate cut in the RBI policy meeting next week," said Dipen Shah, Head of Private Client Group Research, Kotak Securities. Meanwhile, total investor wealth in Indian stock market intra-day today hit a record high above Rs 100 lakh crore. It settled at over Rs 99,81,550 crore at close, up by over Rs 87,550 crore from yesterday's levels.

Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 389.73 crore yesterday, as per provisional data. Asian stocks closed mixed with upward bias. Key indices in China, Japan, Singapore and Taiwan ended positively while those from Hong Kong and South Korea settled slightly down. European markets, however, were trading lower in their late morning deals. The CAC was down by 0.38 per cent, the DAX by 0.35 per cent and the FTSE by 0.64 per cent. Jayant Manglik, President-retail distribution, Religare Securities said: "It was an exceptional end to the trading week as indices jumped by a per cent and closed at new highs. Next week will be interesting with participants reacting to the GDP numbers in early trades on Monday and that would determine the market direction...." Overall, 19 scrips of the 30-share Sensex pack concluded in the green while others finished in the red. SBI was the top gainer with a rise of 5.10 per cent, followed by Axis Bank 2.79 per cent, Tata Steel 2.78 per cent, Tata Motors 2.78 per cent, M&M 2.53 per cent, Maruti Suzuki 2.25 per cent, ICICI Bank 1.88 per cent, Coal India 1.59 per cent, L&T 1.28 per cent, Hero MotoCorp 1.18 per cent and HDFC Bank 1.03 per cent. Laggards were led by Sesa Sterlite which declined by 2.88 per cent, Bharti Airtel 1.01 per cent and ONGC 0.71 per cent. Among the S&P BSE sectoral indices, Bankex firmed up by 2.87 per cent, Auto 1.95 per cent, Realty 1.65 per cent, Consumer Durables 1.16 percent and Capital Goods 1.01 percent. Reflecting some weakness in small-cap shares, the total market breadth, despite smart rise in the Sensex, was almost stable as 1,509 stocks closed with gains while 1,518 finished with losses. Total turnover rose to Rs 3,834.96 crore from Rs 3,351.02 crore yesterday.
BSE listed firms' market value hits Rs 100-trillion mark
In a new milestone, the total market valuation of all listed firms at the BSE today hit a record high of Rs 100 trillion -- marking ten-times rise in Indian stock markets' investor wealth in little over a decade.
The landmark level was reached in early morning trade when the market capitalisation (m-cap) rose to Rs 100.01 lakh crore, but slipped marginally below this level at the close of trading hours.
At the end of the day, the total market value of all BSE listed companies stood at Rs 99,81,572 crore -- which was less than 0.2 per cent away from the Rs 100-trillion level, as benchmark Sensex continued its record rally with a gain of over 255 points.
BSE is among the world's ten largest exchanges in terms of market value, while it is the largest globally for number of firms listed on its platform. It has over 4,000 actively traded companies and nearly 2.7 crore investors trade on it.
Terming this milestone as a reflection of India's potential as a new age powerhouse, BSE CEO Ashishkumar Chauhan said, "We believe India will use capital market mechanism more over the period to help do wealth creation and job creation."
In the US dollar terms, the BSE market cap now stands at over USD 1.6 trillion and it has added more than USD 500 billion (Rs 29 lakh crore) this year itself.
The total market cap has more than doubled in the last five years from Rs 50 lakh crore in 2009, while it has grown ten-times since first scaling Rs 10 lakh crore level in 2003.
The Sensex has gained 7,268.23 points or 34.33 per cent so far this year. Continuing its dream-rally, the index hit its all-time high of 28,822.37 today.
The 30 Sensex companies alone, which are among the biggest companies in the country, now account for nearly 50 per cent or about Rs 47 lakh crore of total investor wealth.
This includes TCS, the country's most valued firm and the only entity to have a market value of over Rs 5 lakh crore, followed by state-run ONGC and private sector behemoth Reliance Industries with market caps of over Rs 3 lakh crore each.

INDIAN TRUCK INDUSTRY - FACTS

The Indian trucking industry has around 5.6 million vehicles on the road and needs around 700,000-800,000 new truck drivers every year, reveals a survey conducted by the Indian Foundation of Transport Research and Training (Delhi). An estimated 80% of the freight in India moves on road rather than rail, with trucks doing most of the carriage. Unfortunately, India tops the chart in road accidents leaving behind all countries. Data compiled by NCRB shows that about 1,39,000 people die in road accidents every year, out of which 26,678 people die due to sleep deprivation. This occurs as drowsy driving is still an elusive highway dilemma for the truck drivers during transit. According to a sample survey of drivers conducted by the Institute of Road Traffic Education (IRTE) in 2013, about 29% drivers were found suffering from sleep disorder. Also about 20% accidents across the globe occur due to 'driver fatigue'.

In the year 2006, Mr. Ramesh Agarwal and Mr. Rajender Agarwal, of Agarwal Packers & Movers Ltd [http://www.agarwalpackers.com ].(APML), felt that in order to drive the nation's economy towards a positive end, constantly and consistently, drivers were the key drivers of economy and a survey was conducted, the revelations of which were very shocking and alarming.
Year No. of the drivers available/per 1000 vehicles
1982 1310
1992 1000
2002 890
2012 750 In 2022, it will be at an astounding 480 drivers per 1000 trucks.

For a man who had the transportation business at the heart of his venture, this seemed like an unbelievably wretched and disturbing situation. For next few months, Ramesh Agarwal's thoughts only focused on how he could revive this class and re-establish its identity in the society, so that their work is acknowledged by all. When he became the National President of All India Transporter's Welfare Association (AITWA) in 2007, it was then that he pledged to work towards for the upliftment of the drivers.

