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Graphite India, Bhansali Enginnering, Bombay Dyeing, Avanti Feeds and V2 Retail climbed
between 300 per cent and 850 per cent during the same period.
Sahil Kapoor, Chief Market Strategist, Edelweiss Investment Research, says Jamna Auto
and GNA Axles can deliver an excellent returns in 2018. Shares of Jamna Auto have soared
101 per cent to trade at Rs 69.80 on December 15 compared with Rs 34.67 it quoted at on
January 2.
GNA Axles advanced 112 per cent to Rs 388.65 from Rs 183.30 during the same period.
Smallcap czar Porinju Veliyath says retail investors who invest directly in the market should
Most Read Most Shared Most Commented
look at midcap and smallcap companies that are on a turnaround path, specifically after the
hit from demonetisation and GST rollout. Many companies, which were not professionally Five stocks soared like bitcoins, and may head
managed earlier, are embracing professionalism and that is where minority shareholders will even higher
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Siddharth Khemka, Head of Retail Research at MOSL, expects the benchmark indices to 10 largecaps ruined your money even as BSE m-
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Shares of KNR Consturction have surged 58 per cent, while Repco Home Finance have This could be bitcoin's moment of truth
advanced 15 per cent in 2017 till December 15.
advanced 15 per cent in 2017 till December 15.
More »
There are expectations that broadbased earnings recovery, benign interest rates and
continuity of domestic inflows will give further direction to market.
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Technical analyst Sumeet Bagadia BSE 0.00 % of Choice Broking is bullish on SP Apparels
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Despite a bullish outlook for the broader market, 165 stocks in the BSE Smallcap index failed
to deliver positive returns to investors while some of them burnt nearly 95 per cent of investor Things that will disrupt your life in 2018
wealth in last 12 months.
These included TV Vision and Sri Adhikari Brothers that tumbled 95 per cent each between
How Quantum AMC's CEO views
January 2 and December 15. Shares of Videocon Industries, Lanco Infratech, JMT Auto and
closed-ended MFs
Nitin Fire Protection have fallen 85 per cent, 75 per cent, 74 per cent and 73 per cent,
respectively, on a year-to date basis.
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The benchmark Nifty50 pared all of its gains in the last 45-
minutes of trade and ended near the low point. Though there
was volatility in the market, it was rangebound volatility.
The levels of 10,490 and 10,535 will Most Read Most Shared Most Commented
act as resistance for Nifty, while The more important fact, which is technically important is that
supports come in lower. This could be bitcoin's moment of truth
the Nifty has once again slipped below the 10,490-mark, and
Five stocks soared like bitcoins, and may head
the earlier breakout attempt has subsequently
even higher
failed because of lack of confirmation.
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10 smallcaps that logged up to 1,000% rise in
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Going into trade on Friday, we can still expect the market to show a quiet opening and try to
move past the 10,490 levels again. The levels of 10,490 and 10,535 will act as resistance,
while supports come in lower at 10,410 and 10,350 zones.
The Relative Strength Index (RSI) on the daily chart is 60.5969 and it stays neutral showing no
divergence against the price. The daily MACD still remain bullish while trading above its
signal line.
A black body has emerged on the candles, but it remains insignificant in the present
formation. The pattern analysis shows that the previous attempt of the Nifty to break above the
10,490-mark has failed given the lack of confirmation.
Now, it would require to break out above this level afresh and until this happens, the zones of
10,490-10,535 has become a formidable resistance for the Nifty.
No sustainable upmove shall occur until the Nifty moves past this critical resistance zone. We
reiterate our cautious view on the market until this occurs.
Stock specific outperformance will occur. Highly stock specific and cautious view is advised
for the day.
STOCKS TO WATCH: Fresh shorts were evident on counters like Suzlon, South Indian Bank,
Federal Bank, Tata Motors, PFC, HCC and State Bank of India. Long positions were added
on counters like Adani Power, TV 18 Broadcast, Tata Power, Vedanta, Jain Irrigation, NHPC
and Jindal Steel.
(Milan Vaishnav, CMT, MSTA is Consultant Technical Analyst at Gemstone Equity Research
& Advisory Services, Vadodara. He can be reached at milan.vaishnav@equityresearch.asia)
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The case relates to some brokers allegedly getting preferential access to the NSE servers 10 short-term money making ideas to kick off your
New Year
through co-location facility between 2011 and 2014. The exchange discontinued the facility
since 2014. 10 smallcaps that logged up to 1,000% rise in
2017, can click in 2018 again
The issue took a different turn recently with the Income Tax sleuths conducting raids on some Ready returns: MACD shows these 55 stocks are
gearing up for a rally
NSE brokers. On this, Tyagi said the regulator would follow its own regulations and take a
view. More »
The controversy has delayed the public issue plan of the country's largest exchange that
controls almost three- fourths of the market volume and the new chief executive Vikram
Limaye was clear in stating that his priority was to get the co-location issue sorted out and
that the public float plan should wait till then.
