Nifty closes above 5,900 on hopes of favourable FDI vote



Dated:05 December,2012
Top Headlines

NSE index rose 0.19%, or 11.25 points, to end at 5,900.50 for the first time since April 13 2011, clearing the psychologically important 5,900 level.


Pantaloon Retail India Ltd closed 3.3% higher at Rs 237.85. The stock rose to its 52-week high of Rs 243.90 in trade today.


While there are concerns of coal availability for power plants, Tata Power has been aggressive in acquiring lot of coal assets in Indonesia: Rajen Shah


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Given the concerns and future prospects, investors having higher risk appetite and longer investment horizon may consider the IPO.

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Shares of telecom companies such as Bharti Airtel and Idea slipped after Fitch expressed its concerns on the outlook of the telecom sector.
Market Round-up
SENSEX 19391.86 43.74
NIFTY 5900.50 11.25
NASDAQ 2141.54 17.78
DJIA 10060.06 19.61
RS/$ 46.79 -0.14
NSE Gainers
Scrip Price(Rs.) %Change

465.70 + 19.99

15.45 + 19.77

17.30 + 19.72

3.95 + 19.70

7.40 + 19.35
NSE Losers
Scrip Price(Rs.) %Change

884.95 -11.56

41.90 -9.99

4.35 -8.42

40.45 -7.12

66.45 -6.47

UPA WINS VOTE ON FDI IN RETAIL IN LOK SABHA; Big Relief To Sahara, Gets Time Till February To Refund Rs 24,000 Cr; Nifty Crosses 5900 Pts

Wednesday, Dec 05, 2012

FDI IN RETAIL: UPA WINS VOTE IN LOK SABHA  
After two days of intense debate, the ruling coalition UPA on Wednesday won a non-binding vote in the Lok Sabha on allowing foreign investment in multi-brand retail. 253 votes were in favour of FDI, 218 votes against. What turned the vote in favour of UPA was the walk-out of Bahujan Samaj Party and Samajwadi Party members from Lok Sabha during the debate on FDI in retail. SP and BSP support the UPA from outside and has 22 and 21 members respectively. Interestingly, Congress ally NCP voted against it. The UPA now needs to win the FDI in Retail vote in the Rajya Sabha to claim victory. The govt also won the FEMA vote with 254 votes in favour and 224 against FEMA. The highlight of the two-days debate was that out of 18 national parties, 14 opposed FDI in multi-brand retail and only 4 parties including Congress spoke in its favour. Yet, during voting hour Congress managed to swing the votes in its favour. read more  
LEAD STORIES
SC GIVES SAHARA TIME TILL FEBRUARY TO REFUND RS 24,000 CR  
SC directed the Sahara Grp to pay back Rs 24,000 cr with 15% interest to the investors of its two firms in instalments in nine weeks. read more
NIFTY CROSSES 5,900; ALL EYES ON FDI VOTE IN PARLIAMENT  
Markets rose on buying support on optimism that govt would get Parliament approval to allow FDI retail. Sensex up 43.74 pts at 19,391.86. read more
TOP STORIES
TOP VIDEOS
AT A GLANCE
BSE 19391.86 +43.74
NSE 5900.5 +11.25
TURNOVER
Rs. 153,716 cr
BSE CASH
Rs. 2,833 cr
NSE CASH
Rs. 13,060 cr
NSE F&O
Rs. 106,492 cr
BULLION
GOLD 30822 -136
SILVER 60371 -300
CRUDE
NYMEX 88.22 -0.28
BRENT 110.14 +0.3
FOREX
$ / Re 54.54 -0.13
£ / Re 87.572 -0.52
€ / Re 71.115 -0.54
EVENTS TO WATCH
6 December
7th Public Procurement Summit, Towards Enhancing Transparency, Efficiency & Accoutability, Le Meridien, New Delhi
7 December
International Conference On Rail @ 2020 Organised By ASSOCHAM, Hotel Taj Mahal, New Delhi
EGoM On Telecom To Discuss The Roadmap For Spectrum, New Delhi
18 December
RBI Credit Policy
The Penguin Annual Lecture 2012 - Beyond 2020, India Habitat Centre, New Delhi
EXPERT VIEWS
"Retail sector united in saying it needs capital. Opening up of market place important to create job opportunities and opening up the retail market will bring in investments. Our objective is to run our business, create employment and modernisation helps everyone in the value chain."

Rakesh Biyani
Joint MD, Pantaloon Retail
"We expect and appeal to the Maldives Government to honour international law. Any termination is unlawful and against the due process of law. Any force will be seen impacting Indian interests. We have been assured by the country's Defence Minister, who is also the acting Transport Minister, that force will not be used to remove us from Maldives airport."