"It was a very appalling issue that the driver who is responsible for the major section of transportation was treated so shabbily and with disrespect, despite being on road in the direst situations and having no relief at all since he has to 'deliver'. At times while driving, the situation for drivers is so pathetic that one cannot leave a truck unattended even for a minute, even to attend nature's call. But what rankles above all is the treatment meted out to truck drivers by policemen," said Rajender Agarwal, who has himself travelled in the trucks to gauge the issues related to the trucking industry.

The following statistics speak of the lives and pathetic conditions of poor drivers who are available in all terrains, be it any season or weather:- - Drivers cannot have uninterrupted sleep for more than 2:40 hours/day - Drivers die at least 10 years before the normal human life span. - About 22% of the drivers remain unmarried throughout their life. - 26% of the total trucks viz. approximately 23 lakh vehicles remain halted every day due to unavailability of truck drivers.

Realizing their Corporate Social Responsibility (CSR) towards the drivers community, Mr. Ramesh Agarwal, Chairman - Agarwal Movers Group, has set the prototype by establishing the 1st "Driver Seva Kendra [http://www.agarwalpackers.com/csr.html#driver-seva-kendra ]" of the country, situated at the Jaipur - Kishangarh highway (NH-8), which is built on a sprawling 50 acres plot, and has a building with over 500 cots and fans for the drivers to have an uninterrupted rest. Allied facilities include barbers, large bathrooms and toilets, arrangement for parking vehicles. All these facilities are provided free of cost. The motels/dhabas that function here provide good and hygienic food at zero profit. Also available is a small retail shop where there are commodities available for daily needs at very reasonable rates.

A small 'truck repair centre' is also available where drivers can have their vehicle repaired whenever required at nominal charges. It's a place where they feel at home. The drivers come here to sleep and refresh themselves. These elementary essentials at present are being used by 450-500 truck drivers each day, numbering to 15,000 trucks a month. If we analyse the ratio, then the results are overwhelming as this single Driver Seva Kendra has been able to save 41 lives each month through a simple concept of "Nidra Daan".

In his recent communication, Shri Ramesh Agarwal said, "We are trying to make this profession more dignified so that drivers may get their due place in society. It's a great challenge and we all must work at the ground level to alleviate their tattered souls. Not only has the Kendra preserved the ease of making them feel at home, but, also provides all the facilities necessary to make the drivers' job easier." He further added: "Only when the drivers have a respectable life and they get all mandated benefits, more people will join the profession. Any policy framed or initiatives undertaken will take some time to be implemented and reap the benefits, so we really need to gear up fast." About APML Over the last 27 years, Agarwal Packers & Movers Ltd has become a company of national and international repute and has enormous credentials to its name including the highest accolade being acknowledged in the Limca Book of Records [http://www.agarwalpackers.com/why-agarwal-packers.html ] for the largest movers of household goods in the country. APML has successfully done more than 14 lakh household shifting, and is the most desirable packer and mover in India.

OIL PRICE FURTHER FALLS

BARREL $ 78

Oil prices extended losses in Asia today as speculation swirls that the OPEC oil cartel will maintain output at this week's closely watched meeting despite a global supply glut. US benchmark West Texas Intermediate (WTI) for January delivery fell 24 cents to USD 73.85 while Brent crude for January eased 17 cents to USD 78.16 in mid-morning trade. WTI dived USD 1.69 yesterday while Brent closed down USD 1.35. "At the moment, the outcome of the OPEC meeting on Thursday is very much trumping all other factors," Daniel Ang, investment analyst at Phillip Futures in Singapore, told AFP. "Prices have come under pressure after the meeting between some OPEC members and Russia saw no real concrete measures announced regarding production cuts," Ang said. Members of the Organization of Petroleum Exporting Countries and non-member producers including Russia held talks yesterday ahead of the cartel's key output meeting tomorrow. After the meeting, Venezuelan Foreign Minister Rafael Ramirez said all parties agreed that the current price of crude "is not good". "We discussed the situation on the market, we shared our points of view and we agreed to keep in contact, and we will meet again in three months," he added. Separately, Russian oil giant Rosneft said it had trimmed output by 25,000 barrels partly in response to sliding prices. The token reduction represented less than one percent of the behemoth's total and did little to boost energy prices on depressed global commodity markets. Tomorrow's meeting in Vienna of OPEC, whose dozen members together pump out about one-third of the world's crude, is its most significant in recent years. The cartel is under pressure from its poorer members such as Venezuela and Ecuador to cut output after tumbling prices have slashed their precious revenues. Crude prices have sunk 30 per cent to four-year lows since June on the back of plentiful supplies, a strong dollar and worries about stalling energy demand in a weak global economy.

WEEKLY ASTRO TECHNICAL GUIDE FOR NIFTY

BULLISHNESS WITH STOCK SPECIFIC MOVEMENTS

Planetary Position ::  During the current week Moon would be transiting  from Jyeshta in Scoripio toDhanishta in Capricorn .

Sun transits in  Anuradha     in Scorpio.

Mercury   transits  in  Visakha and Anuradha constellations in Libra and Scorpio  .

Venus transits in   Jyeshta in Scorpio.

Mars  transits in   Uttarashadha  constellation in Sagittarius and Capricorn .  

Saturn transits in  Scorpio  in Visakha constellation and Cancer Navamsa.