A Sebi probe is also underway to quantify the unlawful gains made by brokers allegedly in
connivance with some top NSE officials.
The NSE has also submitted a forensic audit report on the issue, prepared by consultancy EY,
to Sebi for a review.
Besides, the exchange has also submitted to Sebi the report of probe carried out by ISB
Hyderabad to determine whether certain some brokers had made any abnormal profit as a
result of getting preferential access to the NSE servers with the co-location facility.
The ISB was roped into verify whether the brokers named by the Deloitte forensic report had
indeed profiteered through the facility.
Meanwhile, when asked whether Sebi will allow mutual funds to participate in commodity
derivatives, Tyagi said, "we are looking at it and will take a view after the feedback from
them." It can be noted that Sebi today allowed stock exchanges to offer commodity
derivatives.
On algo trading, he said while such technology can't be stopped, Sebi is working on norms to
better regulate it.
About the ongoing Sebi probe into shell companies, Tyagi said, "Sebi can only take action
against shell companies as per the laws only."
He further said of the 331 companies that were listed by the corporate affairs ministry as shell
companies, 49 went to SAT and 12 of them got stay on Sebi action while the rest were
directed to go back to Sebi.
Of this lot, he said Sebi so far has heard 43 of them and passed orders in 34, of this, in 28
cases Sebi ordered forensic audits and six companies were freed of all restrictions.
cases Sebi ordered forensic audits and six companies were freed of all restrictions.
On exemption sought by companies under the insolvency proceedings to report their loan
defaults to exchanges, he admitted that this is a complex issue and there are many issues
interplaying between the IBC and securities markets.
"We've a small group for this purpose. Earlier we had discussions with RBI and some banks.
Now we have understood the issues and will take a final view on those. Maybe by March we
will come out with the amendments required," Tyagi said.
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Further, a sponsor of a mutual fund, its associates, group company and its asset
management company will be restricted from holding 10 per cent or more stake in a rival
AMC.
In addition, such entities will be barred from having a representation on the board of another
mutual fund house.
"There will be no conflict with the UTI Act. They (shareholders) of UTI MF will have to reduce
their stake to 10 per cent each within a year," Tyagi said in a reply to a query.
The moves are aimed at avoiding any conflict of interest and help in strengthening the
governance structure for mutual funds.
In addition, Sebi has decided to come out with a fresh consultation paper on Investment
Advisor in order to segregate advisory and the role of a distributor, Tyagi said.
However, mutual fund distributors while distributing the investment product can explain the
features of the product to client.
To prevent the conflict of interest that exists between 'advising' of investment products and
'selling' of investment products by the same entity/person, there should be clear segregation
between these two activities, the regulator said.
Existing registered investment advisers who are offering distribution services through a
separate division would be given an option to choose between providing investment advice
and distribution service before March 31, 2019.
From April 1, 2019, any person, including their immediate relatives or holding or subsidiary or
From April 1, 2019, any person, including their immediate relatives or holding or subsidiary or
associate entity shall offer either investment advice or distribution services.
Sebi had first issued a discussion paper that outlined the road map of distribution and advice
in October 2016 and a revised consultation paper was issued in June.
Further, the regulator will provide an additional method -- qualified institutional placement
(QIP) -- route for listed entities to achieve the minimum public shareholding requirements.
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This is Abhinav Kaul and I will take you through the motions
of today's session on Dalal Street and bring you cues and
trading tips from market veterans for upcoming trading
sessions.
Succumbing to the last-hour sell-off coupled Most Read Most Shared Most Commented
Succumbing to the last-hour sell-off coupled Most Read Most Shared Most Commented
with December series F&O expiry, the
Company Summary NSE BSE This could be bitcoin's moment of truth
domestic equity market ended Thursday's
session in the redhus taking the losing spree Five stocks soared like bitcoins, and may head
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BSE Sensex lost 64 points to settle at 33,848, New Year
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2017, can click in 2018 again
Nifty50 index closed at 10,478 with 32 out of 50 constituents ending in the negative territory.
Ready returns: MACD shows these 55 stocks are
gearing up for a rally
Monnet Ispat and Energy surged nearly 10 per cent after reports surfaced that Aion Capital-
JSW Steel consortium had submitted a resolution plan for the company. More »
Hitesh Aggarwal of Religare Securities sums up the day's market proceeding for you in this
exclusive chat with ETMarkets.com.
