NIFTY FIFTY : - The Equity benchmark Nifty opened flat on Monday down by 5 points or 0.05 percent at 8710. After a splendid rally last week that pushed Nifty towards 9000 levels, profit booking was seen on the last trading day with both banking as well as IT

2. TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Equity benchmark Nifty opened flat on Monday down by 5 points
or 0.05 percent at 8710. After a splendid rally last week that pushed Nifty towards 9000
levels, profit booking was seen on the last trading day with both banking as well as IT
stocks correcting significantly. With a sharp nosedive in US markets on Friday night due
to both North Korean missile test and US FED rate hike concerns, recent global market
rally comes to an intermediate pause at least for the time being. Midway through the
September F&O series. The benchmark Nifty has Corrected by over 250 points, Already
from its high of 8995. FII and pros have been seller in F&O as well as cash market in this
week. The Nifty traded flat amid talk of Rupee devaluation and tepid Global cues. The
Nifty chart suggesting that , Nifty to sustain crucial Support level of 8700-8780 area For
further rally up to 8870-8800 zone. The crucial levels for Nifty is 8700-8640 down side
and 8880-8920 is Up Side.
BANK NIFTY : - The Bank Nifty has opened in a negative bias down by 33 points or 0.17
per cent at 19757. Consecutive closing above 21200 for any reason, Whatsoever Bank
Nifty may further rally upto 20750-21900 in near to mid term. The Fundamental
Valuation of Bank Nifty P/E around 30.33 and it goes around 23500 level, it may be quite
expensive. Bank Nifty is facing a big hurdle at 20540-20750 despite power of liquidity,
Sustain below 20200- may drag it 18900 in near term. The Reserve Bank of India has
instructed banks to accept cash deposits at the counter from people declaring unaccounted
wealth under the Income Declaration Scheme. The Bank Nifty Chart is Suggesting the
range of 19560-20300. The Crucial Level for Nifty is 19800-19650 down side and 20150-
20280 is up side.
Monday, 19 September 2016

3. TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY R2 R1 PP S1 S2
9081 8891 8796 8701 8511
WEEKLY R2 R1 PP S1 S2
9247 8933 8776 8619 8305
MONTHLY R2 R1 PP S1 S2
9644 9090 8813 8536 7982
BANK NIFTY
DAILY R2 R1 PP S1 S2
21276 20400 19962 19524 18648
WEEKLY R2 R1 PP S1 S2
21424 20438 19945 19452 18466
MONTHLY R2 R1 PP S1 S2
22576 20896 20056 19216 17536
MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS
NIFTY 8777 - - -
- -
BANK NIFTY 19791 - - -
PARABOLIC SAR DAILY WEEKLY MONTHLY
NIFTY 8651 8450 8375
BANK NIFTY 19091 18383 18158

4. PATTERN FORMATION ( NIFTY )
Detail of Chart - On the Above given daily Chart of Nifty has Applied the Bollinger
Band Along with Parabolic SAR, both the indicators give early indication of Bullish or
Bearish trend of the market. Along with that the Nifty dalily Chart is Froming the Gap
Down Pattern Which is the reversal trend Signal. As we have seen in last week the Nifty
is traded in the range of 8660-8995 Levels. Now it seems that trend could be reversal into
the bearish Side in the Daily Chart has Formed the Bearish Gap Down candle which is
also the signal of bear market. If the Nifty is breaking the levels of 8800-8660 level we
could witness the level of 8580-8780 in near Term. Move Toward the 8800 levels in
upcoming will lead the Nifty to break the level of 8900-8980. The Crucial levels for Nifty
is 8780-8750 down side and 8840-8880 is Upside.

5. PATTERN FORMATION ( BANK NIFTY )
Detail of Chart - On the Above given daily Chart of Bank Nifty has Applied the
Bollinger Band along with the Parabolic , The Usage of bollinger Band differ from
Trader-to-Trader indication of Bullish or Bearish trend of the market respectively. Thus
the Bank Nifty Chart also formed the hanging man kind of pattern. Kind of Pattern which
is a Bearish signal for market, from this Point we are Expecting if Bank Nifty Consolidate
Upcoming week. Then it would touch the level of 19950-20250 in Near-Term. If we look
into the Fundmaentals of Bank Nifty there are some action is taken to overcome the NPA
issue of Public Sector Bank. The Important levels for Bank Nifty is 20180 - 19750 down
side and 2380-20460 is up side.