Jupiter transits in  Cancer in Aslesha constellation in Pisces  navamsa ..

By the end of the week astro month would be complete and Nifty has been trading above the higher end of the reference range and can be expected to meet the Second target.

Nifty Outlook for Next Week :: (24.11.2014 to 28.11.2014) …  

NIFTY :: 8477 (+87) (Scrip Specific Movements)

Nifty rallied for the Fifth week in a row. However the net rise during Three weeks has been relatively small. Current week rise came on the last day of the week followed by global cues. Bank stocks were the main gainers because of forthcoming  credit policy and the mega merger of Kotak and ING Vysya.  Further, Government could push certain reform bills in the forthcoming winter session of Parliament. Further, Sentiment is upbeat because renewed FII interest, reforms by the Government and proactive nature of the present Government and global cues. However, short term uptrend is already Five weeks old and a small correction (week on week) is overdue and can  be expected sooner than later. In view of the above, scrip specific approach is to be followed in general and in particular during the current week in view of derivative expiry. Despite the Nifty’s gain for the last Five weeks, movement during the last Three weeks is quite narrow and could be expected to witness a wider range during the next week.

All eyes are on RBI as market is expecting a rate cut and if the market is disappointed on this count, a sizeable correction can be expected. Present positive  Macro factors would have their positive effect on corporate earnings with a lag effect and the market is ahead of fundamentals. Falling crude and commodity prices coupled with lower interest cost (rate cut to be announced) would all help improve corporate earnings next year and market appears to have largely factored them in their prices. Despite these positive factors, market appears to be  generally fully priced and stock picking is the only way to perform in the market. Next Big event is Budget and big bang reforms can be expected in the budget.

Nifty is once again above all short term moving averages and  is infact at a new HIGH. However, in view of the overbought position, traders need to be vigilant and high degree of caution with proper risk management is necessary.

20DMA, 50DMA, 100DMA and 200 DMA are placed at about 8275, 8100, 7920 and 7320 respectively and would

act as supports / resistances.

Based on the present Government’s agenda, Infra  and Power sectors could come out of their problems

soon . Stocks of promoters with proven record may be preferred in these sectors. Further Realty sector index appears to have bottomed out and appears due for an uptrend , hence stocks with competent  management may be considered.

Investors need to accumulate quality stocks while traders need to be ever vigilant.

Nifty continues to be above 200 DMA and 50 DMA too is above 200 DMA (Golden Cross) suggesting that the long term bullish trend is intact.   Nifty is quoting at a PE of about 21.50, which is about 20% above the long term PE multiple.  Expected target for the year was 8500 (as being reported in this column for the last Four months ) and is being reached ahead of time. Next big events are Government’s reform process (GST Bill) and Budget.

Strong long term support would be around 7325 level and Medium term support is 7925. Short term support is at 8350 and Nifty would become weak only

on a close below 8350..

Technical Levels ::

For the coming week, Nifty spot is expected to face

resistance at 8570,  8660, 8755 and find support at 8385, 8295, 8205.

Minor resistances may be found at 8550, 8600, 8635, 8690  and minor supports at 8405, 8355, 8320, and 8265.

For short term Nifty is bullish and would become bearish only if it closes below 8350 . Further Nifyt has been trading in a narrow range for the last Three weeks with bullish bias and is presently at the upper end of the range and a firm close above 8535 would reinforce further bullishness for the next week.

Breakout level for the week is 8535 and break down level for the week is 8310.

Advice for Traders ::

Nifty’s uptrend continued for the Fifth week while the movements were very narrow during last Three weeks. Macro fundamentals are improving with falling crude , metal prices and falling inflation. Market is looking to RBI policy for further directional movement. For the current week, bullish break out level is 8535 and a firm close above that level would mean further rise during  the week. Further, in view of derivative expiry , scrip specific movement is most likely.

CONNAUGHT PLACE...A PUBLIC WiFi SPACE

Visitors to Connaught Place can now enjoy free Wi-Fi connectivity. Telecom company Tata Docomo has joined hands with the NDMC for providing the service in the commercial hub in the heart of the national capital.
"NDMC has partnered with Tata Teleservices to provide Wi-Fi service, which will cover the inner and outer circles of one of the most significant business and leisure centres in the city," Tata Docomo said in a statement.
The first 20 minutes of the service would be free of cost and after that one has the options of buying a recharge card, starting from Rs 10 for 30 minutes, Rs 20 for 60 minutes and Rs 50 for 180 minutes, it said.
Launching the service, BJP leader Meenakshi Lekhi said: "These initiatives are in line with Prime Minister Narendra Modi's vision of a Digital India, which would enable greater transparency and better governance".
Tata Docomo already provides such facilities in other public areas including T3 International Airport.

WEEKLY ASTRO TECHNICAL GUIDE FOR NIFTY

Caution at Higher Levels ….!!!

Planetary Position ::  During the current week Moon would be transiting  from Uttara in Leo  to Visakha  in Libra.

Sun transits in  Visakha and Anuradha     in Scorpio.

Mercury   transits  in  Visakha  constellation  Libra .

Venus transits in   Anuradha in Scorpio.

Mars  transits in   Poorvashadha constellation in Sagittarius .  

Saturn transits in  Scorpio  in Visakha constellation and Cancer Navamsa.

Jupiter transits in  Cancer in Aslesha constellation in    Pisces  navamsa ..

Sun Saturn conjunction on Nov 18 is to be watched for any trend reversal. Nifty is trading above the high of Monthly astro reference range and the stop loss is 8295 (below which it becomes bearish for the month)

Nifty Outlook for Next Week :: (17.11.2014 to 21.11.2014) …  

NIFTY :: 8390 (+53) (Short term Bearishness below 8300….)

