Equity NAVs end mixed as markets end flat

Equity Mutual Funds delivered mixed returns as the Equity benchmarks closed flat on Friday but lost 2 percent during the week weighed down by profit booking in banks, oil & gas and powerafter hefty run-up in previous weeks on account of BJP's landslide win in Lok Sabha election followed new government formation.  Funds in the broader market based like Small & Mid Cap, Thematic Infrastructure and ELSS funds ended with mixed returns while Large cap, Index and Diversified Equity Funds lost the most.

Among sectoral funds, FMCG, Technology and Pharma & Healthcare funds ended with positive returns whereas Banking & Finance Funds succumb under market pressure.

The Sensex lost 16.81 points to close at 24217.34 and the Nifty fell 5.70 points to 7229.95 but the broader markets outperformed benchmarks with marginal gains. The BSE Midcap and Smallcap indices gained over 0.3 percent.

Most experts believe the consolidation along with some profit booking may continue for a while (but not for long time) till the market gets next triggers that are RBI policy on June 3, Union Budget FY15 from NDA government and monsoon in the wake of El Nino risks.

Among fixed income funds, long and short term funds advanced registering very few declines. The benchmark 10-year bonds hit an over four-month high on Friday after the RBI governor said the new government's plan to curb food inflation seems sensible and that he expected the public's inflation expectations to fall in the future. The 10-year yield fell as much as 7 basis points to 8.60 per cent, a level last seen on Jan. 22, before closing at 8.64 per cent. On month, the yield fell 19 bps, its biggest monthly fall since December.

Check out all mutual fund gainers & losers

Here is the day's performance and the gainers and losers across categories.

Equity diversified: Top gainers

*  Motilal Oswal MOSt Focused Midcap 30 Fund - Regular Plan (G) up 2.54%
*  Sundaram Media & Entertainment Opportunities - Retail (G) up 2.30%
*  Religare Invesco Infrastructure Fund (G) up 2.15%

Equity diversified: Top losers

*  Religare Invesco Equity Fund (G) down 1.25%
*  Principal Dividend Yield Fund (G) down 1.25%
*  HSBC Progressive Themes Fund (G) down 0.88%

Tax saving funds: Top gainers

*  IDFC Tax Advantage (ELSS) Fund (G) up 1.28%
*  Religare Invesco AGILE Tax Fund (G) up 0.88%
*  Axis Long Term Equity Fund (G) up 0.67%

Tax saving funds: Top losers

*  SBI TAX Advantage Fund - Series II (G) down 0.73%
*  ING Tax Saving Fund (G) down 0.62%
*  SBI TAX Advantage Fund - Series I (G) down 0.57%

Sector funds: Top gainers

*  UTI Pharma & Healthcare Fund (G) up 2.57%
*  SBI Pharma Fund (G) up 2.14%
*  Reliance Pharma Fund (G) up 1.44%

Sector funds: Top losers

*  Religare Invesco Banking Fund - Regular Plan (G) down 1.86%
*  Baroda Pioneer PSU Equity Fund (G) down 1.74%
*  Taurus Banking & Financial Services Fund (G) down 1.65%

Balanced funds: Top gainers

*  HDFC Childrens Gift Fund - Investment Plan up 0.57%
*  Escorts Balanced Fund (G) up 0.41%
*  Templeton (I) Childrens Asset Plan - Gift Plan (G) up 0.41%

Balanced funds: Top losers

*  Baroda Pioneer Balance Fund (G) down 0.31%
*  JM Balanced Fund (G) down 0.28%
*  ING Balanced Portfolio (G) down 0.24%

Debt funds: Top gainers

*  Templeton India Govt Sec - Composite Plan (G) up 0.75%
*  Templeton India Govt Sec - Provident Fund (G) up 0.75%
*  Templeton India Govt. Sec. - Long Term Plan (G) up 0.66%

Debt funds: Top losers

*  No Losers

For more Mutual Fund News click here >>

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Indian ADRs: ICICI HDFC Bank slip 2%, Dr Reddy's up 3%

In the technology space, Infosys gained 1.34 percent to USD 51.43 while Wipro slipped 0.98 percent to USD 11.14.

Indian ADRs closed mixed on Friday. Among banks, HDFC Bank fell 1.87 percent to USD 45.03 and ICICI Bank declined 2.17 percent to USD 49.67 per ADR.

In the technology space, Infosys gained 1.34 percent to USD 51.43 while Wipro slipped 0.98 percent to USD 11.14.

Among others, Tata Motors dropped 1.14 percent to USD 37.24 whereas Dr Reddy's Laboratories rose 2.62 percent to USD 41.11.

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Market may open on flat note: Ventura Securities

According to Ventura Securities, markets to open on a flat note on the back of yesterday's correction in Indian markets as well as positive cues from global markets.

Ventura Securities' Fundamental Report:

Sensex, on Thursday, fell 322 points and closed at 24,234 posting its biggest daily decline in nearly four months as Infosys slumped after its president resigned, while profit-taking continued to hit shares after record highs were touched earlier this month.

Among sectors, IT, Teck, Infra, Oil & Gas and Capital Goods ended on a negative note. Among the stocks  Infosys ,  ONGC ,  Wipro , BHEL  and Cipla  declined the most. Market breadth was negative with 1,581 declines against 1,390 advances.

Nifty was down by 94 points and closed at 7,235. Today we expect the markets to open on a flat note on the back of yesterday's correction in Indian markets as well as positive cues from global markets.

US markets ended the day on a positive note, with Dow Jones and Nasdaq both up by 0.4 percent and 0.5 percent respectively continuing their march to record levels as traders shrugged off data that showed the economy shrank in the first quarter and bet on improvement in the second quarter. US markets, today, will see data releases on Core PCE Price Index, Personal Spending, Personal Income, Chicago PM. FOMC member Plosser is also scheduled to speak today.

Asian markets are trading on a mixed note with Nikkei down by 0.4 percent and Hang Seng up by 0.2 percent. SGX Nifty is trading flat at 7,269. Indian ADRs ended on a negative note. Among financial ADRs, ICICI Bank was flat and HDFC Bank was up by 0.2 percent. Among IT ADRs, Wipro and Infosys were down by 1.7 percent and 0.8 percent respectively. Tata Motors was down by 2.7 percent.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Fresh election in Delhi was the only way out: Kejriwal

According to the AAP leader, after the Lok Sabha results, 16 legislators of the 20 who attended the meeting of party MLAs, favoured government formation over election.

Former Delhi chief minister Arvind Kejriwal sought to clarify that he opted for fresh elections despite having requested the Delhi Lieutenant Governor not to dissolve the Assembly after Najeeb Jung told him that the government formation was not possible due to technical reasons.

"I agree that I wrote to the Lt Governor (last week) asking him not to dissolve the Assembly as I wanted to ask people on whether we should form the government," Kejriwal told volunteers at a meeting held here.

Also read: Kejriwal released from Tihar after furnishing bail bond

"The next day when I met the Lt Governor, he said that government formation was not possible due to technical reasons and fresh election was the only solution," he said.

According to the AAP leader, after the Lok Sabha results, he had called a meeting of party MLAs. Of the 20 who attended, 16 legislators favoured government formation over election.

"Of the four who opposed government formation also changed their view due to public opinion. I also called a meeting of those who had lost in the Assembly and Lok Sabha election and 90 per cent favoured government formation.

"This was when I decided to go to people and seek views on the issue and wrote to the Lt Governor not to dissolve the Assembly for a week," Kejriwal said.

He added that under the current circumstances, it was not possible to form the government and early election was the way out.

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Indian rupee opens at 58.92 per dollar

Indian rupee has opened at 58.92 a dollar on Thursday as against previous day's closing value of 58.93 a dollar.

Indian rupee has opened at 58.92 a dollar on Thursday as against previous day's closing value of 58.93 a dollar.

Espirito Santo analyst Deepali Bhargava thinks the market may be overestimating the RBI's buying power, and underestimating the side-effects if the central bank were indeed to go on a dollar-buying binge. She expects the rupee to strengthen gradually to 55 to the dollar over the next 12 months.

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Market may open on negative note: Ventura Securities

According to Ventura Securities, market may open on negative note as global markets were subdued.

Ventura Securities' Fundamental Report:

Sensex, on Wednesday, remained falt and closed at 24,556 as investors adopted a cautious stance ahead of the monthly settlement in the equity derivatives segment.

Among sectors, IT, Teck and Realty ended on a positive note. Among stocks Tata Power , HDFC Bank , Hero Motocorp , Bharti Airtel  and Dr Reddys Labs  advanced the most. Market breadth was positive with 1,894 advances against 1,067 declines.

Nifty was up by 11 points and closed at 7,329. Today we expect the markets to open on a negative note as global markets were subdued with US markets in red and European markets remaining flat.

US markets ended the day on a negative note, with Dow Jones and Nasdaq both down by 0.3% as losses among retailers overshadowed gains in phone shares and utilities. Also a report being released today may show that the US economy contracted in the first quarter. US markets, today, will see data releases on Prelim GDP, Unemployment Claims, Pending Home Sales, Natural Gas Storage and Crude Oil Inventories.

Asian markets are trading on a mixed note with Nikkei down by 0.1 percent and Hang Seng up by 0.4 percent. SGX Nifty is trading down by 22 points at 7,310. Indian ADRs ended on a mixed note. Among financial ADRs, ICICI Bank was flat and HDFC Bank was up by 0.8 percent. Among IT ADRs, Wipro and Infosys were down by 1 percent and 3.3 percent respectively. Tata Motors was down by 2.5 percent.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Mauritius to provide automatic tax info exchange for India

Seeking to allay apprehensions about Mauritius being used for money laundering activities, its Indian-origin Prime Minister Navin Ramgoolam today said the island nation has decided to provide automatic exchange of tax related information with India.

Ramgoolam, who was here to attend BJP leader Narendra Modi's swearing-in as Prime Minister yesterday, also said that Mauritius would not allow anybody to abuse or misuse its jurisdiction for any illicit activities.