Shares of Repco Home Finance witnessed the biggest spike in open interest contracts at
56.30 per cent, followed by Kajaria Ceramics and Canara Bank.
We have with us Nirav Chheda from Nirmal Bang Securities to give us some insights on Nifty
behaviour on the charts as well as F&O segment.
That's all for now folks. Do check out ETMarkets.com for detailed market analysis and come
back for our regular morning podcast on Friday. Have a wonderful evening ahead.
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Sebi unveils reforms for bourses, FPIs; to
act on leaks at firms Top Trending Terms
PTI | Dec 28, 2017, 07.53 PM IST
Gujarat Election Results IPO Infosys Share Price Axis
Sebi also relaxed its regulations for real estate and infra investment trusts, besides providing More »
more avenues for listed firms to meet minimum 25 per cent public shareholding.
Sebi also said it will float a new consultation paper for changes in rules for investment
advisors, requiring clear segregation between two activities of an entity -- that is providing
investment advise and distribution of products.
Announcing the decisions discussed and approved by its board here today, Sebi Chairman
Ajay Tyagi said further discussions are needed on the loan default disclosure norms, which
were originally to come in force in October but had to be deferred amid reservations on some
clauses from banks and from some other quarters.
The decision to allow all exchanges trading facility in stocks as well as commodities was
welcomed by the market participants, even as those from the banking industry and the
companies in financial distress heaved a sigh of relief from deferment of decision on
immediate loan default disclosure.
Without divulging what transpired in the board meeting, where a revised proposal was
presented with some relaxations on disclosure about certain kinds of loans, Tyagi said,
"There was discussion on this subject."
"In August 2017 when we issued it (the first proposal), it was on our own volition. No one really
asked us to issue it. This issue was discussed at length but it requires further discussion so it
has been deferred by the board," he said.
On convergence of stock and commodity exchanges, Tyagi said all bourses will be able to
provide trading in all permitted products from October 1, 2018 -- three years after the merger
of erstwhile commodities regulator FMC with Sebi.
Welcoming the Sebi decision, BSE's CEO Ashishkumar Chauhan said this will help
participants in various markets get a a highly regulated, safer, more transparent trading,
clearing and settlement framework when implemented fully.
clearing and settlement framework when implemented fully.
"BSE has geared up itself for long to provide these facilities to its more than 3.71 crore
registered investors," he said.
Angel Broking's Amar Singh said the convergence will permit exchanges to cross-list
products, allowing NSE and BSE to list commodities while MCX and NCDEX will be allowed
to list equities and equity derivatives.
"This will reduce the KYC burden for brokers and customers. Further, the move is expected to
broaden the markets and this key reform will go a long way in developing the Indian financial
markets in years to come," he said.
On REITs, Sebi said these trusts can now invest at least 50 per cent stake in holding
companies. Sebi had notified REIT/InVIT Regulations in 2014 for listing and trading of such
trusts, which are very popular in some advanced markets. While there have been a few InVITs
that have hit the market, the response for REITs has not been encouraging so far in India.
In a green initiative, Sebi also allowed companies to use electronic mode of communication
for informing investors about refund orders, share allotments and other such messages.
As per present requirements, refund orders, allotment letters and share certificates are
dispatched by way of registered post or certificate of posting.
In another decision, Sebi said that cross-holding among credit rating agencies will be capped
at 10 per cent and minimum networth requirement must be increased to Rs 25 crore.
Further, it has proposed slew of measures for tightening the financial and operational
eligibility of their promoters. Besides, it has suggested greater disclosure requirements for
CRAs. The proposed norms will impact global rating agencies like S&P, Moodys and Fitch
which have significant holdings in domestic agencies besides their direct presence.
To avoid any conflict of interest, Sebi also decided to put a 10 per cent cross-shareholding
cap in mutual funds. This will have an impact on the shareholding pattern of UTI Asset
Management Company (AMC), requiring its promoters to lower their stake to 10 per cent or
below in next one year.
For foreign portfolio investors, Sebi decided to relax entry norms, including by expanding the
eligible jurisdictions for registration by including countries with diplomatic ties.
Besides, the regulator will rationalise "fit and proper" criteria for FPIs and simplify the broad-
based requirements for such investors.
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"As a green initiative, the board approved the proposal of inclusion of electronic mode as a 10 smallcaps that logged up to 1,000% rise in
2017, can click in 2018 again
valid method of communicating the allotment advice/credit of shares/unblocking of funds in
valid method of communicating the allotment advice/credit of shares/unblocking of funds in
addition to the present methods," Sebi said. Ready returns: MACD shows these 55 stocks are
gearing up for a rally
More »
"This would be in tune with the digital initiatives of the government and would reduce printing
costs for the issuer company leading to faster communication and ease of doing business," it
said in a post-board meeting release.
