Nifty settles over 8,500 mark ahead of US elections

The Indian equity market rallied for the second straight session. Also, increased buying by foreign funds and domestic financial institutions supported trading sentiment. The outcome of the 2016 U.S presidential elections, which will be held today, will have a bearing on global stocks. The front runner for the Presidential election is Hillary Clinton from the Democratic Party who is closely followed by Republican Party candidate, Donald Trump.

Finally, the BSE Sensex ended with a gain of 132 points at 27,591. The BSE Sensex opened at 27,537, touched an intra-day high of 27,647 and low of 27,407.

The NSE Nifty closed with a gain of 47 points at 8,543. The NSE Nifty opened at 8,540, hitting a high of 8,559 and low of 8,480.

Among the Nifty stocks, Tata Motors, Tata Motors DVR, GAIL, BHEL, Tech Mahindra, ICICI Bank and Yes Bankwere the gainers today whereas Sun Pharmaceuticals, Cipla, Aurobindo Pharma, Tata Power, HCL Tech and Lupinwere among the losers.

The auto, industrial, oil & gas, banking, finance and metal stocks led the rally today, while, pharma, FMCG and realty stocks incurred loss on the BSE index. In afternoon trade, the market saw the day's high after profit taking in select index heavyweights and pharma shares capped a further upside.

However, broader markets outperformed the benchmark indices, BSE Midcap and Smallcap indices were up between 0.20%-0.30%.

The India VIX (Volatility) index was up 1.59% at 16.7700. Out of 1,500 stocks traded on the NSE, 835 declined and 609 advanced today.

The rupee was trading marginally up by nine paise at 66.65 per US dollar.

Among other Asian markets, Hong Kong's Hang Seng was up 0.47% and Japan's Nikkei closed lower, however, Shanghai Composite Index gained 0.47%.

European stocks were mixed on Tuesday. The FTSE 100 and CAC 40 were marginally up, while DAX is trading in red.

Adani Enterprises climbed 3% after the company announced its plans to form a joint venture with Elbit Incorporated to manufacture unmanned aerial vehicles. The company will hold 51% stake in the joint venture, while the Israel-based firm will own the rest. The new venture will be called Adani-Elbit Advanced Systems India Limited.

Ashok Leyland soared 2.3% after the company posted a net profit of Rs 294 crore for the quarter ended September 30, 2016 as compared to Rs 172 crore for the quarter ended September 30, 2015.

Bharat Forge Ltd slipped 1% after the company posted a net profit after tax of Rs 127 crore for the quarter ended September 30, 2016 as compared to Rs 172 crore for the quarter ended September 30, 2015.

ICICI Bank gained 1.6% on the BSE. The bank reported net profit of Rs 3,102 crore for the quarter ended September 30, 2016 against Rs 3,030 crore in the corresponding quarter a year ago.

Mindtree Ltd zoomed 3% to Rs 442 after a huge block deal. Around 3.65 million or 2.18% stake of the company changed hands in a block deal.

Manali Petrochemical tanked 11.7% to Rs 36 after the company said its net profit fell 37% to Rs 10.39 crore in the September quarter against Rs 16.6 crore a year ago. Its total income fell 18% to Rs 154 crore.

Future Retail dropped 3.7%. Future Retail said it has agreed to buy the retail business of Hyderabad-based Heritage Foods Ltd, promoted by the family members of Andhra Pradesh chief minister N. Chandrababu Naidu, in an all-stock deal. Heritage Foods closed lower by 1.4% on the BSE.

A total of 31 stocks registered a fresh 52-week high in trade today, whereas 18 stocks touched a new 52-week low on the NSE.

Nifty above 8,500 mark

The BSE and NSE opened in green on Tuesday, tracking strength in the global markets as Americans go to vote to decide their next President.

The S&P BSE Sensex is trading at 27,563 up 104 points, while NSE Nifty is trading at 8,526 up 28 points.

The BSE Mid-cap Index is trading up 0.35% at 12,959 whereas BSE Small-cap Index is trading up 0.71% at 13,123.

Tata Motors, ICICI Bank, Bajaj Auto, Dr Reddy's and Asian Paints are among the gainers, whereas ITC, HDFC, Adani Ports, L&T, HDFC Bank and M&M are losing sheen on NSE.