After Two weeks’ of smart rally Nifty moved in a small range for the last Two weeks and appears to be consolidation zone for a Breakout / Breakdown. Macro factors were quite positive with better than expected IIP growth and cooling inflation. There is a good case for interest rate cut and market has been moving up in expectation of a rate cut which appears imminent. Stock market is usually ahead of fundamentals and corporate results are yet to catch up with improved fundamentals. Falling crude and commodity prices couple with lower interest cost (rate cut to be announced) would all help improve corporate earnings next year and market appears to have largely factored them in their prices. Despite these positive factors, market appears to be fully priced and stock picking is the only way to perform in the market. Next Big event is Budget and big bang reforms can be expected in the budget.

Nifty is once again above all short term moving averages and  is infact at a new HIGH. However, in view of the over bought position, traders need to be vigilant and high degree of caution with proper risk management is necessary.

20DMA, 50DMA, 100DMA and 200 DMA are placed at about 8130, 8060, 7875 and 7265 respectively and would

act as supports / resistances.

Nifty continues to be above 200 DMA and 50 DMA too is above 200 DMA (Golden Cross) suggesting that the

long term bullish trend is intact.   Nifty is quoting at a PE of about 21.35, which is about 20% above the long term PE multiple.  Hence, further upside (  8500+ is possible  before next Budget). It is a record PE multiple in the recent times signalling  caution.

Strong long term support would be around 7275 level and Medium term support is 7875. Short term support is at 8300 and Nifty would become weak only on a close below 8300.

Technical Levels ::

For the coming week, Nifty spot is expected to face

resistance at 8480,  8575, 8665 and find support at 8300, 8205, 8115.

Minor resistances may be found at 8425, 8450, 8465, 8490  and minor supports at 8355, 8330, 8315, and 8285.

For short term Nifty is bullish and would become bearish only if it closes below 8300 . Further Nifyt has been trading in a narrow range for the last Two weeks and a firm close above 8400 is bullish while a close below 8300 would take it downwards.

Breakout level for the week is 8445 and break down level for the week is 8275.

Advice for Traders ::

Nifty’s uptrend continued for the Fourth week while the movements were very narrow during last weeks. Macro fundamentals are improving with falling crude , metal prices and falling inflation. Market is looking to RBI policy for directional movement. However, in view of the recent smart rise, retracement is most likely before the policy. In view of the narrow movement during the month so far, a directional movement on either side (8550 on the upperside or 8100 on the downside) is likely before the end of the month. Stock specific approach may be followed.

BLACK MONEY TRIAL SHIFTS TO ISLAND NATIONS

As India expands its probe into suspected black money stashed abroad, the trail appears to have gone much beyond the Alpine mountain ranges of Switzerland to various island nations and global financial centres like Dubai, Singapore, Luxembourg and Cyprus. While Switzerland has agreed to cooperate and share details in cases where probe by Indian authorities have independently shown 'tax crimes' prima facie, "a few cases" where such information exchange is taking place involve entities and transactions much beyond Swiss shores. While exact number of these "few cases" could not be ascertained, sources said that the ongoing cooperation between Swiss and Indian authorities is generating many more leads for further investigations and they suggest routing of funds through various other jurisdictions that range from well- established financial centres like Dubai, Singapore and Luxembourg to numerous small island nations. India is strengthening its bilateral tax information exchange treaties with many such jurisdictions, but a further push might be required for 'technical assistance'. While Switzerland has been the focus of India's fight against suspected black money stashed abroad, investigations into various cases show large-scale instances of illicit funds having been channelised abroad through other locations too. A number of island nations in Caribbean and other parts of the world figure among such locations. India has also signed information exchange pacts on tax matters with a number of such locations including Saint Kitts & Nevis, Bahamas, Bermuda, Liechtenstein, Gibraltar, British Virgin Islands, Isle of Man, Cayman Islands, Jersey, Macau, Liberia, Argentina, Guernsey and Monaco, among others. A Special Investigation Team is currently looking into the black money issue, including the cases related to untaxed money stashed abroad by Indians. In one of its reports recently submitted to the government, the SIT, however, observed that absence of riminal legal treaties between India and tax haven nations is one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians. The role of some banks, including those outside Switzerland, has also come under scanner for acting in concert with the suspected black money hoarders and also for making 'safe haven' promises for their funds. The suspected lapses on the part of these banks are also being probed for allegedly facilitating re-routing funds of certain Indian corporate houses back into their listed companies as foreign investments. Such transactions are suspected to have taken place in case of 15-20 Indian companies, a senior official said, but refused to disclose their names as also that of the banks saying it might impede the investigations.