Speaking to reporters after a bilateral meeting with Modi this morning, Ramgoolam said he has also invited the Indian Prime Minister to visit Mauritius.

On the contentious issue of revision of a tax treaty between two countries, the Mauritius Prime Minister said that "there must be a quick resolution to resolve all issues related to the direct tax avoidance agreement between the two countries".

"We both agreed that there must be quick resolution (on the issues) for certainty, clarity and predictability," he said.

A proposed revision of the tax treaty has been hanging in the balance for a long time and there have been reports that Mauritius was not agreeable to certain suggestions made by India, which has been seeking to make the agreement stronger to check any possible round tripping of Indian funds through the Indian Ocean island nation.

The people of Indian descent account for a vast majority (about 70 per cent) of Mauritius population. The current Prime Minister's father, late Seewoosagur Ramgoolam (also referred as Chacha Ramgoolam) was a leader in Mauritian independence movement and also served as the first Chief Minister and Prime
Minister of Mauritius.

Seewoosagur Ramgoolam is also known as 'Father of Nation' of Mauritius and for leading the Labour Party for the rights of labourers and getting Mauritius independence from the United Kingdom in 1968.

Ramgoolam said that Mauritius has made new proposals that allay the concerns of India with respect to the tax treaty.

"We expect to sort out the issues related to DTTA very quickly," he noted.

With respect to India's concerns about Limitation of Benefit (LoB) in the DTAA, he said "we have absolutely no problem" in addressing the issues. Meanwhile, India and Mauritius have decided to have an innovative partnership to strengthen their bilateral relations.

In this regard, the Prime Minister's Office of both countries would set up special cells for effective implementation of ideas, Ramgoolam said. Emphasising that both countries need to go beyond DTAA, Ramgoolam said there is "enormous prospects" in "ocean economy" for India and Mauritius.

"It is a win-win situation" for both sides, he added.

Without elaborating on steps that could be initiated to tap the potential presented by "ocean economy", he said that already investments are being made in marine energy.

"There are strong ties between India and Mauritius... We want to strengthen, broaden and deepen our relations. We (I and Modi) had fruitful discussions... It is a relation based on shared values and ancestral traditions," the Prime Minister
said.

Congratulating Modi for his landmark election victory, he said, "It was an honour and privilege to be invited for the swearing in of Prime Minister Narendra Modi".

Modi knows Mauritius. In October 1998, Modi had come to the country Mauritius along with then HRD Minister Murli Manohar Joshi, he added. Besides Ramgoolam also expressed optimism that Mauritius would come back as the largest source of Foreign Direct Investment (FDI) to India.

He was responding to a query on Mauritius slipping to second position behind Singapore in the last fiscal (2013-14 period) as the largest source of FDI.

Last fiscal, India attracted USD 5.98 billion in FDI from Singapore, whereas it was USD 4.85 billion from Mauritius. Mauritius has a large population of Indian-origin people, mainly from Bihar who had gone there as labourers in 19th century. The current Prime Minister's grand father Moheeth Ramgoolam, an Indian immigrant labourer, had gone to Mauritius at the age of 18 in a ship called The Hindoostan in 1896.

Once known as the biggest gateway for flow of funds into India, Mauritius has slipped in recent months to second position in terms of quantum of money being brought in by overseas investors into Indian markets, as also in terms of funds coming through FDI route.

In terms of funds brought in by foreign institutional investors into the Indian equity and debt markets, the US has overtaken Mauritius, while Singapore is now on top for FDI.

The fund flow from Mauritius declined amid concerns about suspected money-laundering though the Indian Ocean island nation, which has been consistently denying these allegations.

The Foreign Direct Investment inflows from Mauritius have also fallen sharply on fears of possible re-negotiation of the tax avoidance treaty between the two countries.

Foreign investors are also said to be apprehensive that a re-negotiated DTAA would eliminate the tax advantage which the Mauritius investors enjoy, while there are also fears that they may lose tax benefit after introduction of GAAR (General Anti Avoidance Rules) provisions, which seek to check tax avoidance by investors routing their funds through tax havens, will come into effect from April 1, 2016 in India.

Mauritius has been one of the biggest sources of FDI into India, which attracted inflows of USD 77.77 billion FDI from that country between April 2000 and January 2014.

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BSE Sensex, Nifty flat; BHEL, Bharti, NTPC early gainers

BHEL, Bharti Airtel, Tata Steel, NTPC and Wipro are top gainers in the Sensex.

09:15

Moneycontrol Bureau
Live Market Commentary After the bruises on Tuesday, the market has opened on a flat note. The Sensex is up 42.10 points at 24591.61, and the Nifty is up 6.95 points at 7324.95.

About 417 shares have advanced, 121 shares declined, and 30 shares are unchanged. BHEL, Bharti Airtel, Tata Steel, NTPC and Wipro are top gainers in the Sensex.

The rupee has opened flat at 59.02 a dollar as against previous day's closing value of 59.04 a dollar.

Pramit Brahmbhatt, Veracity says taking positive overnight cues, the rupee is expected to trade strong, backed by the local equities though dollar demand from oil importers could cap gains. According to him, the range for the rupee is seen between 58.50-59.50/USD.

Among the global markets, the US markets ended broadly higher with the S&P 500 setting a new record. European shares closed slightly higher on Tuesday, as the UK's FTSE index rose after being closed for a public holiday and other bourses took a breather from their rally on Monday.

Asian markets are trading in the green this morning following the strong US markets close. Japan's Nikkei is trading at seven-week highs and has extended its winning streak into the sixth session.

In other asset classes, Nymex crude prices held above USD 104 per barrel, as projections for gains in petroleum stockpiles were counter-balanced by geopolitical tensions in Libya and Ukraine. Brent continues to hover around USD 110.

Precious metal gold's prices slipped 2 percent to a 3.5 month low, extending losses after strong data lifted optimism about the economy.

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Indian rupee opens lower at 58.80 per dollar

Indian rupee has opened at 58.80 a dollar, down 9 paise compared to previous day's closing value of 58.71 a dollar.

Indian rupee fell further in early trade on Tuesday. It opened at 58.80 a dollar, down 9 paise compared to previous day's closing value of 58.71 a dollar.

Ashutosh Raina, HDFC Banksays USD-INR currency pair has been trading in a 58-59 a dollar range with good capital flows offset by aggressive Central Bank intervention.

"A strong CAD number should also add to the prevailing positive sentiment," he adds. He expects the trading range of 58-59 a dollar to continue till we get some policy announcements from the new government.

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'X-Men' sequel tops 'Avatar' as Fox's biggest global debut

Mutant superhero movie "X-Men: Days of Future Past" powered to USD 302 million in worldwide ticket sales through the US Memorial Day holiday on Monday, capping a weekend in which it surpassed "Avatar" as the biggest global debut for film studio 20th Century Fox.

Also Read: Lower-cost surprises drive Hollywood toward record year

The seventh installment in the "X-Men" franchise topped US and Canadian movie charts with USD 111.0 million from Friday through Monday, according to estimates from tracking firm Rentrak. The film earned an additional USD 191.0 million at theaters around the world, Fox said.

The "X-Men" sequel was boosted by strong reviews, including a 91 percent positive rating on the Rotten Tomatoes website, and an "A" grade in audience polling by CinemaScore, Fox executives said. The film drew an ethnically diverse audience that was 56 percent male and 44 percent female, said Spencer Klein, senior vice president and general sales manager for 20th Century Fox, a unit of 21st Century Fox

"The movie broadened out to a general audience," he said.

From Friday through Sunday, "X-Men" racked up global ticket sales that beat the December 2009 debut of Fox's "Avatar," the sci-fi adventure that started with USD 241.5 million worldwide and became the best-selling movie of all time, grossing USD 2.8 billion, according to Box Office Mojo.

"X-Men" collected global sales of USD 261.8 million over its first three days in 119 territories, including USD 37.7 million in China, the world's second-largest film market. "Avatar" did not open in China during its first weekend of release.

In the latest installment in the Marvel Comics series, Hugh Jackman's sharp-clawed Wolverine travels back in time to try and save the mutants from future destruction. To alter history, he is drawn into battle with the blue, shape-shifting Mystique, portrayed by Jennifer Lawrence in the USD 200 million production.

The film had to contend with a dose of unwelcome publicity after two men accused director Bryan Singer of sexually abusing them as teenagers, charges he denies.

The stampede of "X-Men" knocked monster hit "Godzilla" to second place at US and Canadian theaters. The remake of the 1954 Japanese film took in USD 39.4 million domestically from Friday through Monday, and brought its global total to USD 324.5 million, according to Warner Bros., which produced "Godzilla" with Legendary Pictures.

New romantic comedy "Blended" came in third, falling short of forecasts with USD 18.2 million in domestic ticket sales through Monday. The movie stars Drew Barrymore and Adam Sandler as single parents on vacation with their kids at an African resort.

Seth Rogen comedy "Neighbors" landed in fourth place with USD 17.2 million, ahead of superhero sequel "The Amazing Spider-Man 2" in the No. 5 slot with USD 10.0 million.

Time Warner Inc's Warner Bros. distributed "Godzilla" and "Blended." Comcast Corp's Universal Pictures released "Neighbors." Sony Corp's movie studio distributed "Spider-Man 2."

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Are emerging market equities finally catching up?

Investors may have fallen out of love with emerging markets (EM) but some economists say the tide is turning as EM stocks catch up with developed market peers.

April was the first month in over a year in which emerging-market-focused exchange traded funds (ETF) and mutual funds saw inflows, Capital Economics said. Funds offering exposure to the entire region rather than specific countries attracted the most money. As a result year-to-date returns for EMs and developed markets (DMs) are broadly equal.

"Investors' growing enthusiasm for emerging market equities has seen their underperformance vis-à-vis developed market equities begin to unwind," said John Higgins, chief markets economist at Capital Economics.

Read More: BlackBerry aims to revive emerging market sales

Investors hastily pulled money out of EMs when the Fed first broached tapering its asset purchase program last May, prompting a sharp depreciation in EM currencies. There was also fresh pain early this year amid sharp declines in EM currencies including the Argentine peso and Turkish lira.