Some buying activity is seen in auto, industrial, realty, consumer durables and IT sectors, while FMCG is showing weakness on BSE.

The INDIA VIX is down 0.51% at 16.4225. Out of 1,861 stocks traded on the NSE, 389 declined, 1,064 advanced and 408 remained unchanged today.

A total of 18 stocks registered a fresh 52-week high in trade today, while three stocks touched a new 52-week low on the NSE.

The rupee opened at 66.72/$ as against the previous close of 66.73/$.

Sensex ends 185 points higher; telecom, capital goods stocks drag

The Indian equity market ended higher on Monday snapping a five day losing streak. After gap up start, Nifty remained in a narrow range for most part of the session; however, profit taking in final hour trimmed the intraday gains.

The metal, pharma, banking, financials, FMCG, power and realty stocks ended with gains. On the other hand, telecom and capital goods stocks were among the major losers. The midcap closed 0.59% higher and smallcap soared 1.19%.

Trading sentiments remained on optimistic note with the report that Foreign Direct Investment in India increased by 30% at $21.62 billion during the April-September period of the current fiscal as against $16.63 billion in the same period last fiscal.

Among the Nifty stocks, Lupin, Aurobindo Pharma, Hindalco, SBI, Bank of Baroda, ITC, ICICI Bank and BHEL were the gainers whereas TCS, Tata Motors DVR, Bharti Infratel, L&T, Tata Motors and ONGC were among the losers today.

Finally, the BSE Sensex ended with a gain of 185 points at 27,459. The BSE Sensex opened at 27,552, touched an intra-day high of 27,591 and low of 27,399.

The NSE Nifty closed with a gain of 63 points at 8,497. The NSE Nifty opened at 8,536 hitting a high of 8,535.85 and low of 8,481.

The India VIX (Volatility) index was down 2.01% at 14.5075. Out of 1,516 stocks traded on the NSE, 385 declined and 1,090 advanced today.

The BSE Midcap and Smallcap indices closed lower.

The rupee was trading down five paise at 66.74 per US dollar.

On the global front, Asian stocks bounced and the dollar strengthened on Monday. Oil prices rose by over 1% with traders citing opportunistic buying after sharp declines in the previous week that brought prices to their lowest since early August because of ongoing weak fundamentals. Japan’s Nikkei closed higher. China’s Shanghai Composite and Hong Kong’s Hang Seng ended marginally up.

In Europe, the FTSE 100 gained 1.3%. The CAC 40 and DAX jumped 1.7% each.

Lupin soared 7% to Rs 1,519 after the company received the inspection closure report from the USFDA for its Goa facility.

Punjab National Bank climbed 6.5%. Punjab National Bank reported a net profit of Rs 549 crore in the second quarter of the current fiscal, a fall of 11% from the Rs 621 crore profit recorded in the corresponding year-ago period.

Dalmia Bharat Ltd gained 1.2% as the Board of Dalmia Bharat and OCL India decided to merge the two entities. The merged entity will have a cement capacity of 25 million tonnes spread across eastern and southern India.

Bank of Baroda rallied 4%. Bank of Baroda reduced the marginal cost of fund (MCLR) based interest rates by 10 basis points across different tenors with effect from November 7.

KPIT Tech gained 1.5%: KPIT Technologies will sell its Berlin-based subsidiary KPIT Medini Technologies AG to ANSYS, but did not disclose the deal size.

Dena Bank dropped 2.5% after the bank posted net loss at Rs 44 crore for the quarter ended September 30, 2016 as compared to net profit of Rs 38.8 crore for the quarter ended September 30, 2015.

HCC climbed 3.8% to Rs 36 on the BSE. The RBI mandated Overseeing Committee (OC) has approved the (S4A) Scheme of Sustainable Structuring of Stressed Assets for Hindustan Construction Company. The ICICI led joint lenders’ forum had proposed the scheme for the infrastructure major. 

A total of 27 stocks registered a fresh 52-week high in trade today, whereas 15 stocks touched a new 52-week low on the NSE.

Sensex rallies over 250 points; Pharma, Banking stocks lead

The Indian stock market snapped a five-day losing streak amid a rebound in Asian equities and also the FBI cleared presidential candidate Hillary Clinton of potential criminal charges in its private email server probe.

The S&P BSE Sensex is trading at 27,518 up 244 points, while NSE Nifty is trading at 8,507 up 73 points.