Sidharath Kapur
CFO, GMR Airports
"The economic situation, the high cost of undertaking manufacturing, the supply chain - which is dying out as manufacturing undergoes hardship - make the UK not the first place you would look at to make a manufacturing investment."

Ratan Tata
Chairman, Tata Group



FDI Retail Debate | Sushma-Sibal Duel In Parliament; Maldives To Take Over GMR Airport On Saturday; IOC Suspends IOA, Sensex Up 42 Pts

Tuesday, Dec 04, 2012
FDI RETAIL DEBATE: SUSHMA-SIBAL DUEL IN PARLIAMENT  
Even as the Lok Sabha erupted with the mere mention of the FDI debate, the speaker managed to bring the situation under control and ruled that the FDI debate and the discussion on FEMA will be conducted together, but the voting will happen separately tomorrow. Leader of the Opposition Sushma Swaraj in her nearly 90-minute speech, maintained that the concept of large supermarkets has failed in Western economies and said they are not opposed to FDI in airlines or power but only retail. Congress' Kapil Sibal attempted to counter Sushma Swaraj point by point. (SEE TOP VIDEO BELOW FOR SUSHMA SWARAJ'S SPIRITED DEBATE) read more  
MALDIVES TO TAKE OVER GMR AIRPORT ON SATURDAY  
Maldives Airport expects to take over the island nation's main airport on Saturday, as a deadline given by the government to an Indian-Malaysian consortium to hand over the facility expires Friday. The Maldives government shrugged off a Singapore court ruling that stayed a government notice for the consortium of GMR Infrastructure and Malaysia Airports Holdings to terminate operations there. read more  
LEAD STORIES
IOC SUSPENDS IOA, INDIANS CAN'T COMPETE IN OLYMPICS  
In a huge embarrassment for India, the International Olympic Committee suspended the Indian Olympic Association because of government interference, read more
SENSEX SNOOZES AS FDI LOGJAM CONTINUES; UP 42 PTS  
Markets saw good buying in Tata Power, RIL & SBI even as FDI retail debate took place in the parliament. Nifty up 18.30 pts at 5,889.25. read more
DEFER CASH TRANSFER SCHEME IN GUJ, HP: EC TO GOVT  
EC says the announcement was 'avoidable' during the election process when Model Code of Conduct is in operation as these 2 states go to poll. read more
NOW, KEJRIWAL TARGETS MODI OVER GUJARAT GAS DEAL  
Arvind Kejriwal took on Narendra Modi over the Tehelka report alleging irregularities in the sale of stake worth Rs 20,000 cr in GSPC's KG project. read more
TOP STORIES
TOP VIDEOS
AT A GLANCE
BSE 19348.12 +42.8
NSE 5889.25 +18.3
TURNOVER
Rs. 127,684 cr
BSE CASH
Rs. 2,917 cr
NSE CASH
Rs. 12,558 cr
NSE F&O
Rs. 86,258 cr
BULLION
GOLD 30950 -312
SILVER 60670 -1144
CRUDE
NYMEX 87.81 -1.28
BRENT 109.32 -1.6
FOREX
$ / Re 54.675 -0.1
£ / Re 88.049 +0.11
€ / Re 71.559 +0.21
EVENTS TO WATCH
5 December
National Conference On Power - Fuel Security & Viable Distribution Organised By ASSOCHAM, Hotel The Lalit, New Delhi
6 December
7th Public Procurement Summit, Towards Enhancing Transparency, Efficiency & Accoutability, Le Meridien, New Delhi
7 December
International Conference On Rail @ 2020 Organised By ASSOCHAM, Hotel Taj Mahal, New Delhi
EGoM On Telecom To Discuss The Roadmap For Spectrum, New Delhi
18 December
RBI Credit Policy
The Penguin Annual Lecture 2012 - Beyond 2020, India Habitat Centre, New Delhi
"Manufacturing sector will face maximum unemployment (Due to FDI in Retail). Maximum products available will be from China. China will see growth in both manufacturing sector and employment."

Sushma Swaraj
Leader Of Opposition, Lok Sabha
"FDI in multi-brand retail would be implemented only in cities with a population of ten lakhs and more. There are fifty three such cities. After we leave those cities that are located in states that are against FDI, we are left with eighteen states. You cannot oppose FDI implementation in states which support it."

Kapil Sibal
Telecom Minister
"This environment is characterised by slow economic growth, high inflation, high interest rates, and a weak local currency, and we expect these factors to lead to a further deterioration in asset quality, an increase in provisioning costs, and a fall in profitability."

Vineet Gupta
Vice President, Moody's Investors Service



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