But sentiment has improved amid signs of strength in the US and European economies. Stock markets in India, Indonesia, the Philippines, South Korea, Thailand and Vietnam have seen strong demand from overseas investors in May. India's Sensex has rallied near 10 percent so far this month, for example, while Indonesian stocks are up around 2.7 percent.

According to Rajiv Biswas, Asia Pacific chief economist at IHS Global Insight, three factors underlie the improvement: the process of rebalancing portfolios away from EM and into DMs has been completed; investors expect stronger US and EU growth to boost export momentum for EMs; investors are better at differentiating between the region's stronger and weaker countries.

However, Biswas noted that special factors have supported some emerging markets leading to stock market rebounds. In India, for instance, the positive sentiment associated with the recent election results has attracted foreign investors.

Read More: Will emerging markets throw a tightening tantrum?

Don't get too excited yet

The asset class still faces significant headwinds, according to Capital Economics. Although the house expects EM prices to rise in tandem with developed markets, it does not expect them to outperform their developed market counterparts.

"Emerging market equities continue to face several headwinds, including less accommodative US monetary policy, structurally slower growth in the BRICs (Brazil, Russia, India and China), weak commodity prices, and political instability in a number of places," Higgins added.

Read More: Pimco's bad bets on emerging markets add to firm's troubles

Slower growth in the BRICs combined with Fed tapering could dull foreign investor appetite for EMs as an asset class, slowing capital inflows, the analysts warned.
"The main downside risk to the rebound of emerging markets would be a hard landing in China," added IHS' Biswas.

"This would create a large negative shock to global equity markets and result in another round of risk aversion by global investors," he said.

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Nifty may open flat: ICICIdirect

According to ICICIdirect, Nifty may open flat on the back of mixed global cues. It is likely to trade in the range of 7350-7450.

ICICIdirect.com's Derivative Report:

Post a positive start, the Nifty consolidated for major part of the day amid high volatility. However, towards the end, the index closed 100 points higher on the back of buying in banking, oil & gas, metals & auto. Nifty futures premium declined and settled at 15 points. India VIX declined 0.73 percent and settled at 17.70.

FIIs sold Rs 417 crore while DIIs sold Rs 135 crore in the cash segment. FIIs sold Rs 444 crore in index futures and bought Rs 774 crore in index options. In stock futures, they sold Rs 24 crore.

The highest Put base stands at the 7000 strike with over 49 lakh shares. The highest Call base stands at the 7500 strike with over 57 lakh shares. The 7200, 7300, and 7400 Call strikes saw reduction of 10.05, 8.31 and 2.26 lakh shares, respectively. On the other hand, 7300 and 7400 Put strikes saw addition of 8.50, and 9.41 lakh shares, respectively.

The Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 7350-7450. The trading strategy would be to create longs near 7370-7375 for targets of 7405 and 7425. On the other hand, one can enter shorts if the index finds resistance near 7450.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Shazia Ilmi's reasons for quitting AAP

Aam Aadmi Party leader Shazia Ilmi quit the party on Saturday and blamed it on lack of democracy within the party. "There is no internal democracy in the party. AAP did not follow swaraj in the party itself. There is no collective decision making in the party," she said.

Also Read: Capt Gopinath quits AAP, hits out at Kejriwal

Here is the full text of her letter:

After much thought and deliberation I have decided to give up my membership of the Aam Aadm Party (AAP) and resign from all positions within the party.

This is a difficult decision for me and I continue to believe that AAP could have done a lot to change the political discourse for the better in the country. A lot of the mistakes that the party has made can be excused by the fact that it is a new party committed to a corruption-free India.

But my decision to leave the party is triggered by the lack of inner-party Democracy, specially from a party that constantly talks of Swaraj.

I deny whisper campaigns that my resignation has to do with being fielded from Ghaziabad- I wouldn't have valiantly fought from a seat I didn't personally opt for.

Cronyism: We fight against cronyism but we have a crony clique who runs the party and take impulsive decisions which we learn about later. I find it amazing that we cannot follow the principles of Swaraj within our own party When a brilliant person like Arvind, who espoused the concept of Swaraj, of collective decision making is unable to follow it personally within the party, then doesn't it become incumbent to point out the same?

The perpetuation of sensationalism: Granted it may have helped us make our point initially but continue to use it as a norm defeats the exercise of trust reposed in us by the publia are naming some corporate houses and politicians continuously enough? The country has gone through trauma. We played a great role in galvanizing public opinion. Even converting it into political party. But when we became a political party, it needed to evolve and not just assume the garb of agitation.

I would rather now agitate against this for the sake of the party.

Arvind has shot the messenger. For the last 4 years I fought like an obedient soldier for the movement and later the party for political transformation in India. However, now I have been systematically marginalised because I offer a voice of dissent and constructive criticism.

I still have the greatest respect for Arvind and the selfless volunteers who are the backbone of the party.

One strongly believes that instead of wasting our collective energy in this bail-jail imbroglio Arvind should actually be spending time with cadres, candidates, volunteers, critics et al. I felt it incumbent to communicate to you all.

The failure of AAP would be the failure of the one most significant experiments in Indian democracy. I hope my leaving the party would usher in the new era of openness, introspection and transparency within the decision making processes.

I will continue my fight against corruption, crime against women and social inequity in the realm of public service.

My best wishes are with AAP and all its endeavours,

JAI HIND

Shazia Ilmi

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WEATHER FORECAST FOR MAJOR INDIAN CITIES ON SUNDAY

According to the latest weather update by Skymet Meteorology Division in India, Day temperature in Delhi will drop marginally due to partly cloudy sky. The weather in Kolkata will become comfortable as there are chances of rain. Bangalore could witness light rain in some areas. Hyderabad and Chennai will also be very hot and humid for the next 24 hours. Here is the weather forecast for major Indian cities on Sunday:

Cities Maximum Temperature Minimum Temperature Conditions Delhi 39°C 26°C Morning hours to remain pleasant. Day will be relatively less warm. Sky will remain partly cloudy. Mumbai 33°C 26°C Morning and evening hours will continue to be pleasant. Day will be relatively less warm. Sky will remain mainly clear. Kolkata 32°C 28°C Sky will be partly cloudy. Rain or thunderstorm will bring down maximum significantly. Chennai 41°C 29°C Thundery activity could take place in some areas of the city. Sky will be cloudy with chances of light rain. Bangalore 36°C 24°C Morning will be pleasant but day will be warm and humid. There are chances of thundery build up. Light rain may occur in some areas. Hyderabad 42°C 28°C A hot afternoon amid rising temperatures. Sky will remain partly cloudy. 

 By: Skymetweather.com

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Weekahead: Fear strikes out on Wall Street

Whatever investors are worried about right now, those concerns are not showing up in Wall Street's fear gauge. That scares some. On the other hand, it more than likely means that stocks will keep taking things slow and steady.

The CBOE Volatility Index, or VIX, closed on Friday at 11.36, its lowest level since March 2013. That means investors see less risk ahead, particularly with the S&P 500 ending at a record high again on Friday.

With the typically slow summer months just ahead and little on the horizon to shake the market from its current course, investors could be looking at even lower VIX levels, some analysts said.

"It's not that there's no likelihood of a correction. It's that people don't perceive anything to derail the train at this point," said Andrew Wilkinson, chief market analyst at Interactive Brokers LLC in Greenwich, Connecticut. "So I think people are beginning to wonder: Are we heading back to single-digit volatility?"

The S&P 500's record high and the drop in the VIX are not the only signs that fear is not a factor on Wall Street.

Volume is down as well. S&P 500 E-mini futures volume was below the 1.52 million daily average of the past year on every day this week except Tuesday.

The market's gain has come despite concerns about a slowdown in China and weakness in small-cap names. Typically small-cap stocks lead the market's advance when the U.S. economy is improving.

However, the recent selloff in small-cap stocks, which drove the Russell 2000 index briefly into correction territory last week, seems to have slowed. The Russell gained 2.1 percent this week, its biggest weekly bounce in more than a month. The index is less than 7 percent below its record close of 1,208.65 in early March.

At the same time, the Dow Jones Transportation Average hit record territory late Friday, nearly breaking above the 8,000 level.

"One of the reasons the VIX is so low, we haven't really done anything this year. We haven't moved an awful lot," said J.J. Kinahan, chief derivatives officer of TD Ameritrade in Chicago.

For the year, the S&P 500 has gained just 2.8 percent.

To be sure, some analysts say the lack of volatility suggests a complacency that could encourage excessive risk-taking. New York Federal Reserve Bank President William Dudley and Dallas Fed President Richard Fisher have both expressed such concerns in recent days.

"The lower the VIX, the more overbought the market gets, leaving it vulnerable to some kind of setback," said Donald Selkin, chief market strategist at National Securities in New York.

But the lack of volatility is also showing up in the foreign-exchange and commodities markets, according to Bespoke Investment Group analysts. They noted lower implied volatility in options in the foreign-exchange market as well as recent stability in the PowerShares Deutsche Bank Agriculture Index exchange-traded fund.

"If the VIX index is pricing in too little volatility, then why is it wrong to do so?" Bespoke analysts wrote.

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Indian ADRs: Tata Motors rises 3.5%, Wipro gains 3%

Tata Motors jumped 3.48 percent to USD 40.70 and Dr Reddy's Laboratories was up 0.67 percent to USD 39.16.

Moneycontrol Bureau

Indian ADRs closed on a mixed note on Friday. Among technology stocks, Infosys was up 0.08 percent to USD 52.65 per ADR and Wipro rose 2.77 percent to USD 11.49.

In the banking space, ICICI Bank fell 1.34 percent to USD 51.46 and HDFC Bank declined 2.46 percent to USD 45.65.

Among others, Tata Motors jumped 3.48 percent to USD 40.70 and Dr Reddy's Laboratories was up 0.67 percent to USD 39.16.

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FO cues: Nifty 7400 Call adds 1.8 lakh shares in Open Int

F&O cues: Nifty 7400 Call added 1.8 lakh shares in Open Interest and Nifty 7350 Call added 1.7 lakh shares in Open Interest on Thursday.