The BSE Mid-cap Index is trading up 1.28% at 12,903 whereas BSE Small-cap Index is trading up 1.64% at 13,088.

Lupin, ITC, Adani Ports, SBI and Tata Steel are among the gainers, whereas Asian Paints, HUL, TCS, Wipro and Bajaj Auto are losing sheen on NSE.

All the BSE sectoral indices were trading in the positive territory.

The INDIA VIX is down 3.22% at 16.3050. Out of 1,863 stocks traded on the NSE, 1,308 declined, 182 advanced and 373 remained unchanged today.

A total of 17 stocks registered a fresh 52-week high in trade today, while six stocks touched a new 52-week low on the NSE.

PNB Housing Finance shares got listed at Rs 863, a 11.35% premium over the issue price of Rs 775.The stock got listed on NSE at Rs 860, up 10.97%.

The rupee opened marginally lower by four paise at 66.70/$ as against the previous close of 66.74/$.

Asian markets opened in the green after a week of declines & should see pull back from deeply oversold zone extend as we head into the results of US elections due on Tuesday night.

The pessimism & fear caused by the rhetoric & predictions of the results have left an extremely sour taste in the face of most investors with November losses wiping out entire 4 months of profits on equities. With most negatives being priced in expect the Christmas rally on Wall Street to get preponed to this week as chances of a Clinton win return after the FBI report on mails soothes nerves.

While FPI numbers have failed to cheer the street, Mutual Fund industry's asset base hit an all-time high of Rs. 16.3 trillion at the end of October.

The government will kick off its pre-budget consultations with a host of industry associations from today. As the macro numbers come in during the week, a revival in IIP and a dip in CPI will cheer market.

Nifty ends below 8,450 mark; Pharma, Metal stocks slide

The BSE Sensex ended with a loss of 156 points at 27,274. The BSE Sensex opened at 27,466 touched an intra-day high of 27,499 and low of 27,194.

The NSE Nifty closed with a loss of 51 points at 8,434. The NSE Nifty opened at 8,503.60 hitting a high of 8,504 and low of 8,400.

The stock market fluctuated between gains and losses as a sell-off among drug makers was countered by a rally among FMCG companies.

Traders were unable to find any comfort with reports that in a major breakthrough for rollout of the Goods and Services Tax regime from April 1 next year, the government has finalized four-tier GST tax structure of 5%, 12%, 18% and 28% that aims to lower tax incidence on most goods and keep out essential items.

On the economy front, Chief Economic Advisor Arvind Subramanian has said that the GST Council’s decision to peg the tax rate on items of mass consumption at 5% will bring down prices and soften inflation.

Today’s decline was led by the pharma, metal, realty, capital goods, consumer durables, banking, auto and telecom stocks, while FMCG, IT and technology stocks were among the gainers on the BSE.

Among the Nifty stocks, HCL Tech, ITC, Tata Motors DVR, Wipro, HUL, Zee and ICICI Bank were among the gainers whereas Sun Pharma, Dr Reddy's, Bharti Infratel, Aurobindo Pharma and Hero MotoCorp were among the losers today.

The India VIX (Volatility) index was up 2.32% at 16.8475. Out of 1,478 stocks traded on the NSE, 1,292 declined and 159 advanced today.

The rupee was trading marginally higher by one paise at 66.73 per US dollar.

Asian markets closed in red as investors remained cautious ahead of the U.S. presidential election next week as well as the release of the U.S. jobs data for October later in the day.

China’s Shanghai Composite and Hong Kong’s Hang Seng closed marginally lower, while Japan’s Nikkei closed lower by 1%.

In Europe, the FTSE 100 was trading down by 1%. DAX and the CAC 40 were trading flat around 0.80% each.

Titan Company Ltd slumped 2.2% on the BSE. The company has posted a profit after taxes of Rs 180.7 crore for the quarter ended September 30, 2016 as compared to Rs 146.4 crore for the quarter ended September 30, 2015.

Shares of the FMCG stocks rallied 1.4% after the GST council decided on a four tier tax rate structure. The tax rate slabs have been fixed at 5%, 12%, 18% and 28%, Finance Minister Arun Jaitley said in a press conference in New Delhi. ITC zoomed 3.6%, Colgate gained 3.4% while Dabur advanced 1.8%.