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India
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With regard to FPIs, the regulator's board in its meeting held here, decided to ease some Ready returns: MACD shows these 55 stocks are
gearing up for a rally
rules, including expanding the eligible jurisdictions for registration by including countries with
diplomatic tie-ups with India. More »
Besides, the regulator may rationalise "fit and proper" criteria for FPIs as well as simplify
broad-based requirements for such investors.
The moves are aimed at easing direct registration for FPIs and avoiding participatory notes
(P-notes).
According to the new proposal, more jurisdictions such as Canada would be able to access
the market due to change in FPI Regulations.
Category I and II FPIs, which are essentially government and regulated entities, should not
need any additional documentation and procedural requirements. However, Category III FPIs
should continue to be subject to such requirements.
In a major revamp, Sebi in 2014 had released norms that had clubbed different categories of
foreign investors into a new class called FPIs.
Under the regime, FPIs have been divided into three categories as per their risk profile and
the KYC (know your client) requirements, while other registration procedures have been made
simpler for them.
Further, rationale of broad-based criteria would be extended in other cases wherein the
applicant funds have other institutional investors -- sovereign wealth fund,
insurance/reinsurance companies, pension funds, Exchange Traded Funds (ETFs) as their
underlying investors, Tyagi said.
Currently, an FPI is considered to be broad-based in case such overseas investor has a bank
as an underlying investor.
Broad based fund means a fund, established outside India, which has at least 20 investors,
with no investor holding more than 49 per cent of the shares or units of the fund.
In case broad based fund loses its status due to exit of some offshore global investors then it
may not result in immediate loss of Category II status. Three months time should be given to
such funds to regain such status.
The regulator may discontinue the requirements of seeking its prior approval in case of
change in local custodian or designated depository participants (DDPs).
At the time of change of local custodian/DDP, the new DDP should be permitted to rely on the
registration granted by previous DDP at the time of transition. The move is expected to avoid
duplicate efforts and incremental documentation by the FPIs as well as the DDPs.
Further, private bank/merchant bank should invest on behalf of their clients provided details of
beneficial owners are available and will be provided as and when required by regulators.
Besides, banks do not have any secrecy arrangement with investors and secrecy laws do not
apply to the jurisdictions in which the bank is regulated for such relaxation. PTI SSM SP MR
12281643 NNNN
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He also said the regulator would amend and strengthen the insider trading norms if required. More »
To a question whether auditors were also insiders and privy to such information before they
are made public, Tyagi said they would also face action if found guilty.
Axis Bank has to complete the inquiry within three months and file a report to Sebi within
seven days thereafter, the regulator said, after it found that the company's results for the April-
June 2017 quarter were "either identical or matched closely with the figures" that were in
circulation on WhatsApp prior to an official announcement.
Sebi began a probe last month after a media report surfaced with respect to circulation of
UPSI in various private WhatsApp groups about certain companies, including Axis Bank,
ahead of their official announcements.
The regulator also conducted search and seizure operations in this regard at various places,
including on the premises of various market entities.
The directive to Axis Bank is the first order from Sebi in this case and several others may
follow soon.
During the preliminary examination, it was observed that the messages circulated in
WhatsApp groups almost matched the quarterly financial results of Axis Bank for the June
quarter, which were published subsequently. The results were officially announced on July 25
at 1623 hours but the message was in circulation on July 25, 2017 since 0912 hours.
Late last night, Axis Bank said it will work with Sebi with regard to leakage of unpublished
price sensitive information and take appropriate action.
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The domestic market underperformed other Asian markets on Thursday. "We expect Nifty to More »
face resistance in the 10,490-10,535 zone for some time," Vaishnav said.
It would be prudent for traders to wait for signs of strength rather than buying the dip in
anticipation of a fresh breakout, said Mazhar Mohammad, Chief Strategist-Technical
Research & Trading Advisory, Chartviewindia.in.
On the option fronts, maximum Put open interest (OI) for the January series stood at 10,000
followed 10,300, while maximum Call OI was at 10,700 followed by 10,800 and 10,500.
Open interest remained scattered at the beginning of the new series and the option band
signified a broader trading band between 10,300 and 10,700 levels for the coming sessions,
said Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial
Services.
India VIX, the volatility index on the National Stock Exchange, fell 1.56 per cent to 12.29. "VIX
has to hold below 13-12.50 zones to support the overall bullish bias of the market," Taparia
has to hold below 13-12.50 zones to support the overall bullish bias of the market," Taparia
said.
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