F&O cues:

Nifty 8000 Call & 7000 Put witnessed maximum build up in Open Interest (OI) on Thursday

Nifty 7100 Put added 5.6 lakh shares in Open Interest

Nifty 7150 Put added 2.3 lakh shares in Open Interest

Nifty 7400 Call added 1.8 lakh shares in Open Interest

Nifty 7350 Call added 1.7 lakh shares in Open Interest

Nifty 7200 Put shed 5.3 lakh shares in Open Interest

Nifty 7300 Put shed 4.7 lakh shares in Open Interest

FIIs in F&O on May 22 (provisional data from NSE)

FIIs net buy Rs 395 crore in Index Futures, Open Interest contracts up by 14,193

FIIs net buy Rs 149 crore in Index Options, Open Interest contracts up by 29,921

FIIs net sell Rs 487 crore in Stock Futures, Open Interest contracts up by 29,182

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Deutsche Bank cuts Indian stocks to neutral

"We acknowledge that there is the potential for massive long-term upside, but we suspect that there needs to be further economic pain before the agenda for more fundamental reform to governance practices becomes clearer," Deutsche said in a report.

Deutsche Bank downgrades Indian stocks to "neutral" from "neutral/overweight" relative to other global emerging markets, saying valuations, after a sharp rally on Bharatiya Janata Party's (BJP) decisive election win, appear "very stretched" against lower GDP growth.

The Nifty has risen 24.4 percent since September 13 when Narendra Modi was declared as BJP's prime ministerial candidate, with overseas funds pumping over USD 14 billion in the cash shares over that period.

Also Read: Will emerging markets throw a tightening tantrum?

"We acknowledge that there is the potential for massive long-term upside, but we suspect that there needs to be further economic pain before the agenda for more fundamental reform to governance practices becomes clearer," Deutsche said in a report on Thursday.

Deutsche says Mexico and China have also witnessed similar selloff in the past as reform euphoria in both markets waned, while Modi's comparison with Margaret Thatcher raises short to medium term risks.

The investment bank says it still prefers India to the other BRICs, but advises non-emerging market investors to wait for a better buying opportunity.

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Under Modi, can India's economy take on China?

India's economic growth potential looks much higher following a decisive election win for Narendra Modi's Bharatiya Janata Party, economists say, putting it in a position to outpace powerhouse China.

A member of the club of fast-growing economies known as the BRICs (Brazil, Russia, India, China), India has disappointed in recent years with economic growth falling to a decade low of below 5 percent, inflation running above 8 percent and reforms stalling.

Read More Modi has a clear mandate but can he deliver?

The chances of India getting back on its feet look much brighter following the BJP's victory, the country's biggest election win in 30 years, and that raises India's growth potential to as high as 8 percent per annum, economists say.

"The resounding victory by the BJP-led alliance in Indian elections likely ushers in a period of significant economic reform in India. Reforms are likely to focus on improving the business environment, privatization reducing the budget deficit and support for inflation targeting," Shane Oliver, head of investment strategy and chief economist at AMP Capital in Sydney, said in a note on Wednesday.

"This should help boost India's growth potential back to around 8 percent per annum, after a bout of stagflation in recent years," he added.

Read More Modi gets hero'swelcome as he brings new era to New Delhi

India's economic development has often been compared to that of its neighbor China.

China, the world's number two economy, has an official growth target of 7.5 percent and is expected to slow in the years ahead as it transitions into a consumer-driven economy from an investment-led one.

While China's economy grew at an annual pace of 7.4 percent in the first quarter of this year, India's gross domestic product (GDP) grew 4.7 percent in the last quarter, according to latest available data.

"Like China, India will become an increasingly important driver of global economic growth, it will add to commodity demand and its abundant cheap labor and cost advantages will see India play an ever increasing role in world trade," said Oliver.

 Reform, reform, reform

Shweta Singh, senior economist at Lombard Street Research, said to attain structurally higher growth rates, India must boost domestic savings and mobilize those savings to lift investment and productivity.

"It must embark on aggressive reforms to improve physical and financial infrastructure and develop human capital. It needs to create investor-friendly institutions, reduce government interference in the economy and pursue fiscal consolidation," she said.

"If it makes headway on these fronts, it can grow at an average of 6.5 percent- 7 percent during the second half of the decade, faster than any other EM [emerging market] we cover," she added.

Expectations that the business-friendly BJP will kick-start reforms drove India's stock market to a record high in the wake of last Friday's election result.

Read More How much juice is left in India's market rally?

Modi, meanwhile, has a reputation for taking measures that boost investment and economic growth in the state of Gujarat, which he has governed since 2001.

"The reforms that you need in India are not complex. As long as you get a functional government, which you have now, you should get there", Morgan Stanley's Chief Asia Economist Chetan Ahya told CNBC earlier this week.

"What this election confirms is that India's GDP is going to accelerate by 210 basis points over the next six quarters," he added. "We think India will have an average of 6.75 percent GDP growth over the next 10 years."

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Sensex, Nifty rise in early trade; jewellery stocks rally

Gold jewellery stocks are in focus as the central bank has marginally eased the import squeeze on gold. Rules have been eased for trading houses to import gold under the 20:80 scheme.

09:15

Moneycontrol Bureau
Live Market Commentary The market has opened at a slightly higher level. The Sensex is up 114.17 points at 24412.19, and the Nifty is up 37.05 points at 7289.95. About 645 shares have advanced, 65 shares declined, and 14 shares are unchanged.

Gold jewellery stocks are in focus as the central bank has marginally eased the import squeeze on gold. Rules have been eased for trading houses to import gold under the 20:80 scheme.

Bajaj Auto, Coal India, Maruti Suzuki, Hindalco and Tata Power are top gainers in the Sensex. Among the losers are Bharti Airtel, Hero MotoCorp, HDFC Bank and Tata Motors.

The rupee has opened higher at 58.60 per dollar on Thursday, up 17 paise compared to previous day's closing value of 58.77 a dollar.

Mohan Shenoi, Kotak Mahindra Bank says USD-INR has settled into a tight range. The market now awaits government formation, budget, etc. for further moves, he adds.He expects the rupee to trade in a range of 58.60-58.90/USD today.

Global cues, meanwhile, may lend in support for the market rally with all the major markets closing with significant gains.US stocks jumped high, bouncing back from the prior day's sharp fall, after minutes from the Federal Reserve's last meeting had central bankers discussing ways to normalize interest rates.

Asian equity markets are following suit with the Nikkei trading higher as the yen bounced off a three-and-a-half month high of 100.8.

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Indian ADRs: ICICI HDFC Bank decline, Infosys up 1.4%

In the technology space, Infosys rose 1.4 percent to USD 52.83 and Wipro climbed 0.26 percent to USD 11.37.

Indian ADRs closed mixed on Tuesday. Among banks, ICICI Bank was down 0.86 percent to USD 50.54 per ADR and HDFC Bank declined 0.89 percent to USD 46.58.

In the technology space, Infosys rose 1.4 percent to USD 52.83 and Wipro climbed 0.26 percent to USD 11.37.

Among others, Dr Reddy's Laboratories was up 0.15 percent to USD 38.92 while Tata Motors slipped 0.39 percent to USD 40.78.

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Indian rupee opens lower at 58.70/dollar

The Indian rupee has opened lower at 58.70 a dollar on Wednesday, down 7 paise compared to previous day's closing value of 58.63 per dollar.

The Indian rupee has opened lower at 58.70 a dollar on Wednesday, down 7 paise compared to previous day's closing value of 58.63 per dollar.

After snapping 4 days of gains, Pramit Brahmbhatt, Veracity expects rupee to trade positively for the day taking cues from the election rally but importers entry into the markets and profit booking in local equities will keep the rupee under pressure.

According to him, the range for the day is seen between 58.25-59.25/USD.

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Market to open in green: Ventura Securities

According to Ventura Securities, markets to open in green due to positive sentiment in markets brought by change in government as well as global markets doing well.

Ventura Securities' Fundamental Report:

Sensex, on Monday, closed on a fresh high at 24,363 up 241 points, as investors continued to switch to stocks with a domestic focus on hopes that the new government to be led by Narendra Modi would spur major economic reforms. Among sectors, Power, PSU, Capital Goods, Realty, Metals and Oil & Gas ended on a positive note.

Among stocks  BHEL , Coal India ,  NTPC , ONGC  and Tata Power  advanced the most. Market breadth was positive with 2,135 advances against 715 declines.

Nifty was up by 60 points and closed at 7,263. Today we expect the markets to open in green due to positive sentiment in markets brought by change in government as well as global markets doing well.

US markets ended on a positive note with Dow Jones up by 0.1 percent and Nasdaq up by 0.9 percent as markets rose on Internet and healthcare stocks doing well and declining yields on government debt providing boost to US equities. FOMC members Plosser and Dudley are scheduled to speak today on the outlook for US economy.

Asian markets are trading positive with Nikkei up by 0.6 percent and Hang Seng up by 0.9 percent. SGX Nifty is trading up by 35 points at 7,304. Indian ADRs ended the day on a mixed note. Among financial ADRs, ICICI Bank was almost flat while HDFC Bank was up by 1.8 percent. Among IT ADRs, Wipro and Infosys were down by 2.2 percent and 2 percent respectively. Tata Motors was up by 0.6 percent.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Nifty may open gap up: ICICIdirect

According to a report by ICICIdirect, Nifty is likely to open gap up on the back of positive global cues. It is likely to trade in the range of 7230-7350.

ICICIdirect.com's Derivative Report:

Post a flat start, the Nifty traded in a broader range amid high volatility. Banking, ADAG group, capital goods & PSUs performed well whereas FMCG & IT remained under pressure. Nifty futures premium declined significantly and settled at 16 points. India VIX declined 15.08 percent and settled at 20.63.

FIIs bought Rs 1350 crore while DIIs sold Rs 348 crore in the cash segment. FIIs bought Rs 581 crore in index futures and Rs 1913 crore in index options. In stock futures, they sold Rs 1156 crore.