Larsen and Toubro slipped 1.7%. Suuti will pare its holding in India’s largest engineering company Larsen and Toubro Ltd through a block deal, as per media reports.

Pharmaceuticals stocks were under pressure as reports suggested that United States may bring charges of price collusion against a group of drug makers before the end of this year. The BSE Healthcare slipped 4% or 657 points at 15,150 as against the previous close of 15,807. The BSE Healthcare opened at 15,686 and hit a high of 15,406 and a low of 15,036. Sun Pharma fell 7%, Dr Reddy's dropped 5.2% and Aurobindo Pharma tanked 3.6%.

Mphasis slipped 1.3%. The IT company registered a 3% rise in its consolidated net profit at Rs 211 crore for the quarter ended September 30, 2016 against Rs 204 crore in the same quarter last year.

TD Power Systems fell 4.6%. TD Power posted a net profit of Rs 1.3 crore for the quarter ended September 30, 2016 as against a net profit of Rs 1.1 crore in the same quarter a year ago.

Tube Investment dragged 2.3% to Rs 638. The company reported 113.3% rise in net profit at Rs 54 crore for the quarter ended September 30, 2016 as against Rs 25 crore in the corresponding quarter a year ago.

A total of 26 stocks registered a fresh 52-week high in trade today, whereas 32 stocks touched a new 52-week low on the NSE.

Sensex, Nifty flat

The S&P BSE Sensex is trading at 27,447 up 17 points, while NSE Nifty is trading at 8,491 up mere six points.

The rupee opened marginally higher by one paise at 66.73/$ as against the previous close of 66.74/$.

Asian markets would see further weakness creep in as the losing streak in equities continues. Historically most US elections have seen a pre-election rally which may not be in the offing this time as uncertainty has been prevalent right till the end of the campaigns, with both participants equally poised near the finish line. However market under performance before the event could see a smart year end rally as most negatives would be priced in & event uncertainty over equities could bounce sharply from oversold levels.       

Nifty broke 8500 & closed at the lowest in last 4 months as foreign investors raise cash & increase hedge positions before the US election results. Domestic flows are at their strongest levels but with sentiment being weak Nifty continues to drift lower.

Crude oil prices edged higher after days of weakness. The action today will revolve around stocks which will be impacted under the new sales tax. Four main rate bands have been approved for rolling out GST next April; ranging from 5 to 28 per cent, with 12 per cent and 18 per cent as standard rates. Food items and essential commodities will be kept outside the ambit of GST and this should keep inflation subdued.  FMCG stocks and Logistics could be clear gainers today while tobacco-related companies are awaiting clarity.

Sensex, Nifty flat; Metal, Consumer Durables stocks lead

The S&P BSE Sensex is trading at 27,567 up 40 points, while NSE Nifty is trading at 8,528 up 14 points.

The BSE Mid-cap Index is trading down 1.40% at 13,254 whereas BSE Small-cap Index is trading down 1.44% at 13,362.

ICICI Bank, Tata Steel, Cipla, Hero MotoCorp, Dr Reddy's and RIL are among the gainers, whereas ONGC, Bharti Airtel, M&M, Wipro and Sun Pharmaceuticals are losing sheen on BSE.

Some buying activity is seen in metal, consumer durables, banking, realty, pharma, finance and basic materials sectors, while IT sector is showing weakness on BSE.

The INDIA VIX is down 0.62% at 16.6925. Out of 1,865 stocks traded on the NSE, 360 declined, 1,125 advanced and 380 remained unchanged today.

A total of 19 stocks registered a fresh 52-week high in trade today, while nine stocks touched a new 52-week low on the NSE.

Asian markets opened flat to mildly positive after a huge drubbing in the last session. Globally the Fed maintained status quo on rates which saw yields fall along with the US $. Oil weakness saw energy stocks lead the declines even as financials rallied in the last hour.

Next few days could see the uncertainty prevail with opinion divided on the outcome of the elections. However given the market behavior over the last 1 month most participants feel the probability of a Trump victory could well have been priced in with markets having only a knee jerk reaction on the day of the results.

India has the potential to move much ahead said PM Narendra Modi at a journalism awards event presented by IIFL Wealth & Asset Management. While the government says it will continue to undertake needed measures to strengthen economy, boost GDP growth and create jobs, rating agencies are not impressed as yet.