SEBI HELPS US REGULATOR TO BUST SOCIAL MEDIA FRAUDSTERS

In one of the biggest cross-border regulatory cooperation, markets watchdog Sebi has helped its counterpart in the US bust a major investment scam being run through online social media platforms. The 'Profit Paradise' scam was being run by two Indians -- one based in Mumbai and another in Hyderabad -- in the name of a 'High Yield Investment Product (HYIP)' wherein gullible investors were being enticed through pervasive social media pitches on Facebook, Twitter, Google Plus and YouTube. Such FYIP schemes have become very popular on various online platforms, wherein the operators solicit investments in securities, but most of them have turned to be yet another frontier for defrauding gullible investors in name of high and quick returns. In the latest case, the operators of 'Profit Paradise' were inviting investors to deposit funds that would supposedly be pooled with other investors' funds to make "huge profits" in forex, stocks, and commodity trading. Although operating from India, they disguised Profits Paradise's physical location by providing the false Internet data, indicating that Profit Paradise's operations were within the United States when they were not. While probing the case, the US markets regulator SEC (Securities and Exchange Commission) sought assistance from its peers in India, Canada and Hong Kong. After completing the probe and announcing charges against the two Indians, Pankaj Srivastava and Nataraj Kavuri, SEC said it "appreciates the assistance of the Securities and Exchange Board of India (Sebi) as well as the Autorite des Marches Financiers in Quebec, the Ontario Securities Commission, and the Securities and Futures Commission in Hong Kong." The case is being seen as one of the biggest in terms of cross-border cooperation among regulators to crack down on illicit investment schemes. Both Sebi and SEC are members of International Organisation of Securities Commission (IOSCO), an international policy forum for securities regulators that also sets global standards for securities regulation. Sebi and SEC are also signatory to the IOSCO MMoU which represents a common understanding amongst its signatories about how they will consult, cooperate, and exchange information for capital market enforcement purposes. The MMoU sets an international benchmark for cross-border co-operation. In the present case also, Sebi extended all necessary assistance to the SEC within the framework of IOSCO-MMoU. As per latest available data, Sebi received as many as 94 requests from overseas securities regulators for information during 2013-14 -- more than double of what it had got in each of the two preceding fiscal years.

Sebi had received 40 requests from foreign peers in 2012-13, while it had got 37 requests in 2011-12. At the same time, Sebi made 17 requests to capital markets regulators in other countries for information in 2013-14 as against 9 requests in the previous financial year. This is the highest number of requests sent out by the Indian market watchdog since 2011-12. The capital market regulator had sent out 9 requests each for regulatory assistance in 2011-12 and 2012-13 to foreign securities market watchdogs. Sebi has in place a robust system for information sharing and coordination with foreign regulators to nab manipulators and fraudsters operating across boundaries in a globalised world. In 2003, Sebi had signed the International Organisation of Securities Commissions (IOSCO) multi-lateral memorandum of understanding (MMoU) for mutual assistance on enforcement and compliance of regulations with several countries including Securities Exchange Commission of US. One of the IOSCO principles require the regulators to establish information sharing mechanisms, which set out when and how they will share both public and non-public information with their domestic and foreign counterparts. "As a crucial part of its commitment towards the IOSCO MMoU concerning consultation and cooperation and the exchange of information, to which Sebi has been a signatory since April 2003, Sebi provides cooperation and facilitates exchange in other jurisdictions," the market regulator said in its latest annual report for the year 2013-14. In the Profit Paradise case, SEC has charged Pankaj Srivastava and Nataraj Kavuri of offering "guaranteed" daily profits by anonymously soliciting investments for their purported investment management company. The SEC has charged that the guaranteed returns were false, and that the investments being offered bore the hallmark of a fraudulent high-yield investment program. Srivastava and Kavuri attempted to conceal their identities by supplying a fictitious name and contact information when registering Profits Paradise’s website address. They also communicated under the fake names of 'Paul Allen' and 'Nathan Jones'. After the SEC began its investigation into the investment offering, the Profits Paradise website was discontinued.

GOVT TO AMEND CONSUMER LAW

With an aim to empower consumers, the government plans to amend a law to allow customers to file case against sellers from their place of residence. As per current norms, the case has to be filed at the place of transaction. Also, the requirement of engaging lawyers in the consumer forums is likely to be done away with, if the goods or services availed is of less than Rs 2 lakh value. According to sources, the Ministry of Consumer Affairs proposes to bring amendments to the Consumer Protection Act, 1986 to make it more effective. The proposed amendments would be sent to the Cabinet for approval after seeking views from other ministries, they added. The objective for bringing in amendments is to protect consumer rights by simplifying the judicial process to ensure speedy and inexpensive justice. "Currently, customers have to file case against sellers from the place where they have bought the goods. We propose to allow customers to file the case from the place where they reside," a source said, while giving details about changes proposed by the Ministry. "No lawyers shall be permitted for both the parties (consumers and sellers) if the value of good or service is less than Rs 2 lakh," the source said, adding that mediation between both the parties would be allowed except in certain cases. The amended Act is likely to have provisions to cover e-commerce companies and some other service providers like Railways and courier firms. To make the complaint registration procedure simpler for consumers, the Ministry has not prescribed any fixed format and the complaints can also be made online. After 21 days, the complaints would be deemed to be accepted. Concerned over the pending cases in consumer forums, sources said the department has proposed that there would be only one stage for appeal in higher forum. Recently, Food and Consumer Affairs Minister Ram Vilas Paswan had said that the government plans to make amendments in the Consumer Protection Act to "make it more effective as protection of consumers in terms of quality, quantity and safety is of utmost importance." The government has proposed an authority under this law to protect consumers against unfair trade practices and also to keep a close watch on various consumer services also, he had said. Sources said the Central Consumer Protection Authority would be like an investigating agency, which will take up cases suo moto or complaints involving more than one person. It will promote, protect and enforce consumer rights and even recall hazardous products.