6. NSE EQUITY DAILY LEVELS
COMPANY
NAME
R2 R1 PP S1 S2
ACC EQ 1650 1636 1624 1610 1598
ALBK EQ 86 83 82 79 78
AMBUJACEM EQ 268 265 263 260 258
ASIAN PAINT EQ 1192 1174 1163 1145 1134
AXISBANK EQ 621 611 601 591 581
BAJAJ-AUTO EQ 3081 3033 2982 2934 2883
BANKBARODA EQ 174 169 167 162 160
BANKINDIA EQ 125 121 118 114 111
BHEL EQ 156 151 148 143 140
BHARTIARTL EQ 328 326 323 321 318
CIPLA EQ 606 600 591 585 576
COALINDIA EQ 329 327 325 323 321
DLF EQ 151 148 147 144 143
DRREDDY EQ 3192 3170 3155 3133 3118
GAIL EQ 398 394 390 386 382
GRASIM EQ 4950 4903 4827 4780 4704
HCLTECH EQ 799 791 783 775 767
HDFC EQ 1425 1411 1403 1389 1381
HDFCBANK EQ 1317 1309 1296 1288 1275
HEROMOTOCO EQ 3708 3650 3585 3527 3462
HINDALCO EQ 149 146 144 141 139
HINDUNILVR EQ 934 922 915 903 896
ICICIBANK EQ 278 273 269 264 260
ITC EQ 267 264 260 257 253
INDUSIND BANK EQ 1210 1190 1175 1155 1140
INFY EQ 1078 1067 1052 1041 1026
JINDALSTEL EQ 87 84 83 80 79
KOTAKBANK EQ 824 815 809 800 794
LT EQ 1510 1491 1479 1460 1448
M&M EQ 1444 1428 1414 1398 1384
MRF EQ 41924 41514 41308 40898 40692
MARUTI EQ 8357 6948 6211 4802 4065
ONGC EQ 255 253 250 248 245
ORIENTBANK EQ 134 129 127 122 120
RCOM EQ 51 50 49 48 47
RELCAPITAL EQ 588 571 561 544 534
RELIANCE EQ 1110 1092 1076 1058 1042
RELINFRA EQ 1109 1090 1075 1056 1041
RPOWER EQ 54 53 52 51 50
SBIN EQ 266 260 257 251 248
SSLT( VEDL) EQ 172 167 163 158 154
SUNPHARMA EQ 799 791 786 778 773
TATAMOTORS EQ 577 563 555 541 533
TATAPOWER EQ 77 76 75 74 73
TATASTEEL EQ 376 368 362 354 348
UNIONBANK EQ 150 145 143 138 136

7. TOP 15 ACHIEVERS // TOP 15 LOOSERS
NEXT WEEK STARS( AS ANALYSIS
NSE FUTURE
NSE FUTURE
NSE FUTURE : BUY MCLEODRUSSEL FUTURE ABOVE 187 TGT 195 SL 183
NSE FUTURE : SELL JUSTDIAL FUTURE BELOW 468 TGT 450 SL 480
NSE FUTURE : BUY TATAGLOBAL FUTURE ABOVE 141 TGT 147 SL 138
NSE CASH
NSE CASH : BUY DISHTV NSE CASH ABOVE 103 TGT 112 SL 99.
NSE CASH : BUY BODALCHEM NSE CASH ABOVE 141 TGT 154 SL 136.
NSE CASH : BUY DHFL NSE CASH ABOVE 297 TGT 321 SL 291.
SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
1 TATA STEEL 394 358 -9.06 %
2 YES BANK LTD. 1276 1169 -8.34 %
3 HINDALCO 154 142 -7.88 %
4 BHEL 154 146 -4.80 %
5 M&M 1472 1406 -4.47 %
6 TATA MOTORS 573 548 -4.28 %
7 POWER GRID 183 176 -4.22 %
8 BANK BARODA 171 164 -4.19 %
9 INDUSIND BANK 1217 1169 -3.94 %
10 AMBUJA CEMENT 272 262 -3.76 %
11 SBIN 264 254 -3.71 %
12 NTPC 158 153 -3.62 %
13 L&T 1517 1473 -2.93 %
14 ZEEL 533 519 -2.62 %
15 ICICI BANK 274 267 -2.46 %
SR.NO SCRIPT NAME PREV
CLOSE
CMP % CHANGE
1 MBL INFRA 91.60 111.20
+21.40 %
2
KIRI INDUSTRIES 282 337 +19.16 %
3 ZEE MEDIA CORP 25.30 29.00
+14.62 %
4
WELSPUN ENTER. 57.20 64.40 +12.59 %
5 INOX WIND LTD 179 199
+11.14 %
6
VAKRANGEE 206 224 +8.39 %
7 MARUTI SUZUKI 5403 5573
+3.17 %
8
GRASIM INDUS 4706 4853 +3.12 %
9 RELIANCE 1044 1075
+2.97 %
10
INFOSYS 1035 1060 +2.38 %
11 CIPLA 580 593
+2.25 %
12
IDEA CELLULAR 83.60 85.15 +1.85 %
13 TECH MAHINDRA 458 465
+1.53 %
14
ITC LIMITED 258 260 +0.79 %
15 HDFC BANK 1290 1297
+0.58 %

8. NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
India’s Direct tax mop-up rises 15 % in Apr-Agust - The figures for Direct Tax
Collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh
crore which is 15.03% more than the net collections for the corresponding period last
year. Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year
2016-17 has been achieved. As regards the growth rates for Corporate Income Tax and
Personal Income Tax, in terms of gross revenue collections, the growth rate under CIT is
11.55% while that under PIT is 24.06 %. However, after adjusting for refunds, the net
growth in CIT collections is (-)1.89% while that in PIT collections is 31.76%. Refunds
amounting to Rs. 77,080 crore have been issued during April - August, 2016, which is
22.18 % higher than the refunds issued during the corresponding period last year. The
figures for indirect tax collections upto August 2016 show that net revenue collections are
at Rs. 3.36 lakh crore which is 27.5% more than the net collections for the corresponding
period last year. Till August 2016, 43.2% of the Budget Estimates of indirect taxes for
Financial Year 2016-17 has been achieved. As regards Central Excise, net tax collections
stood at Rs.1.53 lakh crore during April-August, 2016 as compared to Rs.1.03 lakh crore
during the corresponding period in the previous Financial Year, thereby registering a
growth of 48.8%.
India is Likely to post its first current account surplus in nine Years - India is likely
to post its first current account surplus in nine years in the latest quarter, which should
bolster the rupee though it is not a good sign for the economy as it reflects weak
investment demand at home and subdued exports, analysts said. Forecasts given by
investment houses' research notes and from analysts that Reuters spoke to showed
expectations centering on a surplus INCURA=ECI of $ 4 billion, or 0.8 percent of GDP,
in April-June quarter. That compared with a deficit of $ 6.2 billion, equivalent to 1.2
percent of GDP, in the same quarter a year ago. And, if the forecasts prove correct it will
be the first surplus since January-March 2007, though India is unlikely to keep the
surpluses coming. For the full year ending in March 2017, India is likely to post a deficit
even lower than last year's 1.1 percent of GDP, as foreign investment inflows remain
steady - and that should be broadly supportive for the rupee. Analysts have revised down
their forecasts for the 2016/17 deficit to below 1.0 percent from earlier projections of
between 1.2-1.5 percent. The Reserve Bank of India is expected to release the June
quarter data this month. For a developing economy like India slow import growth is a
negative sign, as it reflects weak investment demand because Indian firms need to buy

