Nifty may see 5400, buy on declines: ICICI Direct

The Indian market has been subdued over the last couple of sessions. In an interview to CNBC-TV18, Amit Gupta, ICICI Direct says, the Nifty may take out 5,400. "We should not buy the market now rather we should just wait for some declines," he advises.

According to him, the Nifty may see support at 5,280-5,340. "If you look at the market, I think it has largely been driven by the largecaps and not by the midcaps," he adds.

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Buy Tata Steel, says Sudarshan Sukhani

Buy Tata Steel , says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, " Jain Irrigation charts is suggesting of reaching towards Rs 100 eventually. The first intraday target could be Rs 92, which means that the stock is likely to go up. If there is a kneejerk reaction again today then I would treat that as a buying opportunity."

He further added, "I would be a buyer and the reason is that Tata Steel bounced back from the lows that it created suddenly when it saw its financial reports. We have seen this pattern build in many of the other companies this time when the first reaction was that the world is coming to an end and then the stocks starts moving up on the same day, a classic example is Bajaj Auto. The chances are that Tata Steel is doing the same thing and if that is so then we are buying virtually at the lows of what could be a very interesting upmove. Tata Steel is a buy. For short-term traders there is a target of Rs 425 where there is resistance and once that is crossed higher levels are possible."

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Buy Tata Motors on dips, says Sudarshan Sukhani

Buy Tata Motors  on dips, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "There is some sense on the charts that Reliance Power is moving up. But one should not get into it; it’s fallen from Rs 108 to Rs 90. Now it is building some small base but there are so many other opportunities that it’s best to avoid it."

He further added, "I would buy Tata Motors. It went up and then it fell almost 15 points that’s about 6% on the back of Q1 reports and its beginning a rally again. It is now a buy on dips. We already are in a dip. The immediate target for this is Rs 245 from where it had fallen."
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GLOBAL MARKET OVERVIEW Stocks struggle to extend recent gains

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Stock benchmarks and other growth-sensitive assets are struggling to make headway. The FTSE Eurofirst 300 is down 0.1 per cent after the Asia-Pacific region shed 0.5 per cent and as Wall Street’s S&P 500 sees only a fractional gain.

The dollar index, often a good gauge of investor confidence, is rising 0.2 per cent, pointing to a mild waning of risk appetite. Commodities are also struggling, with copper down 0.1 per cent to $3.36 a pound, though Brent crude is up 51 cents to $114.54 a barrel after the US oil stockpile contracted.

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There was little in the way of fresh catalysts for much of the European and Asian sessions to explain the market’s more reticent mood on Wednesday. Indeed, later on, even second tier US data – a weak Empire State manufacturing survey and better-than-forecast industrial output report – have pretty much cancelled each other out.

But the 0.2 per cent dip for The FTSE All-World equity index should be put in perspective. By the close on Tuesday, the All-World had risen 8.5 per cent since the start of June and havens such as US Treasuries had seen profit-taking, pushing the 10-year yield up nearly 40 basis points from the record low hit just four weeks ago.

An easing of eurozone sovereign debt angst and hopes for more central bank largesse have been the main drivers behind the rally. A slight shift in perception of those two factors may be contributing to the less optimistic tone in the current session.

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Regarding monetary policy, it is possible some traders are paring expectations that the US Federal Reserve will introduce further stimulus measures after the country’s retail sales data for July came in stronger than expected, suggesting consumers are feeling more chipper than the market thought.

Support for this line of reason came from the behaviour of gold on Tuesday. The bullion tends to get a boost from the prospect of more quantitative easing, but lost $11 to drop back below the $1,600-an-ounce mark as bets for such Fed action were pared. On Wednesday, gold is up $5 to $1,603.

Investors also appear to be expressing disappointment that China’s central bank has not reacted to a slowing economy with sufficient immediacy. The Shanghai Composite index fell 1.1 per cent to sit less than 1 per cent above its lowest level since March 2009.

Meanwhile, minutes from the Bank of England’s latest meeting showed that while more quantitative easing was considered this month there was a unanimous vote to keep policy unchanged.