The highest Put base stands at the 7000 strike with over 49 lakh shares. The highest Call base stands at 7500 strike with over 57 lakh shares. The 7300 and 7400 Call strikes saw addition of 2.91 and 2.27 lakh shares, respectively. On the other hand, 7100, 7200 and 7300 Put strikes saw addition of 3.39, 3.26 and 1.75 lakh shares, respectively.

The Nifty is likely to open gap up on the back of positive global cues. It is likely to trade in the range of 7230-7350. The trading strategy would be to create longs near 7250-7255 for targets of 7285 and 7305. On the other hand, one can enter shorts if the index finds resistance near 7350.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Super Six short term picks for May 19

Vishal Kshatriya of Edelweiss recommends buying Sesa Sterlite with a target of Rs 230 and Jyoti Structures with a target of Rs 53-55.

On CNBC-TV18's show Super Six, market gurus Hemen Kapadia of KR Choksey Securities, Vishal Kshatriya of Edelweiss and Kunal Saraogi of Equityrush share, place their bets on two stocks each, thus offering investors a variety of options to choose from. Investors can read into the detailed analysis before agreeing to any or all the bets.

Hemen Kapadia of KR Choksey Securities

Buy Mahindra & Mahindra Financial Services  with a target of Rs 263 and a stoploss of Rs 254.

Sell Crompton Greaves  with a target of Rs 166 and a stoploss of Rs 175.

Vishal Kshatriya of Edelweiss

Buy Sesa Sterlite  with a target of Rs 230 and a stoploss of Rs 208.

Buy Jyoti Structures  with a target of Rs 53-55 and a stoploss of Rs 44.

Kunal Saraogi of Equityrush

Buy Reliance Power  with a target of Rs 83 and a stoploss of Rs 76.50.

Buy YES Bank  with a target of Rs 560 and a stoploss of Rs 530.

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Top 10 stocks to focus on post poll results

May 19, 2014, 08.48 AM IST | Source: CNBC-TV18

Here are CNBC-TV18's top 10 stocks you can keep an eye on May 19. Axis Bank, State Bank of India (SBI), Larsen and Toubro (L&T), Maruti Suzuki, Bank Nifty, Adani Enterprises, Adani Power, Century Textiles, Bharat Petroleum Corporation Ltd (BPCL) and Indraprastha Gas Ltd (IGL).

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Top 10 stocks to focus on post poll results

Here are CNBC-TV18's top 10 stocks you can keep an eye on May 19. Axis Bank, State Bank of India (SBI), Larsen and Toubro (L&T), Maruti Suzuki, Bank Nifty, Adani Enterprises, Adani Power, Century Textiles, Bharat Petroleum Corporation Ltd (BPCL) and Indraprastha Gas Ltd (IGL).

Buy & sell politicians on Power Play
- the political stock exchange

video of the day

Modi bull run to continue; retail to come in: Ramesh Damani

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Gift to Varanasi: Narendra Modi vows to clean Ganga

Accompanied by party president Rajnath Singh, close aide Amit Shah and party UP chief Lakshmikant Bajpai, Modi offered prayers at the famous Kashi Vishwanath temple. He also participated in the 'Ganga aarti' at Dashashwamedh Ghat.

A day after the BJP created history nationwide, and sweeping 72 seats in Uttar Pradesh, Narendra Modi visited Varanasi, one of the constituencies from where he contested.

Modi had a landslide victory in Varanasi, trumping his nearest rival Arvind Kejriwal of Aam Aadmi Party and Congress's Ajai Rai.

Accompanied by party president Rajnath Singh, close aide Amit Shah and party UP chief Lakshmikant Bajpai, Modi offered prayers at the famous Kashi Vishwanath temple. He also participated in the 'Ganga aarti' at Dashashwamedh Ghat.

Also Read: BJP's guide to tackle Rajya Sabha challenge

Thanking the people of Varanasi for playing a major role in the formation of a BJP-led NDA government at the Centre, Modi said the support came even without asking. He said he was barred from speaking to his voters, but despite that the people of Varanasi came out and supported him.  

Promising to clean his "mother Ganga", Modi asked the people of Varanasi to be a part of his cleanliness drive. He vowed to make Kashi a clean city.

He also praised Rajnath Singh and called him the most successful BJP president.

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TMC will play big role in Lok Sabha: Mamata

"We would play a big role in the interest of the people," Banerjee told reporters at the party headquarter here, dedicating the massive win in the state to the people. The TMC supremo said "34 out of 42 is a clear-cut mandate", specially fighting on our own.

West Bengal chief Minister Mamata Banerjee today asserted that Trinamool Congress' 34-seat tally in the state was a massive triumph and said her party will play a big role in the 16th Lok Sabha in the interest of the people.

"We would play a big role in the interest of the people," Banerjee told reporters at the party headquarter here, dedicating the massive win in the state to the people. The TMC supremo said "34 out of 42 is a clear-cut mandate", specially fighting on our own.

Also Read: Modi-Mamata: Does it have some heartburn in store?

"It is the people who opposed the maligning campaign against us and gave their verdict," the Chief Minister said. Indicating that it was a tough battle over the gruelling five-phase polls in the state, she said "it was a five-six cornered fight, there were several parties. Banerjee said despite a large section of media opposed the party, "people kept their faith in Trinamool Congress".

Claiming that a section of the media had underplayed 'Bengal's triumph', Banerjee said that all party MPs would go to Delhi on May 25 to take oath in the Lok Sabha. Stating that out of 34 members, 33 percent were women while the national figure was 11 per cent out of the 543, Banerjee said "In that way it is historic. Many talk about women's reservation in the Lok Sabha, but do not do much."

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Dollar gains on housing data, soft sentiment report weighs

Investing.com - Investing.com - The dollar traded largely higher against most major currencies on Friday after data revealed a growing U.S. housing sector, though soft consumer sentiment numbers capped the greenback's advance.

In U.S. trading on Friday, EUR/USD was down 0.10% at 1.3698.

The Census Bureau reported earlier that U.S. building permits rose 8% to 1.080 million units last month, up from an upwardly revised 1.000 million in March. Analysts were expecting building permits to rise to 1.010 million units in April, and the better-than-expected figure gave the greenback support.

The report also showed that housing starts rose to 1.072 million units in April, from 947,000 in March, whose figure was revised up from a previously estimated 946,000. Analysts had expected building starts to rise to 980,000 units last month.

Soft consumer sentiment data watered down the greenback.

The preliminary Thomson Reuters/University of Michigan consumer sentiment index fell to 81.8 in May from 84.1 in April, confounding market expectations for a 84.5 reading, which softened the dollar.

Meanwhile, the single currency continued to come under pressure after data released on Thursday revealed that the euro zone's gross domestic product grew just 0.2% in the first quarter, missing expectations for a 0.4% growth rate. On a year-over-year basis the bloc's economy expanded 0.9%, falling short of expectations for growth of 1.1%.

A separate report showed that the bloc's annual rate of inflation was unchanged at 0.7% in April, in line with forecasts, but still well below the ECB's target of close to but just under 2%.

Elsewhere, investors continued to track developments in Ukraine, as U.S. Secretary of State John Kerry warned Russia it faced broader economic and sector-related sanctions if it meddled in Ukraine's presidential elections on May 25.

The dollar was down against the yen, with USD/JPY down 0.07% at 101.50 and up against the Swiss franc, with USD/CHF up 0.10% at 0.8918.

The greenback was down against the pound, with GBP/USD up 0.18% at 1.6820.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.16% at 1.0866, AUD/USD up 0.10% at 0.9365 and NZD/USD down 0.12% at 0.8634.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.02% at 80.11.

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U.S. stocks gain on data, tech demand; Dow rises 0.27%

Investing.com - Investing.com - U.S. stocks finished Friday's session in positive territory buoyed by upbeat housing data and demand for tech shares among bottom fishers.

At the close of U.S. trading, the Dow 30 rose 0.27%, the S&P 500 index rose 0.37%, while the NASDAQ Composite index rose 0.52%.

The Census Bureau reported earlier that U.S. building permits rose 8% to 1.080 million units last month, up from an upwardly revised 1.000 million in March. Analysts were expecting building permits to rise to 1.010 million units in April, and the better-than-expected figure gave the greenback support.

The report also showed that housing starts rose to 1.072 million units in April, from 947,000 in March, whose figure was revised up from a previously estimated 946,000. Analysts had expected building starts to rise to 980,000 units last month.

Soft consumer sentiment data watered down gains earlier, though late-session buying brought all major indices into positive territory at the closing bell.

The preliminary Thomson Reuters/University of Michigan consumer sentiment index fell to 81.8 in May from 84.1 in April, confounding market expectations for a 84.5 reading.

Elsewhere, bargain hunters snapped up technology and small-cap equities, the beneficiaries of exceptionally loose monetary policies since the 2008 downtown.

The Federal Reserve is expected to wind up its monthly bond-buying program later this year.

Fed asset purchases boost stock prices by suppressing long-term interest rates, and expectations for the Fed to wind down the program this year have bruised tech, biotech and small-cap stocks in recent sessions.

Leading Dow Jones Industrial Average performers included Verizon Communications Inc (NYSE:VZ), up 2.32%, Home Depot Inc (NYSE:HD), up 1.48%, and Nike Inc (NYSE:NKE), which was down 1.38%.

The Dow Jones Industrial Average's worst performers included United Technologies Corporation (NYSE:UTX), down 0.96%, Intel Corporation (NASDAQ:INTC), down 0.71%, and Chevron Corporation (NYSE:CVX), down 0.49%.

European indices, meanwhile, largely higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.18%, France's CAC 40 rose 0.26%, while Germany's DAX fell 0.28%. Meanwhile, in the U.K. the FTSE 100 rose 0.22%.

Investing.com offers an extensive set of professional tools for the financial markets.
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Nifty may trade between 7040-7180: Magnum Equity Broking

Magnum Equity Broking's Fundamental Report:

Indian market edged up on Thursday to near the record highs hit earlier this week as blue-chips gained on hopes the Bharatiya Janata Party and its allies would win a clear majority when election results are unveiled today.