9. capital goods and machinery from abroad. That weakness in the economy, it could
persuade the RBI to keep liquidity easy for now. The RBI is also unlikely to let the rupee
strengthen too much, and any central bank action to take dollars out of the market will
add to rupee liquidity. "The improvement in current account deficit is definitely positive
for the rupee." so far as the RBI is concerned, as it is a reflection of weak investment
demand which is impacting the pick up in imports."Trade data released last month
showed imports fell 16.33 percent to $ 114 billion in the four months through July thanks
to lower gold and oil import bills, while exports fell 3.62 percent to $ 87 billion.
India's August WPI at 3.74% Food Articles Inflation at 8.23% - The annual rate of
inflation, based on monthly WPI, stood at 3.74% provisional for the month of August,
2016 over August, 2015 as compared to 3.55% for the previous month and -5.06% during
the corresponding month of the previous year. Build up inflation rate in the financial year
so far was 4.45% compared to a build up rate of 0.23% in the corresponding period of the
previous year. The index for this major group declined by 0.2 percent to 268.9 provisional
from 269.5 provisiona for the previous month. The index for ‘Food Articles’ group
declined by 0.6 percent to 284.2 from 285.8. The index for ‘Non-Food Articles’ group
declined by 0.1 percent to 236.3 from 236.6 for the previous month.
Softening trend in inflation leaves door open for rate cut : DBS - The RBI may
consider chopping interest rate in the coming three months as inflation may slip below 5
per cent during September-December period, before inching up in the following quarter,
says a report. According to global financial services major DBS, the softening trend in
inflation leaves the door open for a rate cut in the fourth quarter of this calender year
"with odds of a move in October on the rise". A benign inflation path going forward and
likelihood of a dovish policy committee leaves the door open for further easing but this
needs to be balanced off with firmer demand dynamics and risks of US rate normalisation
as the September Federal Open Market Committee meeting approaches," DBS said in a
research note. The next RBI policy review meet is scheduled for October 4. It would also
be the first review under the new RBI Governor Urjit Patel, who assumed charge on
September
Arun Jaitley reviews quarterly performance of PSBs and FIs - The Union Finance
Minister, Arun Jaitley will hold a Quarterly Performance Review Meeting with the Chief
Executive Officers and Managing Directors of Public Sector Banks and Financial
Institutions in the national capital tomorrow. During the one day Meeting, the Finance
Minister Jaitley will review the overall Performance of PSBs in the current Financial

10. Year and last quarter in particular. The Finance Minister will review the progress of credit
and growth and asset quality especially with regard to Priority sectors lending including
credit flow to Agriculture and Insurance Sector, MSE, Minorities, SC & ST, Education
and Housing Loan among others. The progress made in the various Social Sector
Schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana , Pradhan Mantri Surkasha
Bima Yojana and Atal Pension Yojana as well as in case of Pradhan Mantri Jan Dhan
Yojana , Stand-Up India and MUDRA Schemes will also be reviewed during the
aforesaid meeting. The issues relating to financial inclusion and literacy as well as Non
Performing Assets are also likely to be discussed during the one day meeting. Along with
the CEOs of PSBs and FIs, the meeting will also be attended by Santosh Kumar
Gangwar, Minister of State for Finance, Arjun Ram Meghwal, Minister of State for
Finance & Corporate Affairs, Anjuly Chib Duggal, Secretary, Department of Financial
Services , Dr Arvind Subramanian, Chief Economic Adviser and senior officers of the
Ministry of Finance among others.
High growth rate mandatory for collective well being: Arun Jaitley - A high growth
rate is a requisite if the benefits of growth are to percolate down to the last man,
especially minorities. Post 1991 economic liberalization, the acceleration of growth rate
has led to substantial reduction in poverty. All communities have shown reduction in
poverty levels, however on an uneven basis, says Union Finance Minister, Arun Jaitley,
speaking at a Conference on Empowerment through Education – ‘Taalim-o-Tarbiyat’ in
Mumbai. While higher growth rate impacts all by way of offering economic
opportunities, certain minorities have lagged behind and those areas need to be addressed.
Despite the poverty rate among Muslim community declining from 52% in 1991 to about
27% in 2011, some communities like Jains and Parsis have overcome the challenge of
poverty, he said. Jaitley said education is the key to improve the conditions faster which
would aid conversion of skills into opportunities. Madarasa is an important institution in
imparting education for children of Muslim community and complimented the efforts of
leaders like Zafar Sareshwala, for blending technology and traditional teachings, he said.
✍ TOP ECONOMY NEWS
State-owned banks looking forward to the next round of capital infusion will need to
fulfill a new set of criteria, including credit recovery, as the Finance Ministry has revised
the recapitalisation norms.
The Cellular Operators Association of India , the industry body representing all GSM