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Another factor that may be affecting sentiment is renewed wariness about the eurozone after reports that Greece was seeking an extension to its austerity programme deal with creditors.

This raises the chances, in some investors’ minds, that Greece may leave the euro, delivering another intense bout of eurozone angst.

But the main problem with this theory that a potential “Grexit” is crimping trader confidence is that eurozone stress gauges are exhibiting only mixed signs of heightened tension.

Sure, the euro is down 0.4 per cent to $1.2273. But benchmark Bund yields, which usually fall when investors are worried about the bloc’s “periphery”, are up 8bp to 1.55 per cent, and Spain’s 10-year borrowing costs are down 8bp to 6.65 per cent.

A third issue that may be enticing some mild “profit-taking” is of a technical nature. Some investors have noted that the Vix index started Tuesday’s US session at 13.7, its lowest value since June 2007. It is currently 14.5.

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The Vix is a measure of implied equity market volatility, but is known as Wall Street’s fear gauge because it tends to rise more when the uncertainty reflects a downward lurch in stocks.

So, all things being equal, the Vix’s level suggested investors were at their most sanguine about paying up to protect their portfolios than they have been since before the financial crisis started.

Time and again since the credit crunch such complacency has ended in bull tears.

In mid-April 2010 the Vix fell to 15.6 as the S&P 500 rallied. Less than four weeks later the S&P was 8 per cent lower. In late April 2011 the Vix touched 14.6. By mid-June that year Wall Street stocks had lost 7 per cent. Finally, in late March this year the Vix hit 14.3. The S&P fell 4 per cent in just the next 10 sessions.

Perhaps the low Vix has made contrarians wary.
Financial Times News

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Fake ‘Disability’ certificates: Now on sale in India

You may be struggling to get admission into a college or fretting about how to land yourself a government job.

But many others have an easier way out: They get ‘disabled’, not literally but officially, and enjoy benefits offered to the category. And touts make it happen.

Touts in the city government hospitals can get an otherwise physically normal person an official certificate confirming his disability.

This certificate can be of great help as disabled people are extended a host of benefits by the government, including reservation in admissions and recruitments.
There are many who have got these certificates made with the help of touts and use it for various purposes. The touts also exploit people’s wariness of the convoluted and time- taking governmental process and do the job in almost no time for a price.

The government has divided the hospitals area- wise and districtwise for issuing disability certificates.

For touts issuing a disability certificate is child’s play, irrespective of the area one stays in. The touts charge anywhere between Rs 3,000 and Rs 5,000 and get anyone a disability certificate as required in two- three days.

This reporter approached city’s Bara Hindu Rao Hospital running under the Municipal Corporation of Delhi (MCD) for getting a disability certificate. The hospital issues disability certificates to those who stay in the area near central Delhi.

This reporter was approached by a tout outside the orthopaedic department asking if she required a disability certificate. “ Are you looking for a disability certificate? It’s a lengthy process in this hospital.

I will get it issued for you but you will have to pay Rs 5,000,” the tout, who was not an employee of the hospital, claimed.

After negotiations when the reporter agreed to pay Rs 3,000, the tout asked her for two photographs.

“You will get it in three to four days, the certificate will look genuine and will have all the relevant entries,” he said.

Under the law, the disability certificate is issued by a medical authority notified by the state government. Each such medical authority is constituted at the district level and is supposed to receive applications from the disabled, assess their disability and issue them the certificate within a week from the receipt of application, if the disability is assessed at 40 per cent.

Only a government doctor is authorised to issue a disability certificate for which an applicant is required to come to the district government hospital and present his case before the medical authority constituted for the purpose.

When the reporter asked for meeting the doctor to issue the certificate, the tout said, “ There is no need to meet the doctor. You don’t need to appear before any medical board too. There should be three stamps. I will give you a stamped certificate; your work will be done. You don’t worry. I have made a dozen certificates that students are using.” The next day, the tout called the reporter and told her that the work would be done in two days.

The Bara Hindu Rao Hospital issues certificates for Locomotor disability by way only of amputation complete permanent paralysis of limbs, or blindness. The procedure for issuing disability certificates to the physically and mentally challenged people by all the notified hospitals under the Delhi government is lawful and reasonably time- taking for credibility of the certificate for genuine handicapped people.

