Mumbai: Putting an end to a long wait, trading in the stock exchange can be done through cellphones and laptops now, a Securities and Exchange Board of India circular released Friday said.
“It has been decided that SEBI registered brokers who provide Internet Based Trading as shall be eligible to provide securities trading using wireless technology. All relevant requirements applicable to internet based trading shall also be applicable to securities trading using wireless technology”, the circular said.
The investor with a wireless device will be able to download the facility provided by his broker to the device and can buy or sell shares on the move.
The encryption and security of access will governed by the DoT regulations. The circular also calls for putting in place alternative means o communication if there is a failure in the network. A unique identification number like in internet based trading shall be made applicable.
India with its high level of cellphone penetration, could witness a revolution in trade volume. India’s cellphone subscriber base stands at 636 million as on June 2010.
Many large broking houses like Geojith BNP Financial Services, Motilal Oswal Financial Services already have the system in place. They are waiting for approvals from the stock exchanges, which are responsible for overseeing the broker’s adherence to SEBI guidelines.
Saturday, August 28, 2010
Inflationary pressures is easing, says RBI
Bangalore: Reserve Bank of India Governor D Subbarao Saturday said the country's economic growth is getting broad-based and inflationary pressures are easing."There is evidence that growth is getting more broad-based. Inflationary pressures too are easing because of improved supply position as also the impact of monetary tightening effected by the Reserve Bank," he said while delivering a lecture here.
"Going forward, the Reserve Bank will calibrate policy action to the evolving growth inflation dynamics," Subbarao said.
"Given the uncertainty in the world and the lags in monetary transmission, it is not possible to offer more precise guidance. All I can say is that our guide post is festina lente-as the Romans used to say-make haste slowly".
Subbarao, who was speaking on "Economic Crisis and Crisis in Economics : Some Reflections", said the Reserve Bank has to balance between the objectives of growth, price stability and financial stability.
"Determining this prioritisation is the judgement call of the Reserve Bank. People who apprehend that monetary tightening will hurt growth must remember that even if there is some sacrifice of output in the near-term, we are better off curbing inflation since inflation can be inimical to sustainable and equitable growth in the medium term", he added.
Bull of the week: Stock that turned multibagger in 3 days
Riding high on a strong debut on the bourses, Prakash Steelage (PSL) is still the favourite among investors. It was locked at 20% upper circuit today. Since the company made its debut on the bourses on August 24, 2010, the stock has gained nearly 100%.
Experts see weak market ahead
The benchmark Sensex closed below the important psychological level of 18,000 for the first time since July 30, 2010. The index shed more than 200 points in the second half of trade, dragged by shares of financial, technology, realty, auto, capital goods and power companies.
The 30-share BSE Sensex closed at 17,998.41, down 227.94 points or 1.25% and the 50-share NSE Nifty fell 69.20 points or 1.26% to settle at 5,408.70, after witnessing an intraday low of 5,391.95. For the week, indices lost 2.2% each.
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Mitesh Thacker of miteshthacker.com, who had been watching 5,450-5,455 very closely, says, “Since the markets bottomed out in the last week of May and started a rally from 4,900, every correction on the Nifty has failed to close below 21-day exponential average."
"We have had three-four corrective movements where the Nifty has fallen about 100 points from the top, but every time it’s managed to close above that and then has made a new high. The Nifty has closed below that level. This is the first sign of proper weakness and a corrective kind of movement coming into the Nifty. Probably, the one important level, which we saw couple of weeks back was on the downside, 5,360- 5,350. So maybe we are heading towards that and if you break that may be even lower.”
Dipan Mehta, Member of the BSE and NSE also feels that the market is in a correction mode. “But this is more like a normal technical kind of correction. I don’t expect that is going to add up to anything significant. I think that maybe this month we could see the losses deepening as compared to what we have seen over the past two-three trading sessions.”
The 30-share BSE Sensex closed at 17,998.41, down 227.94 points or 1.25% and the 50-share NSE Nifty fell 69.20 points or 1.26% to settle at 5,408.70, after witnessing an intraday low of 5,391.95. For the week, indices lost 2.2% each.
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Mitesh Thacker of miteshthacker.com, who had been watching 5,450-5,455 very closely, says, “Since the markets bottomed out in the last week of May and started a rally from 4,900, every correction on the Nifty has failed to close below 21-day exponential average."
"We have had three-four corrective movements where the Nifty has fallen about 100 points from the top, but every time it’s managed to close above that and then has made a new high. The Nifty has closed below that level. This is the first sign of proper weakness and a corrective kind of movement coming into the Nifty. Probably, the one important level, which we saw couple of weeks back was on the downside, 5,360- 5,350. So maybe we are heading towards that and if you break that may be even lower.”
Dipan Mehta, Member of the BSE and NSE also feels that the market is in a correction mode. “But this is more like a normal technical kind of correction. I don’t expect that is going to add up to anything significant. I think that maybe this month we could see the losses deepening as compared to what we have seen over the past two-three trading sessions.”
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