11. operators, was asked to leave the meeting called by the telecom regulator to resolve the
issue of interconnect.
India's annual consumer price inflation eased to 5.05% in August, helped by smaller rises
in food prices.
Industrial output in July dipped by 2.4% dragged down by poor performance of mining
and manufacturing sector. Data released revealed that the mining sector grew by 2%
while the manufacturing output declined by 1.4%.
Net direct tax collections during the April-August period has grown 15.03 % to Rs. 1.89
trillion, led by robust collections in personal income tax.
Net indirect tax collections in the April-August period grew 27.5% to Rs. 3.36 trillion on
the back of surge in excise collections.
Following presidential assent last week to the GST Bill, the Union Finance Ministry
notified the provisions of the Constitution Amendment Act that allows for setting up the
Goods and Services Tax Council.
India’s decision to offer duty concessions on about a fourth of its traded goods to the
members of the Asia Pacific Trade Agreement — China, Bangladesh, Lao, South Korea
and Sri Lanka — was approved by the Union Cabinet.
India’s Wholesale inflation soared to a two-year high of 3.74% in August as pulses and
manufactured items showed an uptick in prices even as vegetable prices witnessed some
moderation.
The National Highways Authority of India , which proposes to award road works worth
Rs. 1 trillion by the end of the current financial year, has received an offer from a global
pension fund to provide Rs. 300 billion rupee loan at 5.5-6% interest rate.
Road Ministry and National Highways Authority of India will together take up 82
highway projects under the ambitious Bharatmala project in order to improve port
connectivity.

12. ✍ TOP CORPORATE NEWS -
Tata Steel Limited had urged Chhattisgarh government to return the money it had
deposited for purchasing land in Bastar where company had planned to set up mega steel
plant.
Indian Oil Corporation might hold 50% in a refinery being planned on the west coast if
Saudi Arabia and Kuwait do not take up the offer of an equity stake.
Wipro Limited has won an IT contract from NSB Group, one of Norways largest
transportation groups.
MIC Electronics Limited has secured a patent for its LED DigiPoster, which the
company maintains is a next generation digital display technology for various
applications across the world. The patent is valid up to the year 2028.
Mahindra & Mahindra Limited has rebranded its electric mobility portfolio as
Mahindra Electric aiming for a greater focus on technology and launch more electric
models, besides supplying powertrains to other manufacturers.
Indoco Remedies Limited said the US health regulator has inspected its Goa plant and
has issued six observations on account of violation of good manufacturing norms.
The National Highways Authority of India has awarded a Rs. 8.20 billion highway
project in Rajasthan to PNC Infratech limited.
Ashok Leyland Limited and Nissan have decided to part ways in their loss-making light
commercial vehicle joint ventures, which were formed in 2007. Ashok Leyland has
decided to buy its partners stake in the JVs floated by the two partners.
Vedanta Limited are to convene in Goa for an Extraordinary General Meeting , to
discuss the proposed absorption of Cairn India.
Coal India Limited has surrendered exploratory blocks in Mozambique after failing to
find mineable coal in them.
Hindustan Petroleum Corporation Limited shut a unit at its 130,000 bpd refinery in

13. Mumbai last week due to a technical glitch, and has since been importing gasoline.
Dewan Housing Finance Corporation Limited has raised Rs. 100 billion by allotting
NCDs to successful applicants.
A final decision on the much-delayed Rajasthan refinery, to be set up by Hindustan
Petroleum Corporation for an estimated over Rs. 370 billion, but has run into a political
quagmire, is expected within a few months.
As part of the disinvestment process, Engineers India Limited will sell part of the
government stake to its eligible employees at a discounted price of Rs. 187.29 /unit, a
move that will fetch about Rs. 315 million to the exchequer.
Tata Motors Limited has launched its first product, a versatile mini-truck SuperAce, in
Vietnam.
DLF Limited will invest about Rs. 5 billion to develop an IT Park in Chennai as the
commercial real estate market has picked up in major cities.
PI Industries Limited is looking to foray into the pharma sector for manufacturing and
export of early intermediates.
The Delhi High Court has granted an opportunity to Unitech Limited to complete its
delayed housing projects and hand over possession of flats to buyers by opening escrow
accounts and using the money deposited in it solely for these projects.
Redington India Limited, distributors for Apple in the country, said that the company
will start offering the new iPhone 7 and iPhone 7 Plus, beginning on October 7.
Prestige Estates Projects that recently bought back CapitaLands stake in a mall project in
Bangalore, is converting it into a IT business park due to lower supply in this segment.
Glenmark Pharmaceuticals announced receipt of final approval from US health
regulator for its generic version of AstraZeneca's Xylocaine ointment.
Paving the way for stake sale in its commercial finance unit with a loan portfolio of about
Rs. 165 billion, Reliance Capital has got shareholders’ approval for the transfer of this
business to a separate company.

