ITC, State Bank of India, HCL Technologies and IndusInd Bank were the other big laggards. NTPC, UltraTech Cement, HDFC Bank and Mahindra & Mahindra were among the gainers.
Finance Minister Nirmala Sitharaman on Tuesday said the securities transaction tax (STT) will be increased on futures and options (F&O) trade from October 1 to discourage retail investors from investing in the risky instrument.
The steep cut in Customs duty on silver in the FY25 Budget to 6 per cent from 15 per cent may provide the government temporary relief by checking the spurt in silver imports from the United Arab Emirates (UAE) under the Comprehensive Economic Partnership Agreement (CEPA). In FY24, silver imports from the UAE jumped to $1.7 billion from only $11.18 million in FY23, according to commerce department data. In May, about 87 per cent of India's silver imports came from Dubai.
Invest with a 5 to 7 year horizon so that you are able to ride out price volatility and benefit from the long-term trends of demand and macroeconomic shifts.
In the Sensex pack, Mahindra & Mahindra tanked over 6 per cent after the company cut the prices of its SUV models to boost demand. Mahindra & Mahindra said its XUV700's fully-loaded AX7 range now starts at Rs 19.49 lakh, a price cut of over Rs 2 lakh. Tata Steel, Tata Consultancy Services, HCL Technologies, State Bank of India, JSW Steel, Tata Motors and Kotak Mahindra Bank were other losers.
The advisory gave relevant phone numbers in case of emergency and also provided URLs for Israeli Home Front Command and Preparedness brochures.
Equity markets will take cues from global trends and trading activity of foreign investors, while in the latter part of the week the first quarter earnings from IT majors TCS and HCL Technologies would guide investor sentiments, analysts said. Markets may consolidate after the record rally last week, experts added. "On the domestic front, the Q1 earnings season begins this week. Key companies such as TCS and HCL Technologies will release their earnings on July 11 and 12, 2024, respectively.
This is the third instance when outsourcing of key oversight jobs by global banks to India has come under the regulatory scanner abroad for ineffective controls against suspicious financial transactions.
Release of key macroeconomic numbers, monthly derivatives expiry, and global cues are likely to drive stock market movement this week, according to analysts. Markets will also be reacting to remarks made by the US Federal Reserve Chair Jerome Powell, they said. "This week, we expect the market to witness a gradual up-move with stock-specific action.
Equity benchmark indices Sensex and Nifty settled higher on Thursday, powered by a rally in banking and power stocks amid a largely firm trend in global markets. The stock markets mostly traded range-bound in the absence of any major trigger and persistent foreign capital outflows, traders said. The 30-share BSE Sensex rose 144.31 points, or 0.18 per cent, to settle at 81,611.41.
National Stock Exchange (NSE) chief Ashishkumar Chauhan on Friday cautioned retail investors against trading in derivatives and suggested them to invest in equities through mutual fund route. He emphasized that trading in Futures & Options (F&O) derivatives should be limited to informed investors who can manage risk and comprehend the market. Recently, Finance Minister Nirmala Sitharaman and chief economic advisor V Anantha Nageswaran flagged the growing risk of F&O trading for retail investors.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
Uzbekistan lives comfortably in several centuries but is also a forward-looking nation, Deepa Gahlot discovers on a visit to this Central Asian country.
As of March 2023, the share of accounts belonging to women stood at 36.4 per cent (917.7 million) of the total 2.52 billion individual accounts.
'It's dull because this time the election is spread over such a long period.'
Gautam Adani had in the late 1970s applied to join a Mumbai college for education, but the college rejected his application. He did not pursue education but turned to business and went on to build a $220 billion empire. About four-and-a-half decades later, he gets called to the same college to deliver a lecture to students on Teachers Day. Adani had moved to Mumbai at the age of 16 and started working as a diamond sorter.
The liquidity will move into deficit after advance tax payments and GST outflows. It will rebound in October because of government spending.
'Despite the current uncertainties, the long-term outlook remains constructive due to strong fundamentals, government initiatives, and a stable banking sector.'
The Securities and Exchange Board of India's (Sebi's) six-step plan to curb retail participation in speculative index derivatives may lead to a substantial drop in volumes - potentially by 30-40 per cent. These measures aim to reduce excessive speculation in the futures and options (F&O) segment, where daily turnover often exceeds Rs 500 trillion and retail investors end up on the losing side of the trade more often. Sebi has decided to increase the contract size from Rs 5 lakh to Rs 15 lakh, raising margin requirements and mandating the upfront collection of option premiums from buyers.
The Opposition party's prime ministerial candidate Narendra Modi on Thursday said India's millions of family-owned traders must learn to work with large modern shops and online retailers, in comments that could signal a shift in thinking.