The benchmark BSE Sensex rose 0.38 percent, or 90.48 points, to end at 23,905.60, not far from the record high of 24,068.94 on Tuesday. The broader Nifty rose 0.2 percent, or 14.40 points, to end at 7,123.15, within touch of a record high of 7,172.35 hit on Tuesday. The Nifty has gained 21.8 percent since Sept. 13 when Modi was named as BJP's prime ministerial candidate, with foreign investors buying 826.80 billion rupees worth of stocks during this period.

US Stocks finished sharply in the red Thursday, with the Dow down triple digits, weighed down by disappointing earnings from a handful of retailers and weak economic reports. Asian equities were mostly lower on Friday following a selloff in global equity markets overnight.

Global cues are subdued today with them SGX Nifty is showing 34 points cut in morning trade indicating that Indian market would open little soft today and Nifty is likely to trade between 7180 and 7040. However any surprise in election result, may take the market sharply up or down today.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Indian rupee hits 59/USD on election results day

The rupee strengthened to its highest level in about 10 months on Thursday, while also posting its biggest single-day gain in nearly three weeks on the back of sustained dollar inflows into domestic shares ahead of election results.

The Indian rupee opened sharply higher on the election results day. It is trading at 59.92 against previous day closing of 59.29.

The rupee strengthened to its highest level in about 10 months on Thursday, while also posting its biggest single-day gain in nearly three weeks on the back of sustained dollar inflows into domestic shares ahead of election results.

Also Read - Rupee hits near 10-month high, biggest gain in 3 weeks

Hopes that the Bharatiya Janata Party and its allies will win an outright majority have helped fuel gains in shares, given the perceptions that the opposition party is more business and reform friendly.

But broader gains in the rupee have been capped in recent sessions as the Reserve Bank of India has been an active buyer of dollars, according to traders.

(With inputs from reuters)

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Continental Chemicals: Updates on outcome of board meeting

Continental Chemicals Ltd has now informed regarding Outcome of Board Meeting held on March 07, 2014.

To read the full report click here

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Lancor Holdings recommends final dividend

Lancor Holdings at its Adjourned meeting held on May 14, 2014, has transacted the final dividend of Rs. 2/- per equity share, as recommended by the Board of Directors, if declared, at the ensuing Annual General Meeting, will be communicated separately along with closure of Register of Members and share transfer books.

Lancor Holdings Ltd has informed BSE that the Board of Directors of the Company at its Adjourned meeting held on May 14, 2014, inter alia, has transacted the following :1. The final dividend of Rs. 2/- per equity share, as recommended by the Board of Directors, if declared, at the ensuing Annual General Meeting, will be communicated separately along with closure of Register of Members and share transfer books.Source : BSE

Read all announcements in Lancor Holdings

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Joy Reality's board meeting on May 20, 2014

Joy Reality has informed that a meeting of the Board of Directors of the Company will be held on May 20, 2014, to To take on record Disclosure of Interest by Directors and to appoint Kala Agarwal, the Practising Company Secretary as Secretarial Auditor of the Company.

Joy Reality Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 20, 2014, inter alia, to consider the following business:1. To take on record Disclosure of Interest by Directors;2. To appoint Kala Agarwal, the Practising Company Secretary as Secretarial Auditor of the Company;3. To appoint DH Consultants Private Limited as an Internal Auditor of the Company;4. To take note of Declaration by directors in DIR-8 u/s 164(3) of the Companies Act, 2013;5. To appoint Kala Agarwal as scrutinizer of the Company for e-voting in General meeting;6. To reappoint Mr. Ashok Dugade as Independent Director as per section 149(6);Source : BSE

Read all announcements in Joy Reality

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Markets to open on positive note: Way2Wealth

According to Way2Wealth, markets are expected to open on positive note in today's session but on higher side will see stiff resistance around 7200 levels.

Way2Wealth's market report:

Markets are expected to open on positive note in today's session but on higher side will see stiff resistance around 7200 levels and from that profit booking is expected in second half of session that may drag nifty towards 7100-7050 levels.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Indian rupee opens at 59.66 per dollar; gains 39 paise

The Indian rupee gained in early trade against the dollar. The rupee opened higher by 39 paise at 59.66 versus previous day close of 60.05.

The rupee on Monday rallied to one month high of 59.51 against the American currency on dollar selling by banks and exporters in the morning trade on the back of strong foreign capital inflows into equity market.

The rupee resumed higher 59.98 per dollar as against the last weekend's level of 60.04 per dollar at the Interbank Foreign Exchange ( Forex) Market and firmed up further to more than one-month high at 59.51 per dollar before quoting at 59.62 per dollar at 1000 hrs.

It was last traded at 59.50 per dollar on April 2, 2014.

However, in New York Market, the euro slid against the dollar on last Friday, dropping through the USD 1.38 threshold to its lowest level in a month as traders continued to react to the dovish tone of the European Central Bank.

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DFM Foods recommends dividend

DFM Foods at its meeting held on May 12, 2014, has recommended the payment of dividend of Rs 2.50 per fully paid up equity shares of Rs. 10/- each for the year 2013/14.

DFM Foods Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 12, 2014, inter alia, have recommended the payment of dividend of Rs. 2.50 per fully paid up equity shares of Rs. 10/- each for the year 2013/14.Further, the dividend as declared by the shareholders will be credited / dispatched between August 01, 2014 and August 09, 2014.Source : BSE

Read all announcements in DFM Foods

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Sukhjit Starch appoints Aman Setia as compliance officer

Sukhjit Starch & Chemicals has informed that the Board of Directors of the Company at its meeting held on April 30, 2014 has appointed Shri Aman Setia as Vice President (Finance) and Company Secretary with effect from that date and will now act as the Compliance Officer of the Company.

Sukhjit Starch & Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 30, 2014 has appointed Shri Aman Setia as Vice President (Finance) and Company Secretary with effect from that date and will now act as the Compliance Officer of the Company.Shri S. M. Jindal has relinquished his charge as Secretary of the Company with effect from that date. However, he will continue to act as Executive Director of the Company.Source : BSE

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See April CPI between 8.3-8.7%; March IIP sluggish: Poll

According to CNBC-TV18 poll, the CPI range could be anywhere between 8.3 and 8.7 percent but one needs to watch out for the core CPI which has been sub 8 percent since February 2014.

The IIP and CPI data that is expected today may not be much in focus because all eyes will be on the exit poll results.

However, since the April consumer price index (CPI) is going to be more important than the March Index of Industrial Production (IIP), there is an expectation of an uptick to around 8.5 percent for the month versus 8.31 percent on a month-on-month basis.

Since January this year the CIP has been ranging above the 8 percent mark.

According to CNBC-TV18 poll, the range could be anywhere between 8.3 and 8.7 percent but one needs to watch out for the core CPI which has been sub 8 percent since February 2014. The uptick expected in the CPI (M-o-M) is on the expectation of food inflation coming around 9.5 percent versus 9.1 percent on M-o-M basis.

The hike in food inflation is due to the impact of hail storm which led to increase in rice prices to the tune of 5 percent. The vegetable inflation too, which leads the food inflation is expected to rise to 17-18 percent as against 16.8 percent on a M-o-M basis. The M-o-M mandi prices have risen 13.6 percent in April 2014

Index of Industrial Production (IIP)

The IIP for March is expected to decline of 1.66 percent versus decline of close to 2 percent that we saw in February. It is expected to be in a range of minus 0.9 to minus 2.2 percent for the entire month. It has basically been on a decline from April 2013 upticl now. We are down 0.1 percent in terms of the total IIP data.

However, for this month there is a high base effect because it grew 4.3 percent in March 2013. There is also a decline in exports, which could actually reflect in the data - it was down 3.7 percent for the month of March. But there could be some amount of respite for two-wheelers on back of strong production, which was 17 percent in March versus 9 percent in February.

There seems to be no respite for manufacturing too. It has been at a 28-month low with a decline seen in 13 out of 22 sub sectors. Similarly, capital goods, consumer durables too contracted for the 15tth month in a row.

Moreover, for the IIP growth too there is not much from the core sector March number, which grew only 2.5 percent

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WEATHER ALERTS IN INDIA ON 10TH MAY

According to the latest weather update by Skymet Meteorology Division in India, here are the latest weather alerts for different parts of the country:

Weather alert for Haryana issued at 17:40 Hrs

Light to moderate dust storm and thundershowers are likely at some places over Bhiwani, Fatehabad, Jind, Mahendragarh, Rohtak, Sirsa and Sonipat districts of Haryana with strong winds ranging between 60 kmph and 110 kmph during the next 2 to 6 hours.

Weather alert for Rajasthan issued at 15:44 Hrs

Light to moderate dust storm and thundershowers are likely over Ajmer, Alwar, Bikaner, Churu, Hanumangarh, Jaipur, Jhunjhunu, Jodhpur, Nagaur, Pali, Sikar and Sri Ganganagar districts of Rajasthan with strong average winds of 50 kmph gusting at 80 kmph during the next 2 to 6 hours.

Weather alert for Punjab issued at 15:35 Hrs

Light to moderate rain and thundershowers are likely over Chandigarh, Hoshiarpur, Jalandhar, Ludhiana and Rupnagar districts of Punjab with strong average winds of 50 kmph gusting at 80 kmph during the next 2 to 6 hours.

Weather alert for Punjab issued at 15 Hrs

Light to moderate dust storm and thundershowers are likely over Delhi/NCR with strong winds ranging between 50 kmph and 80 kmph during the next 2 to 6 hours.

By: Skymetweather.com

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Sustainable ways of farming to reduce pressure on environment

Is the world efficient about what we grow, how we grow and where we grow? Agriculture is the backbone of survival and one hardly considers agriculture as a potential threat to the environment. But the truth is that few agricultural practices impact Global warming and prove detrimental for the planet Earth. We definitely picture cars and smokestacks but not our platter of food when we hear about Global warming.