14. Mahindra CIE Automotive is reportedly all set to acquire Bill Forge, for about USD 200
million, or Rs 13 billion.
The government has decided to task central public sector undertakings including NMDC,
NTPC and SAIL with pushing mineral exploration in India.
Repco Home Finance Limited has raised up to Rs. 2 billion by issuing non-convertible
debentures on private placement basis.
The coal ministry has released Rs. 780 million compensation to seven firms including
GMR Energy, Hindalco, Neyveli Lignite Corp and Singareni Collieries Company.
Indiabulls Housing Finance is planning to restructure its long-term loan portfolio to
bring down the average cost of borrowing for the company by 30-40bps.
Hindustan Construction Company has bagged order worth Rs. 1.82 billion from the
Department of Atomic Energy to build premium highrise residential towers at Indira
Gandhi Centre for Atomic Research, Kalpakkam, Tamil Nadu. This is an item rate
contract to be completed in 30 months.
Manappuram Finance has raised Rs. 2 billion through issuance of secured redeemable
non-convertible debentures on a private placement basis to ICICI Prudential Mutual
Fund.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK
The Competition Commission of India is likely to complete its probe into alleged
cartelisation by state-run banks within two months, according to a senior official. The
competition watchdog is investigating whether public sectors banks, which together
control nearly three quarters of the country's banking business, are conniving to keep the
interest rates on savings accounts low at about 4% when private sector lenders are
offering more.
Imagine being able to avail a home loan almost as easily as obtaining a loan for buying
white goods in an appliance store. Or, having a refund credited to your account within
minutes of a failed transaction or cancellation. This would be possible once banks begin

15. to use the underlying technology of bitcoins called blockchain. Today, bankers spend
much of their energies in establishing contracts, ascertaining identity and going through
records to check whether a certain transaction did take place in the past. The technology
that has the potential to address these problems is blockchain — an electronic public
ledger that records virtual currency transactions which cannot be tweaked or deleted.
After being seen as a challenger to traditional payments, the bitcoin threat wore off
following the collapse of a bitcoin exchange. Ironically, while bitcoin's key feature is the
anonymity it provides owners, blockchain's killer application is provenance.
State Bank of India Chairman Arundhati Bhattacharya looks set to get an extension for
six months to oversee the merger of its five associate banks with the parent.
Bhattacharya's term is due to end next month and an extension is seen as a compensation
for her not being appointed Sebi chairman, although she was especially called for an
interaction by a panel headed by the cabinet secretary. Sources said the government is
working on extending her term at a time when the country's largest lender, which controls
around a quarter of the market, is grappling with over Rs. 1 lakh crore of bad debt. State
Bank of India is also dealing with the complicated task of merging its five remaining
associate banks -State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of
Mysore, State Bank of Patiala and State Bank of Travancore -with itself along with
Bharatiya Mahila Bank, the government's experiment with a women-focused lender
which has not made any headway .
State Bank of India Chairperson Arundhati Bhattacharya says a 25 basis points cut in
interest rates was in the offing and that an improvement in the financial health of India's
banking sector was closely linked to the overall performance of the economy. In an
interview to IANS, the 60-year-old banker also said the four per cent inflation target fixed
by the government is a tad low in an emerging economy like India where food inflation
has rarely fallen below six per cent in the past 60 years. Nonetheless, she felt the current
inflation level is set to fall due to a statistical play that could pave the way for a cut in
interest rates by commercial banks -- which the central bank has been asking for, as and
when it has itself cut interest rates.
The Reserve Bank of India has instructed banks to accept cash deposits at the counter
from people declaring unaccounted wealth under the Income Declaration Scheme, an
official statement said here on Friday. "The RBI has on September 8 instructed the banks
to invariably accept cash deposits from all the declarants under the Scheme and to accept
cash deposits, irrespective of amount, over the counters, for making payment," a Finance
Ministry statement said.

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officer, director or employee of the subject company;
(d) High Brow Market Research Pvt. Ltd. has never been engaged in market
making activity for the subject company.