S&P retained India's rating at 'BBB-' with a stable outlook. Citing low per capita income and weak public finances, it ruled out an upgrade even for next year.

On the economy front, Nikkei Services and Composite PMI will announced today.  

Opening Bell - Sensex, Nifty flat; Auto, Metal stocks lead

 At 9:15 AM, the S&P BSE Sensex is trading at 27,942 up 12 points, while NSE Nifty is
trading at 8,653 up 27 points.

The rupee opened higher by seven paise at 66.72/$ as against the previous close of 66.79/$.

Asian markets opened on a weak note following the US indices which closed marginally in the red after very range bound trade. Uncertainty on the US elections which are due next week coupled with rise in bond yields kept sentiment weak. The only exception continues to be Brazil & Russia where the indices continue to tread higher with more money chasing growth as economies see better times ahead.  

Auto numbers will be in focus as the festive season was expected to spur demand. While Mutual Funds pumped in net Rs. 8,106 crore, foreign funds pulled out more than Rs. 10,000 crore in October; a bulk of the withdrawals was in debt.

The dollar has weakened. China’s manufacturing sector saw its fastest pace of expansion in recent years as Purchasing Managers' Index (PMI) moved higher to 51.2 in October.

Crude oil prices, which were subdued for weeks rose marginally on expectations of some consensus among OPEC members in managing production. The email saga may be haunting Clinton but polls suggest she is still ahead in the race for US President. The Bank of Japan maintained status quo on rates. Fed outcome tomorrow will be eyed though nothing much is expected ahead of US presidential elections.

India’s core sectors grew 5% in September driven by strong growth in the steel and petroleum products sectors. The growth in the Index of Eight Core Industries is stronger than the 3.2% rise in August.

On macroeconomic data front, the Nikkei India Manufacturing PMI data for the month of October is scheduled today. Also auto stocks will be in focus.

Nifty near 8,650 mark.... Metal, Auto stocks lead

The Indian stock market drifted lower on Friday after opening on a flat note.

The domestic market is trading higher led by metal, auto, PSU and consumer durables amid a mixed trend in the Asian markets. The last trading session of the Samvat year 2072 today marked the beginning of the November series of derivatives contracts.

At 10:42 AM, the S&P BSE Sensex is trading at 27,973 up 57 points, while NSE Nifty is trading at 8,597 down 18 points.

The BSE Mid-cap Index is trading up 1.01% at 13,416 whereas BSE Small-cap Index is trading up 0.91% at 13,446.

Tata Motors, Tata Steel, Hero MotoCorp, ONGC, Bajaj Auto and Dr Reddy's are among the gainers, whereas ICICI Bank, HDFC, Asian Paints, Power Grid, Infosys and Wipro are losing sheen on BSE.

Some buying activity is seen in metals, consumer durables, pharma and industrial sectors, while telecom, banking, telecom, IT, fianance, teck and FMCG are showing weakness on NSE.

The INDIA VIX is up 3.19% at 14.5350. Out of 1,862 stocks traded on the NSE, 502 declined, 940 advanced and 420 remained unchanged today.

A total of 40 stocks registered a fresh 52-week high in trade today, while nine stocks touched a new 52-week low on the NSE.

On the international frnt, the U.S. government will publish its first estimate of third-quarter gross domestic product later today, and the numbers can truly alter the course of a December rate hike.

The rupee opened lower by three paise at 66.89/$ as against the previous close of 66.86/$.

Asian markets opened flat as caution prevailed with US 10 year bond yields hitting 1.82% or a new 6 month high. The same also saw rise in yields for the UK 10 year benchmark which spiked to its highest level of the year.

The same saw US indices trade in a tight range & close with marginal losses, despite better than expected results from the 'big blue' IBM which beat market expectations.

The cabinet has given in-principle approval to strategic stake sales in some state-owned companies on the recommendations of government think-tank NITI Aayog.

With a new series today & the festive 'Diwali' muhurat session on Sunday expect range bound trade prevailing today with stock/sector specific action. Earnings from a host of corporates will keep participants busy as results flow out in full fervor.  

Sensex, Nifty end flat; Pharma stocks lead

The Indian equity market closed flat on Thursday on F&O expiry day amid excessive volatility. In continuation to Wednesday’s trade, sentiments were downbeat in the first half, tracking escalation in Tata Group’s feud and feeble Asian markets. Indices surged in mid-afternoon trade after buying was seen in pharma and FMCG shares. Firm opening in European markets too supported sentiments.