1 STOCK @ A PRICE OF SMART PHONE

As stock market continues its record-breaking rally, there are many shares with per-unit price running into thousands of rupees and equal the cost of buying a smartphone, a LCD television or even a split AC. Helped by the new government's reform push and growing expectations for better economic scenario, the foreign funds have been on a buying spree in stock market and the benchmark indices Sensex and Nifty have scaled new peaks above 28,000 and 8,400 levels, respectively. The Sensex has rallied by 33 per cent so far this year, making India the best performer among the world's ten biggest markets. At the same time, stock prices of at least 37 companies, out of the top-100 listed firms in India, now cost Rs 1,000 or above for one share, as per the stock exchange data. Leading the charts in terms of per-share value, Bosch commands a share price of Rs 16,571 apiece, while Eicher Motors and Shree Cements have share prices of Rs 14,001 and Rs 9,077, respectively. The market value of just one share of P&G, GSK Consumer Healthcare and Nestle is also in the range of Rs 5,000-6,500. Companies like Maruti Suzuki, Dr Reddy's, Oracle Financial Services, Grasim and Infosys command a price of Rs 3,000-4,000 per share. For blue-chips like TCS, SBI, Bajaj Auto, Ultratech Cement, Tech Mahindra and Hero MotoCorp, the per-share price is Rs 2,000-3,000, while others in this bracket include United Spirits, Colgate and GSK Pharma. Those with share price in the range of Rs 1,000-Rs 2,000 include ICICI Bank, HDFC, Aurobindo Pharma, ACC, Britannia and AB Nuvo. Outside the top-100 companies also, there are many with share prices running into thousands of rupees and one notable stock among them is MRF which currently commands a share price of Rs 32,337.60 apiece.

INFLATION AT 5 YEAR LOW

Continuing decline in food prices, including vegetables, pulled wholesale price inflation to a five year low of 1.77 per cent in October.
The Wholesale Price Index (WPI) based inflation was at 2.38 per cent in September and 7.24 per cent in October 2013.
As per data released by the government today, the food inflation fell to a nearly two-and-half year low of 2.7 per cent. Food inflation is on decline since May.
The sharp drop in WPI inflation, which fell for the fifth month in a row, came at the back of retail inflation declining to a record low of 5.52 per cent in October.
The rate of price rise in onion contracted 59.77 per cent as compared to a contraction of 58.12 per cent in September.
In case of vegetables, the contraction was 19.61 per cent, while in protein rich items of egg, meat and fish it was 2.58 per cent in October.
During the month, inflation in potato stood at 82.11 per cent, against 90.23 per cent in the previous month.
Inflation in manufactured products, like sugar, edible oils, beverages and cement, fell to 2.43 per cent in October as against 2.84 per cent in the previous month.

RETAIL PARTICIPATION IN MFs INCREASE

Retail participation in mutual funds from beyond the top 15 cities in the country has increased remarkably in the past 18 months, due to joint efforts made by the MF houses and stock market regulator SEBI, says AMFI. The MF industry's assets under management (AUM) crossed Rs 1,07,000 crore from retail investors living in places beyond the top 15 cities as on October 31.
It was a 33 per cent growth over 18-month. As on March 31, 2013 the AUM was Rs 65,000 crore, according the Association of Mutual Funds in India. The AUM relate to equities, equity-linked saving schemes (ELSS) and the balanced funds which essentially involves retail participation, the industry body said. "We have crossed the Rs 1 lakh crore mark in AUM from beyond 15 cities during past 18 months after we started the journey to reach retail equity investors living in 400 centres located in Tier-II and Tier-III cities, beyond the top 15 cities of the country," AMFI chief executive H N Sinor told PTI here. "This is a major indication of increased retail participation in equities," he added. "While we have achieved 20 per cent of overall retail participation, we have also been able to mobilise 10 per cent of overall AUM from 400 centres which are located beyond top 15 cities of the country comprising semi-urban and even rural areas," he said. After the global slump of 2008, stock market regulator SEBI had come up with guidelines to re-energise the mutual fund industry. These guidelines had allowed the industry to take additional 30 basis points of already existing expense ratio which could be used to incentivise distributors across slabs to give a push to sales of mutual fund products.

Asset management companies (AMC) are allowed to keep aside 2.5 per cent of their AUM as fee in case their AUM is less than Rs 100 crore. The fee is decreased to 2 per cent if AUM goes up to Rs 300 crore and 1.75 per cent in case the AUM goes beyond Rs 300 crore. However, since April 2013, Securities and Exchange Board of India has allowed them to charge 50 basis points additional amount in the form of management fee in each of the slabs which they can use to incentivise their agents so that they could increase their penetration in Tier-II and Tier-III cities. Secondly, it has allowed MF houses to use two basis points of their AUM for creation of awareness among investors. Thirdly, market conditions have improved helping achieve such a result, as per AMFI. Besides, mutual fund houses adopted several districts on a voluntary basis which also attracted investors from smaller towns towards mutual funds. "So far, we have adopted 187 districts across the country. While large mutual funds have adopted around ten districts, medium mutual fund houses have adopted around five districts and small mutual fund houses adopted two districts on their own," Sinor said. "It all has helped the industry increase the number of folios to 2.04 crore as against 1.83 crore folios it had received in March, 2013 which shows an increase of 20 lakh folios during past 18 months," he added.

NIFTY OUTLOOK FOR 17 & REVIEW

FORENOON BETTER

Nifty                               8390  +32

Nifty traded with positive bias through out the day and closed at the highest level for the week and week closed with a gain of about 0.60%. Nifty has been moving in a narrow range of 8300 and 8420 for the last Eight  trading sessions and a clear breakout / breakdown appears imminent in a day or Two.    If it breaks out on the upper side(closing above 8400), Nifty could go upto 8500 / 8550.  Short term trend continues to remain positive  and stoploss  may be  continued at  8300 (on close basis).  Nifty spot is expected to encounter resistance at 8430,, 8465 and find support at 8350, 8315 for Monday.   While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be generally better in the forenoon session.