“ One should always get a disability certificate through the government hospitals only. There are strict norms to obtain these certificates. The touts often print the fake registration numbers on the certificates. We are trying our best to stop this practice. We are bringing strict measures to nab these touts,” Delhi health minister Dr A. K. Walia said.

RIGHT WAY TO GET IT

• A handicapped person needs to submit documents to the medical superintendent’s office of the concerned hospital
• The applicant is given a date for appearing before the medical board within 21 days of furnishing the documents
• An OPD card is prepared and issued to the applicant.
• Using this card, the applicant is required to attend the OPD of the medical officer for examination
• Necessary investigations are carried out by the medical officer and entries made in the medical card, after a week
• Applicants need to present themselves before the board on the date fixed for such appointment
• The handicapped person will be examined by the designated board of doctors, along with report received
• On the board’s recommendations, a physically handicapped certificate is issued to the applicant.

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7 Ways You're Wasting Time and Don't Even Know It

1. You overload on administrative work.
If you've spent three hours reconciling a bank statement, you're making poor use of your time. Too often, small-business owners waste time on tasks they don't like or aren't even good at. What's more, they often expend energy avoiding such tasks and then spend more time than necessary doing them, says Cathy Sexton, the St. Louis, Mo., productivity coach who helped Berry. "If we just hired it out, it would be less expensive," Sexton says of tasks like bookkeeping and website maintenance. "It's looking at your time and putting a value on it."
2. You put off quick tasks.
If you can pay a bill or schedule an appointment in a couple of minutes, do it immediately. Putting chores aside for later—no matter how mundane—is a common way small-business owners waste time, says David Allen, author of the runaway bestseller Getting Things Done (Viking 2001). People often set emails aside for later, for example, and then have to search for them and reread them. "It will take you more time to remember it later than just doing it now," Allen says.
1. You overload on administrative work.
If you've spent three hours reconciling a bank statement, you're making poor use of your time. Too often, small-business owners waste time on tasks they don't like or aren't even good at. What's more, they often expend energy avoiding such tasks and then spend more time than necessary doing them, says Cathy Sexton, the St. Louis, Mo., productivity coach who helped Berry. "If we just hired it out, it would be less expensive," Sexton says of tasks like bookkeeping and website maintenance. "It's looking at your time and putting a value on it."
less
2. You put off quick tasks.
If you can pay a bill or schedule an appointment in a couple of minutes, do it immediately. Putting chores aside for later—no matter how mundane—is a common way small-business owners waste time, says David Allen, author of the runaway bestseller Getting Things Done (Viking 2001). People often set emails aside for later, for example, and then have to search for them and reread them. "It will take you more time to remember it later than just doing it now," Allen says.
less
3. You micromanage employees.
Too many employees need their hand held throughout the day, says Jason Jennings, author of The Reinventors - How Extraordinary Companies Pursue Radical Continuous Change (Portfolio, 2012). As a result, small-business owners often waste precious time micromanaging such workers just to make sure they do their jobs properly. If you have to guide an employee through every aspect of the job and he isn't making progress toward working independently, Jennings advises that you let him go. Harsh as it may seem, firing people who are slowing you down may be the best solution for your business.
4. You let daily developments drive you.
Putting out tiny fires throughout the day is a big misuse of time, Allen says. Rather than thinking about strategies to expand your business, you're bogged down dealing with every issue that comes your way minute-by-minute. "That's not making good priority decisions about things." To stay focused on what really matters, try to block out time each day for your strategic priorities.
1. You overload on administrative work.
If you've spent three hours reconciling a bank statement, you're making poor use of your time. Too often, small-business owners waste time on tasks they don't like or aren't even good at. What's more, they often expend energy avoiding such tasks and then spend more time than necessary doing them, says Cathy Sexton, the St. Louis, Mo., productivity coach who helped Berry. "If we just hired it out, it would be less expensive," Sexton says of tasks like bookkeeping and website maintenance. "It's looking at your time and putting a value on it."
less
2. You put off quick tasks.
If you can pay a bill or schedule an appointment in a couple of minutes, do it immediately. Putting chores aside for later—no matter how mundane—is a common way small-business owners waste time, says David Allen, author of the runaway bestseller Getting Things Done (Viking 2001). People often set emails aside for later, for example, and then have to search for them and reread them. "It will take you more time to remember it later than just doing it now," Allen says.
less
3. You micromanage employees.
Too many employees need their hand held throughout the day, says Jason Jennings, author of The Reinventors - How Extraordinary Companies Pursue Radical Continuous Change (Portfolio, 2012). As a result, small-business owners often waste precious time micromanaging such workers just to make sure they do their jobs properly. If you have to guide an employee through every aspect of the job and he isn't making progress toward working independently, Jennings advises that you let him go. Harsh as it may seem, firing people who are slowing you down may be the best solution for your business.
less
4. You let daily developments drive you.
Putting out tiny fires throughout the day is a big misuse of time, Allen says. Rather than thinking about strategies to expand your business, you're bogged down dealing with every issue that comes your way minute-by-minute. "That's not making good priority decisions about things." To stay focused on what really matters, try to block out time each day for your strategic priorities.
less
5. You don't have a clear social-media strategy.
Limiting the amount of time you spend on social media sites will certainly help your productivity. But even if you devote only one hour each day to social media activity, you will still be wasting time if you don't have a game plan, Sexton says. "Social media is part of your marketing plan. You really need to understand what your desired results are."
6. You try to reinvent the wheel.
Hanging onto projects or products that no longer look promising is a big time-suck, Jennings says. "The reason people are stymied and can't get stuff done is because they are constantly reinventing the wheel. They can't let go." Stop and ask yourself, "How promising does this endeavor look?" Be honest with yourself and decide if it's time to drop it and move on.
7. You repeat the same things over and over.
Customer communication is important, but if you always have to answer the same questions from different customers, you're wasting time, says Chris Guillebeau, author of The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future (Crown Business, 2012). Rather than starting from scratch each time, Sexton recommends creating a template for such routine tasks as email responses to common queries, invoices, client letters and meeting agendas.
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Markets rise to five-month closing high