It turns out that Agriculture is one of the greatest contributors to global warming, which emits much more greenhouse gases than big trucks, cars, trains and even airplanes combined.

Culprits of agriculture

The main culprits of agriculture are nitrous oxide coming from fertilized fields, increased carbon dioxide due to cutting of rain forests to grow crops or raise livestock and methane gas released by cattle and rice farms.

Farming consumes most of our precious water supplies and also serves as the major water polluter, thanks to runoff from fertilizers, chemical and pesticides. Manures also pollute water bodies and coastal ecosystems across the globe.

Agriculture also accelerates the loss of biodiversity by replacing forests with farm lands and leading to loss of crucial habitat of wildlife.

Few sustainable ways to feed the generations to come

Thus we see that agriculture poses critical environmental challenges and they are increasingly become more pressing as humans worldwide desperately try to meet the growing need for food.

Globally, an area approximately the size of South America has already been cleared to grow crops and roughly one more mid-sized continent to raise livestock till date. The loss of prairies ecosystems of North America and the Atlantic forest of Brazil could be attributed to agriculture. The situation now no longer allows the world to increase food production through agricultural expansion.

Here are few ways to solve the world's food dilemma.

Stop deforestation as trading tropical forests for farmland is the most destructive things we could possibly do. The practice should be to grow more on the already available farms. The world should now focus on increasing yields on less productive farmlands by using improved and hi-tech farming practices. Organic farming is also a good way to boost yields. It facilitates judicious use water and chemicals as it incorporates cover crops, mulches, and compost to improve soil quality and use less water. Commercial farming is good bet as it uses innovative ways to better target the application of fertilizers and pesticides. Computerized tractors equipped with advanced sensors and GPS help in this process. It's likely that there will be two billion more mouths to feed by the middle of this century. Moreover, with the increasing prosperity there is a rise in demand for meat and dairy products and thus, boosting the growth of corn and soybeans to feed the cattle. This could well necessitate doubling the amount of crops grown by the year 2050. Developed countries should take steps to reduce wastage by serving smaller portions and eating leftovers. Food joints, restaurants and supermarkets should effectively take measures to eradicate wastage .

picture courtesy- Louis Daria

By: Skymetweather.com

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Zee Media Corporation: Updates on scheme of amalgamation

Zee Media Corporation has informed that the Hon'ble High Court of Judicature at Bombay had, at its hearing held on May 02, 2014, approved the Scheme of Amalgamation of Essel Publishers Private Limited with Zee Media Corporation Limited and their respective Shareholders and Creditors.

Zee Media Corporation Ltd has informed BSE that the Hon'ble High Court of Judicature at Bombay had, at its hearing held on May 02, 2014, approved the Scheme of Amalgamation of Essel Publishers Private Limited with Zee Media Corporation Limited and their respective Shareholders and Creditors.Source : BSE

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United Spirits announces sell of Whyte and Mackay

United Spirits Limited has announced the sale of Whyte and Mackay to Emperador Inc., leading Philippines based integrated manufacturer of alcoholic beverages.

United Spirits Ltd has informed BSE regarding a Press Release titled "United Spirits Limited announces sale of Whyte and Mackay". United Spirits Limited has announced the sale of Whyte and Mackay to Emperador Inc., leading Philippines based integrated manufacturer of alcoholic beverages.Source : BSE

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AGC Networks: Outcome of board meeting

AGC Networks Ltd has informed regarding the outcome of board meeting of the Company held on May 08, 2014.

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Market may open on negative to flat: Way2Wealth

According to Way2Wealth, the markets may open on a negative to flat note.

Way2Wealth's derivative report:

The market ended in green, after paring initial gains in volatile trade amid nervousness in markets ahead of Lok Sabha elections results on May 16. Consumer durables, banking, auto and sectors gained, while realty and FMCG counters came under pressure.

The markets may open on a negative to flattish note, tracking muted trends seen in other Asian markets following benign inflation data from China and weak cues from Wall Street. On the domestic front the markets will be driven by ongoing elections, FII inflows and earnings.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Nifty to trade between 6700-6580: Indira Securities

According to Indira Securities, for today's trade Nifty is likely to trade in a range between 6700-6740 in upper side and 6620-6580 in lower side.

Indira Securities' market report:

The Nifty fell nearly 1 percent on Wednesday to its lowest close in nearly one-and-a-half months after the rupee's rise to a one-month high and UBS' downgrade of Infosys coupled with an overnight drop in US tech stocks induced selling across the IT sector.

The broader Nifty provisionally lost 0.93 percent to mark its lowest close since March 27, while the benchmark BSE Sensex closed down 0.82 percent at its lowest close since April 16. For today's trade market likely to trade in a range between 6700-6740 in upper side and 6620-6580 in lower side.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Expect sharp downmove: R K Global

According to a report by R K Global, expect a sharp downmove from here, at least 150-200 points. But immediate target seems to be around 6500.

R K Global's technical report:

Nifty closed with a loss of 62 points just at its make or break zone, at its neck line support (of that Head & Shoulder pattern) around 6650 levels. We see it ended with a big bearish marubozu candle with a closing of 6652.55. Selling pressure gets intensified on every bit of rise towards 6750. Last day also it got sold off from 6720 levels and kept on moving lower.

Index Breadth turned absolutely negative which ensures further down move from these levels. We expect a sharp down move from here, at least 150-200 points. But immediate target seems to be around 6500, thus cautious trading is advised, and strictly avoid any kind of adventurous buying.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Expect mkt to inch upwards till election results: Sukhani

In an interview to CNBC-TV18 technical analyst, Sudarshan Sukhani of s2analytics.com shared his reading and outlook on the market.

In an interview to CNBC-TV18 technical analyst, Sudarshan Sukhani of s2analytics.com shared his reading and outlook on the market.

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Strong equities likely to underpin rupee: Himanshu Arora

The strong equities are likely to underpin rupee in the short term. The range for the day is seen between 59.77-60.25/dollar, says Himanshu Arora of Religare.

Himanshu Arora of Religare said that, "Dollar-rupee pair is expected to trade strong amid continued corporate dollar sales and after HSBC services sector data boosted confidence in the market."

"Also strong equities are likely to underpin rupee in short term. The range for the day is seen between 59.77-60.25/dollar," he added.

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Indian rupee opens at 60.05 per dollar; rises 17 paise

The dollar-rupee pair has also been moving in a tight 60-60.50/dollar range. Expect the pair to continue trading in this narrow range as we approach the election results, says Ashutosh Raina of HDFC Bank.

The Indian rupee gained in the early trade on Tuesday. The rupee opened higher by 17 paise at 60.05 per dollar against 60.22 Monday.

The dollar was subdued in Asia, holding largely around where it began this week after an aimless session overnight with holidays in Japan and Britain crimping activity in markets.

Also Read - Rupee won't see 59-60 levels in medium-term: StanChart Bank

Ashutosh Raina of HDFC Bank said that, "Risk off sentiment resulted in US yields coming off sharply and all asset classes taking a pause. The Indian markets have been no exception, with all markets in a consolidation phase."

"The dollar-rupee pair has also been moving in a tight 60-60.50/dollar range. Expect the pair to continue trading in this narrow range as we approach the election results," he added.

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Expect market to open on flat note: Way2Wealth

According to Way2Wealth.com, Markets are expected to open on flat note in today's session and thereafter will continue to trade in 6650- 6740 levels.

Way2Wealth.com's Derivative Report:

Yesterday it was quite a high volatile day for indicant bourses where indices opened on negative note but saw short covering coupled with fresh buying that help indices to test 6740 levels in intraday session. However, once again indices failed to sustain at higher levels and saw profit booking from higher levels and finally nifty closed on flat note up by only 4 points.

Fresh long positions were added in bank Nifty fut. whereas Nifty closed on flat note with no major changes in OI. Long accumulation was seen in banking and oil & gas sector. Major buying was seen in stocks like Canara Bank , Century Textiles , Allahabad Bank ,  BPCL , Axis Bank  and  ONGC .

Short unwinding was seen in metal sector and stocks like JSW Energy , Asian Paints , Jindal Steel , Tata Steel  and Power Finance .

Selling pressure was seen in stocks like HCL Tech , Sun TV , IRB Infra ,  Glenmark , Reliance Communications  and Bharti Airtel .

Markets are expected to open on flat note in today's session and thereafter will continue to trade in 6650- 6740 levels. On higher side call writing at 6800 will act as immediate resistance whereas on lower end 6640-6600 will prove as strong support for indices in short term.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Business looks to Modi to defuse India's jobs time bomb

When Narendra Modi talks about creating jobs in labour-intensive manufacturing, textile entrepreneur Sudhir Dhingra hopes the Indian opposition leader means business.

Dhingra, who employs 30,000 workers in more than 20 factories around the capital New Delhi, says that politicians - for all their promises - have shown no interest in acting to avert a looming employment crisis.

"The government doesn't care," says the outspoken 66-year-old, who got his first break when he sold a batch of cheesecloth shirts to Britain in 1972.

Early on, Dhingra survived a change of fashion that saddled him with a pile of unsold stock. Learning his lessons - to keep close tabs on the market and control costs - he built Orient Craft into $250 million business making 200,000 garments daily.

That success has come despite, and not thanks to, India's politicians, who Dhingra says are obsessed by the size of investments but have given "no serious thought" to how jobs are actually created.

In the 63-year-old Modi, who polls show could become the next prime minister, Dhingra at last sees a leader who offers a better recipe: labour reforms, cheap land, steady power supplies and better infrastructure.

"Modi understands how to promote industry. He has a track record," said Dhingra, a tall man who cut a patriarchal figure as he strode the floor of his busy factory.

MODI MODEL

Backers highlight Modi's economic success over more than a decade as chief minister of Gujarat, which boasts one of the highest growth rates among Indian states thanks to the type of business-friendly policies that Dhingra favours.

In a recent research report, US investment bank Goldman Sachs estimated that if other Indian states boosted manufacturing employment to levels achieved in Gujarat, India could create 40 million industrial jobs in the next decade.