MARKET CLOSE ON RECORD HIGHS

Stock market indices today scaled record highs on sharp fall in wholesale inflation, persistent foreign capital inflows and good bluechip earnings with benchmark Sensex rising 106.02 points to end at fresh closing peak of 28,046.66. Similarly, buying mainly in realty, metal and refinery counters lifted the NSE Nifty index by 32.05 points, or 0.38 per cent, to end at new closing high of 8,389.90. The wholesale price inflation dropped to a 5-year low of 1.77 per cent in October due to fall in food prices. The Wholesale Price Index (WPI) based inflation was at 2.38 per cent in September and 7.24 per cent in October 2013. This data comes after easing of consumer price index. "We expect that milder-than-expected inflation and low industrial growth are strong reasons to expect a 25-bp policy rate cut at the RBI's coming 2nd December monetary policy meet," said a Anand Rathi Institutional Research report. Besides, data showing that Foreign Portfolio Investors (FPIs) buying shares worth a net Rs 690.61 crore yesterday, also gave a boost to the buying momentum. "News flow both domestic and globally has been in favour of equity markets and that makes Indian markets one of the favourite destinations for the flow of risk investments," said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio. In bluechip earnings, State-run State Bank of India posted 30.5 per cent growth in net profit at Rs 3,100.41 crore for the quarter ended September 30, pushing its shares up by 2.55 per cent. The BSE Sensex resumed higher at 27,949.54 and shot up further to 28,093.23 before concluding at all-time closing high of 28,046.66, a gain of 106.02 points or 0.38 per cent. The CNX 50-share Nifty also firmed up by 32.05 points or 0.38 per cent to all-time closing high of 8,389.90 after touching a high of 8,400.65. 

KASHMIR SAPPHIRE SOLD @ RECORD PRICE

A rare step-cut Kashmir sapphire in rich velvety blue has sold for a world record at a Sotheby's auction in Geneva, where it fetched USD 6 million. "A rare 27.54 carat step-cut Kashmir sapphire which exhibited a rich, saturated velvety blue colour achieved USD 5,984,474, a world auction record for a Kashmir sapphire," Sotheby's said in a statement. The gem was purchased by a buyer from Asia, auctioneers said. Previous record was set by a Kashmir sapphire weighing 28.18 carats when it sold for USD 5,093,000 at Sotheby's New York in April 2014. Kashmir sapphires sport a rich lustrous blue colour often compared to that of a cornflower. In the 1880s a landslide in Kashmir, caused the legendary sapphires to be discovered. With a limited production, Kashmir sapphires make up a tiny percentage of the world's total sapphire supply. The American Gemological Laboratories labels this stone a "Classic Kashmir," denoting that it not only exhibits the classic gemological features of the Kashmir region, but also represents the top quality of stones from the region. Meanwhile, the sale of "Magnificent and Noble jewels" on November 12 was led by a 'Graff Ruby' from the collection of Dimitri Mavrommatis. The 8.62 carat cushion-shaped gemstone soared above estimate and set a world auction record for a ruby at USD 8,600,410, as well as a record price per carat for a ruby at USD 997,727 when it sold to Laurence Graff, auctioneers said. Another highlight of the sale was a natural pearl and diamond necklace formerly in the collection of Josephine de Beauharnais, Queen of Sweden and Norway and likely once the property of Josephine de Beauharnais the first wife of Napoleon Bonaparte and Empress of the French. Comprising 111 pearls, the necklace achieved USD 3,426,669. In addition to Beauharnais's necklace, the sale featured the 'English Rose' a diamond pendant, dating 1876, once the property of Queen Victoria of Great Britain, which made USD 71,367. Commenting on the results, David Bennett, Chairman, Sotheby's Switzerland said,"The Graff Ruby mesmerises all who view it. It is truly a gem among gems, and quite simply the greatest ruby of its size I have ever seen."

NOW...SAY THANKS TO FRIENDS THROUGH FB

Facebook today launched a new initiative 'Say Thanks' that will allow users to create personalised video cards for their friends on the world's largest social network. US-based Facebook has over 1.3 billion users globally and more than 100 million users in India. "Millions of people use Facebook every day to connect with people and things that matter to them most. Your friends are at the core of your Facebook experience, and we are always looking for new ways to help you celebrate those friendships," Facebook said in a blogpost. Users can create as many personalised videos as they like for their friends, relatives and co-workers present on Facebook. The initiative will be rolled out today globally on both desktop and mobile in English, French, German, Indonesian, Italian, Portuguese, Spanish and Turkish languages. To create a 'Say Thanks' video, users will have to choose a friend and a video will be created and ready to share. Users can select one of the four different themes and choose the photos and posts that represent their friendship, the blogpost said. The video will be shared on the user's timeline along with the timeline of the person it is dedicated to. In February this year, Facebook had launched a similar initiative to celebrate its tenth anniversary. It offered users a personalised video summarising their life on Facebook over the past years. Each user's "Look Back" had a compilation of 15 or so of their most-liked photos, statuses, and life events.

NIFTY OUTLOOK FOR 14 & REVIEW

MID SESSION BETTER...