Mumbai: Markets on Monday snapped three sessions of mild losses to notch its highest close since mid-March, as recently hit banking stocks such as SBI recovered, while ONGC gained after posting a surge in quarterly earnings.

However, sentiment remained cautious ahead of inflation data on Tuesday. Wholesale prices are expected to have edged up in July, giving the Reserve Bank of India less room to cut interest rates at its policy review in mid-September.
Barring any big surprises in the WPI data, analysts said domestic markets could be stuck in range-bound trading as investors wait and hope for further action from the European Central Bank or the US Federal Reserve.
At home, investors are keen to see whether the government announces new fiscal measures or other action to attract foreign investment, after newly-appointed finance minister P. Chidambaram said he was working on new initiatives.
Only two things can change the equation, otherwise the market is stuck in a tight range. If there’s any reforms announced, which is not very probable, or if the US or European announce stimulus measures.” Jagannadham Thunuguntla, head research at SMC investments and advisors Ltd.

“Inflation won’t be low, and will remain high enough that RBI cannot cut interest rates. It is a poor monsoon that is tightening the hands of the RBI,” added Thunuguntla.

The benchmark BSE index rose 0.43% to 17,633.45 points, its highest close since 15 March. The 50-share Nifty index at the NSE rose 0.52% to 5,347.90 points.

State Bank of India shares rose 1%, after earlier falling as much as 1.5%. Shares of India’s biggest lender slumped 4.1% on Friday after reporting a surge in bad loans during the April-June quarter.

Earlier, Deutsche Bank downgraded SBI to “hold” from “buy”, calling April-June “one of its worst quarters in terms of asset quality” in a report after the results.

State-run producer Oil and Natural Gas Corp. Ltd rose 0.6% after the company reported over the weekend a higher-than-expected jump in quarterly profit.

The Maruti Suzuki India Ltd stock gained 1.6% on rising hopes the auto maker will announce a resumption of production at its Manesar plant after violent clashes between management and workers last month.Reuters
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