Yet sceptics counter that Modi's vaunted 'Gujarat model' favours capital-intensive industries and has failed to generate better jobs, while his Bharatiya Janata Party (BJP) had little success on labour reforms when it last ruled in 1998-2004.

Asia's third-largest economy needs 12 million new jobs every year to absorb a growing workforce and urban migrants - a task made harder by the longest spell of growth below 5 percent since the 1980s.

The stakes are high: either India gets its youth working – more than half of its 1.2 billion people are under 25 – or it will fall further behind Asian leaders like China or South Korea that long ago embraced jobs-driven growth.

That is where firms like Dhingra's come in: the 4,000 workers at its factory in Gurgaon, a satellite city of Delhi, each make around $150 a month supplying retailers like GAP Inc and Marks & Spencer.

The pay, just above the minimum wage, is low. But there is no shortage of takers - many cloth cutters or sewing machine operators working at the crowded but orderly plant are migrants from hard-up northern states like Bihar.

"Before, I wasn't earning, but now I can save enough money to support my family," Anita, a sewing machine operator, told Reuters. Her son is with her family, but she has been able to go home on leave to visit.

Orient Craft could expand further, but rigid hire-and-fire laws mean Dhingra cannot employ seasonal workers to meet peak summer demand for cottonwear. Overtime is tightly controlled.

"It slows you down - it's too much bureaucracy," said Dhingra, who still controls the business after handing 'sweat equity' to two longtime partners.

WORKFORCE VS WORKFARE

The signature jobs initiative of the present Congress-led government, a guarantee of 100 days' paid work a year for the rural poor, has been faulted for choking the supply of labour to more productive urban jobs like those in Gurgaon.

With Congress heading for a drubbing at the polls, employers hope that the BJP, if elected, can make good on its manifesto pledges to fix India's complex and rigid labour laws.

Subramanian Swamy, a party strategist, said that a BJP-led government would review the Industrial Disputes Act of 1947, which requires the state to approve layoffs in firms with more than 100 workers.

But how far Modi could go would depend on possible parliamentary alliances and whether he can win over sceptics in his own party.

"Labour reform is a sensitive subject," said BJP spokeswoman Nirmala Sitharaman. "Steps would be taken in consultation with all stakeholders."

Even if Modi wins a strong mandate, India's constitutional setup may rule out radical change, as responsibility for labour policy is shared between the central government and the states.

"Modi's likely instinct would be to amend labour laws to facilitate greater competition among the states," said Milan Vaishnav, at the South Asia programme of the Carnegie Endowment for International Peace in Washington.

"However, this would require contentious legislative change and, thus, may not be an early priority."

One prominent commentator, Omkar Goswami, argues that India's labour laws "are politically impossible to repeal", and Modi should focus instead on growth-promoting investment.

"That - and not the case for frictionless firing - is the basis of labour market reforms," Goswami writes in "Getting India Back on Track", a book due to be published by Carnegie in June.

Indira Hirway, of the Gujarat-based Centre for Development Alternatives, disagrees. She said Modi's system had deprived workers of the benefits of gains in their productivity, making it the wrong model for India.

For textile boss Dhingra, a smart - if self-interested - solution would be for the state to subsidies his full-time staff rather than pay the rural poor to do 100 days work a year.

"Why don't you consider connecting these 100 days to labour-intensive industries?" he told Reuters, volunteering to pay the wage bill for the other 265 days of the year.

"Our labour costs come down and we provide permanent work for the people. It's a win-win situation."

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Sensex, Nifty flat; Suzlon up 9%, Reliance, ITC, TCS gain

The Indian rupee opened with marginal gains of 7 paise at 60.09 per dollar versus 60.16 Friday.The dollar got off to a cautious start having staged a curious reversal late last week that saw it erase all of the gains sparked by a strong payrolls report.

09:19

Moneycontrol Bureau
Live Market Commentary The market opens the week in red as it seems to be in profit booking mode. The Sensex is up 8.91 points at 22412.80, and the Nifty is down 13.15 points at 6681.65. About 4 shares have advanced, 1 shares declined are unchanged.

Reliance, HDFC Bank, ITC, TCS and Cipla are early gainers while Suzlon is up 9 percent.

The Indian rupee opened with marginal gains of 7 paise at 60.09 per dollar versus 60.16 Friday.The dollar got off to a cautious start having staged a curious reversal late last week that saw it erase all of the gains sparked by a strong payrolls report.

Against the yen, the dollar was back at 102.20, having retreated from a near one-month peak of 103.03. The euro, which fell as low as USD 1.3812, recovered to USD 1.3874.

Agam Gupta of Standard Chartered said that, "Rupee to trade in a narrow range of 59.85-60.25/dollar." "Expect nationalised banks to buy below 60/dollar and exporters to sell on upticks until 60.25/dollar," he added.

In commodities, Brent prices rose as traders covered short positions after fighting intensified between Ukraine and pro-Russian rebels, while a positive US Jobs report supported US Crude prices.

From precious metals space, gold rose over a percent on Friday, as rising geopolitical tensions and heavy short-covering helped bullion reverse a sharp sell-off after encouraging us nonfarm payrolls data. The yellow metal is now set for its biggest one-day gain in two months.

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Modi's dream team: Who may get which portfolio?

R Jagannathan
Firstpost.com

With just two phases of polling to go, and with no undercurrents of any mood reversal visible in the electorate so far, two things can be said with a fair degree of certainty: the NDA will win, and Narendra Modi will be the next Prime Minister. The only elements of doubt pertain to two related issues: will the current NDA combine get to 272 on its own or it will need more post-poll allies; and what will be the BJP's own score in this 272-plus scenario (below 200 or above it)?

Above 200, Modi will be unstoppable; below 200 he will have to stoop to scoop up new allies. In either scenario, we still have him as PM. The only scenario where his elevation will be in some doubt is if the BJP falls below 180, but no one is talking about this possibility.

So this is as good a time as any to speculate about the composition of the next government led by Modi after 16 May. Contrary to what many Modi-baiters may think, the fact is he is not likely to bring about radical changes in the cabinet system, and barring the odd person or two, I would expect to see many of the old NDA faces in a Modi government. The only faces from Vajpayee's NDA who will not be there are LK Advani and Jaswant Singh. Advani, for obvious reasons, cannot work under his prot�g�, and Jaswant has been shown the door. But old allies like Shiv Sena and Akali Dal could send in new faces, given their own generational changes, and new allies will obviously bring new hands to the deck.

Any Modi government will be determined by his own choice of areas he wants to show progress, and political pressures from his party and the allies. Those who think he will concentrate all power in his hands are surely going to be dead wrong, for it is simply not possible unless the BJP wins 350 seats on its own – which too is not something anyone is even considering as even a distant possibility. In short, Modi is not going to run a one-man show.

These are the pressures that will operate on Modi if he wins.

�#1: The pre- and post-allies will have to be accommodated. This means many portfolios will be negotiated by forces outside Modi's span of political control. For example, the Akalis and Shiv Sena will seek good portfolios, and so will Chandrababu Naidu's TDP, which will bring in many seats from Seemandhra. Ram Vilas Paswan's LJP and Modi's rainbow coalition in Tamil Nadu will need portfolios too. If the BJP is short of 272, it will need a Jayalalithaa or a Naveen Patnaik to form a government. And possibly a TRS from Telangana. They will be accommodated.

#2: Internal BJP allies and partners will have to be accommodated. Modi didn't get where he is without help. Rajnath Singh, who will not be in the cabinet, played a huge role in smoothening Modi's passage from CM to PM candidate. Many of the UP candidates will owe some degree of allegiance to him, and Modi will surely oblige. Moreover, Modi's close CM allies – Vasundhara Raje and Raman Singh – will surely be entitled to put some of their nominees in government.

#3: Even BJP powers that are not Modi camp-followers – including Shivraj Singh Chouhan of Madhya Pradesh, Sushma Swaraj and Murli Manohar Joshi – will not be ignored. Modi may want to have his own people everywhere, but he knows that he also needs the state-level strengths brought by a Chouhan. Sushma and Joshi will surely be given decent portfolios – if only to avoid overt disgruntlement.

#4: Modi's external allies – Baba Ramdev and the RSS – will have some contributions to make in cabinet formation.

#5: Modi himself, of course, is not going to be someone who will just accept everyone's nominees. He has been in the race for PM, one suspects, partly to put 2002 behind him, and this means he will want performers in key ministries, even if they are not politicians with their own bases. Moreover, Modi may have particular interests in specific ministries which are sensitive politically to his priorities and those of his party.

#6: The last consideration will be regional representation. Many of the junior ministers may thus come from regions where the BJP may have few (or no) seats (for example, Kerala and West Bengal).

Given this backdrop, what is the most likely composition of a Modi government? It is best to look at portfolios that will be crucial to Modi's success and match them with the talent available to fit the bill.

Finance: Since this election is about the economy, finance will be the most critical portfolio. And here all signals points to one candidate: Arun Jaitley, the BJP's most articulate spokesman, who could be the MP elected from Amritsar if all goes well. He has been talking a lot of the economy. Modi himself hinted at an Amritsar rally recently that Jaitley will get an important portfolio – though not in so many words. Jaitley is thus likely to get the job. A junior minister here could be Piyush Goyal, with other junior ministers coming from allied parties.

Defence: Modi's keen interest in building a domestic defence industry and strengthening national security means he will want a competent minister here who will do a good job. Given the succession tussles now underway in the army, and the poor performance of the UPA in terms of modernisation and upgradation of the country's defence preparedness, Modi would need a sane and sensible minister here. The job could go to anybody Modi trusts – even a heavyweight suggested by Rajnath Singh. Modi may even retain the job with himself for a while.

External Affairs: This ministry will probably be given to someone familiar with economic diplomacy, a key Modi idea. Yashwant Sinha, who has been both finance minister and foreign minister, would be a perfect fit, but he has not contested the Lok Sabha polls this time, having got a ticket for his son Jayant instead. But if Jayant is not to be accommodated in the ministry if he wins, Sinha should be a possibility for the job.

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