Nifty                               8358  -25

Nifty traded in zigzag manner with negative bias and closed with a loss of about 0.30%. After the positive IIP and WPI figures, market appears to have got into profit booking. Nifty has been moving in a narrow range of 8300 and 8420 for the last Seven trading sessions and a clear breakout / breakdown appears imminent in a day or Two.    If it breaks out on the upper side(closing above 8400), Nifty could go upto 8500 / 8550.  Short term trend continues to remain positive  and stoploss  may be  continued at  8300 (on close basis).  Nifty spot is expected to encounter resistance at 8400,, 8435 and find support at 8320, 8285 for Friday.   While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be better in midsession.

SENSEX SLIPS FROM RECORD HIGHS

Snapping its three-day rally, the benchmark BSE Sensex today retreated from record highs to end over 68 points lower at 27,940.64 as the shares of state-owned oil companies fell as much as 6 per cent after the government hiked excise duty on petrol and diesel. The 30-share Sensex commenced on a strong note and soared to the day's high of 28,098.74 on positive inflation and factory output data announced yesterday. However, it succumbed to profit-booking and dipped below the 28,000-mark to hit the day's low of 27,822.70 before recovering partially to settle at 27,940.64, down by 68.26 points or 0.24 per cent. Yesterday, the benchmark index had ended at an all-time closing high of 28,008.90 and also hit intra-day high of 28,126.48 on sustained foreign funds inflows driven by economic reforms undertaken by the government recently. The 50-scrip NSE Nifty ended 25.45 points, or 0.30 per cent, down at 8,357.85 after shuttling between 8,408.00 and 8,320.35. The gauge yesterday concluded at record 8,383.30 after scaling a lifetime (intra-day) high of 8,415.05. Meanwhile, country's industrial production grew at 2.5 per cent in September and retail inflation eased to 5.52 per cent in October from 6.46 per cent in September, according to data released after market hours yesterday. Besides profit-booking in blue-chip stocks, sentiments also dampened after the government hiked excise duty on petrol and diesel prices by Rs 1.50 a litre each to mop up an additional Rs 13,000 crore in revenue. Stocks of state-run companies such as BPCL, HPCL and Indian Oil Corp came under selling pressure and ended up to 6.11 per cent lower.
ONGC was among the biggest Sensex losers, plunging by 2.03 per cent, while RIL fell by 0.53 per cent.
Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 459.47 crore yesterday, according to provisional data from the stock exchanges. Brokers said the market was in an over-bought position and participants adopted a cautious stance and preferred to lighten some positions by booking profits at record levels. Selling was more pronounced in realty, PSU, metal, infrastructure, banking, power and auto stocks, which dragged down the key indices - Sensex and Nifty - from record highs. Sesa Sterlite down by 2.50 per cent, Tata Power shed 2.47 per cent, GAIL fell 1.58 per cent, Axis Bank down 1.49 per cent, Hero MotoCorp by 1.38 per cent and HDFC by 1.14 per cent. Bucking the trend, Infosys surged 1.77 per cent, Dr Reddy by 1.01 per cent, Cipla 0.91 per cent, Wipro 0.69 per cent, Bharti airtel 0.68 and Bajaj Auto 0.54 per cent and averted any major fall in the Sensex.
Among Sensex components, 16 stocks ended in negative territory, while 14 closed higher.

CHILD PRODIGY CEO TO GIVE LECTURE ON CYBER SECURITY

An eight-year old Indian-origin child prodigy is among experts who will address a cyber security conference starting tomorrow in New Delhi, where Minister of State for External Affairs V K Singh is also listed as a keynote speaker.
In his address at the summit on November 14, the US-based whizkid Reuben Paul will highlight and demonstrate the need for developing the current generation with cyber security skills, according to the organisers of Ground Zero Summit to be held here.
The organisers said, "8 year old Reuben Paul gives keynote at Houston Security Conference."
"I started learning about computer languages around one- and-a-half years back. Now I design my own projects," Reuben told media.
The prodigy has been trained by his father, Mano Paul, in Object C programming language and is now learning Swift programming for Apple's iOS platform. Mano Paul, born and brought up in Odisha, moved to the US in 2000.
Reuben in August started Prudent Games, his own gaming firm and is designated as CEO of the company. Mano Paul is his partner in the company.
"This will be Reuben's fourth conference where he will be giving lecture on cyber security. He will talk about need to create awareness about cyber security among young kids as well as demo white page hacking," Mano Paul said.
The other keynote speakers listed for the summit include Home Ministry Joint Secretary Nirmaljeet Singh Kalsi, Special Commissioner Police (Traffic) with Delhi Police Muktesh Chander and National Technical Research Organization Director of Cyber Security Operations Alok Vijayant.

WOMEN MAIN DRIVERS OF INTERNET

More women are now going online than men and their user-base has grown about 30 per cent this year across metros and tier I cities, an IAMAI-IMRB report said today. According to the report, 'Internet in India', female Internet users have grown at about 30 per cent to an estimated 20.77 million this year from 16 million in 2013. On the other hand, the male user-base in urban India grew at 25 per cent. The survey was conducted across 35 cities with more than one million population in India. "This is a happy trend and we believe if it continues, the currently skewed ratio between men and women stands a chance of being rectified in the near future," the report said. India was estimated to have 243 million Internet users at the end of June 2014.
The fastest growth was seen in the college going students category at 62 per cent to 7.29 million this year from 4.51 million in 2013. The number of school girls in urban India logging online increased 34 per cent to 2.88 million from 2.15 million last year. Similarly, non-working women category grew 18 per cent year-on-year to 5.83 million to 4.93 million, while the working women category grew eight per cent to 4.77 million from 4.41 million last year. "The report also found that in urban areas, 60 per cent of the working women and 47 per cent of non-working women access Internet daily," it said.