Finally, the BSE Sensex ended with a gain of 79 points at 27,916. The BSE Sensex opened at 27,809, touched an intra-day high of 27,958 and low of 27,666.

The NSE Nifty closed almost unchanged at 8,615. The NSE Nifty opened at 8,607 hitting a high of 8,625 and low of 8,550. The Nifty closed October F&O at 8,600.

However, selling pressure was seen in auto, consumer durables, metal, industrial, oil & gas, IT, telecom and realty stocks which dragged indices lower. On the other hand, FMCG, pharma and finance stocks ended in the green.

Among the Nifty stocks, HDFC, Dr Reddy's, ICICI Bank, ITC, Bharti Airtel, Cipla and HDFC Bank were the gainers whereas Bharti Infratel, Asian Paints, Hero MotoCorp, Yes Bank and Zee were among the losers today.

On the economy front, Prime Minister Modi stated that the presentation of the union budget has been advanced by a month to ensure speedier implementation of projects and programmes and he has urged states to align their plans with this new schedule.

The India VIX (Volatility) index was down 2.54% at 14.0850. Out of 1,543 stocks traded on the NSE, 1,011 declined and 487 advanced today.

The BSE Midcap closed in red and Smallcap indices ended marginally up.

The rupee was trading down three paise at 66.86 per US dollar.

On the global front, Asian stocks dropped as investors reacted to a slew of earnings at companies from Samsung Electronics to Nintendo. Japan’s Nikkei closed down 0.27%. China’s Shanghai Composite and Hong Kong’s Hang Seng closed lower.

European stocks were trading lower as investors focused on earnings and new data but continued to fret with rising concerns that OPEC countries would not reach an agreement over a production cut. The FTSE 100 and CAC 40 were marginally down 0.3% each, while the CAC 40 slipped 0.65%.

A total of 69 stocks registered a fresh 52-week high in trade today, whereas 15 stocks touched a new 52-week low on the NSE.

ONGC closed flat at Rs 291 on the BSE. The company has posted a net profit of Rs 4,975 crore for the quarter ended September 30, 2016 as compared to Rs 4681.4 crore  for the quarter ended September 30, 2015.

Maruti Suzuki closed marginally lower at Rs 5859. The company has posted a net profit of Rs 2,398 crore for the quarter ended September 30, 2016 as compared to Rs 1,497 crore for the quarter ended September 30, 2015.

TVS Motor Company soared 3% after the company has reported a revenue growth of 20.6% for the quarter ended September 2016. Total revenue grew to Rs. 3726.31 crore in the quarter ended September 2016.

Infibeam Incorporation rallied 7% after the company said that it has entered into an Memorandum of Understanding (MoU) with IL&FS Township & Urban Assets (ITUAL) for undertaking and implementing projects in digital space and e-commerce for Central Government, various State Governments and Private Partners. Infibeam Incorporation shall set up a special purpose vehicle (SPV) which will be located at GIFT Two Building, GIFT City.

Just Dial tumbled 5.3% after the company posted a net profit of Rs 29.6 crore for the quarter ended September 30, 2016 as compared to Rs 40.5 crore for the quarter ended September 30, 2015.

Lakshmi Machine Works Ltd fell 5.5% to Rs 4,245 after the company said its net profit for the September quarter fell 31.7% to Rs 37.92 crore against Rs 55.54 crore a year ago.

ITC Ltd gained 2% on the BSE. The company posted a net profit of Rs 2,500 crore for the quarter ended September 30, 2016 as compared to Rs 2,262.5 crore for the quarter ended September 30, 2015.

Hinduja Ventures Ltd rose 4.5% to Rs 550 after the company said in a notice to BSE that it will sell 1.35% stake in Indusind Media at Rs 466 a share. Further, the board has decided to sell 61,147,056 equity shares of Rs 10 each held by the company in Hinduja Energy (India) Limited and has appointed a committee of directors to look into this matter.

Noida Toll Bridge Co Ltd hits 20% lower circuit at Rs 17.85. The ride between Delhi and Noida on the DND Flyway became toll-free after the Allahabad high court on Wednesday ordered the private concessionaire to stop collecting user-fee from commuters, saying they were being illegally taxed.