Twelve of the 22 Indian diamond traders, detained in China on charges of smuggling, returned home early on Friday after they were let off following deportation orders by a Chinese court. "We are happy that 12 diamond traders held in China returned to India late last night. We are making all efforts to bring back the remaining traders," Gems & Jewellery Export Promotion Council Chairman Rajiv Jain said.
Four times more liquor has been seized in the 2024 election than during the 2019 polls.
Stock exchanges are expanding the buffet of index derivatives even as the number of stocks permitted to trade in this space, generating an average daily turnover of Rs 450 trillion, is shrinking. This week, the National Stock Exchange (NSE) started issuing futures and options (F&O) contracts based on the Nifty Next 50 Index, bringing the total count of index derivatives to five.
Automobile, apparel and electronics are among sectors that see a sales boost during the festival season, a time when investors expect gains in related stocks. This year could be different: Analysts have factored in all positives and do not expect such stocks to deliver lucrative returns. "Indian households spend across sectors like automobiles, consumer durables, and consumer staples during the festival season.
Futures trading in natural rubber has always been a bone of contention for traders, growers and manufacturers for quite sometime in India.
From florists in Ghazipur's phool mandi to sweet shop owners in Old Delhi's Chandni Chowk, the preparations, if not the sales, have already begun.
As the results season kicks in, the quarterly earnings numbers of several blue-chip firms -- such as Infosys and Reliance Industries -- along with global trends and trading activity of foreign investors, will determine equity market movement in the holiday-shortened week ahead, according to analysts. The domestic WPI inflation data for June -- scheduled to be announced on Monday -- will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram.
Coal India Limited's (CIL) October-December quarter of financial year 2023-24 (Q3FY24) results have beaten the Street's estimates. Revenue rose 3 per cent year-on-year (Y-o-Y) to Rs 36,200 crore, led by higher volumes and better realisation from Fuel-Supply Agreement (FSA) coal. The blended average selling price (ASP) was down 6 per cent Y-o-Y to Rs 1,727 per tonne, and the FSA ASP was up 3 per cent Y-o-Y to Rs 1,532 per tonne.
Traders' body CAIT on Thursday said the ongoing farmers' agitation in Delhi-NCR has caused a business loss of nearly Rs 50,000 crore. Confederation of All India Traders (CAIT) secretary-general Praveen Khandelwal said the government's fresh proposal to keep farm laws in abeyance for one-and-a-half year and constitute a joint committee with farmer leaders "is quite justified and reasonable which indicates its willingness to resolve the crisis".
The market capitalisation of BSE-listed companies soared to an all-time high of Rs 406.52 lakh crore on Monday thanks to a rally in equities where the BSE Sensex climbed over 1 per cent. The 30-share BSE Sensex rallied 941.12 points or 1.28 per cent to finish at 74,671.28. During the day, it zoomed 990.99 points or 1.34 per cent to 74,721.15.
'The stockbroker should have a good balance sheet to support its scale of operations. It should also have proper risk management in terms of margins so that it doesn't go bankrupt during extreme market movements.' 'The broker must have a track record of navigating several market cycles in an ethical and transparent manner.'
The Centre has slapped as many as 148 notices on e-commerce players in the past three months for not complying with the mandatory display of the 'country of origin' tag on products sold. "Of the 148 notices, 56 have compounded it (the offence) and paid up around Rs 34 lakh," a senior official told Business Standard. "Every product has to display the country of origin, along with other basic information," the official added. In the case of e-commerce companies, these details have to be clearly displayed on their portals.
High vegetable prices are expected to keep food inflation firm in the months to come.
Infosys chairman and Aadhaar architect Nandan Nilekani will join a panel set up by the central government, along with eight other members, to advise the government on designing and accelerating adoption of Open Network for Digital Commerce (ONDC), aimed at curbing digital monopolies. The larger idea is to give 'free and fair' choice to consumers to buy products on an online platform, a senior government official said.
India's largest traders' association CAIT on Tuesday said few multinational e-commerce giants with a heavy arsenal of funding are attempting to flout foreign investment guidelines for the sector and demanded strict enforcement action. Releasing a whitepaper on the e-commerce policy, the Confederation of All India Traders (CAIT) said e-commerce entities have "structured their relationship as marketplace with sellers in a such a way that they are in a position to control either seller on their platform or the inventory and also escape the scrutiny of the enforcement agencies." "Under the guise of such control or ownership over sellers, the issue also permeates from being a mere FDI policy violation to also being an anti-competitive conduct," it said.
Non-resident Indians are bringing gold into the country by taking advantage of rules that allow each individual to carry 1 kg of the metal, helping traders cope with restrictions on imports during the peak wedding season.
In the notice issued on Sunday, the ECI has notified the main organiser of the 'Auto Rajakanmar Iftar' event, Abubakar Siddique, for violating the election model code of conduct.
Pin collecting and trading goes as far back as 1896 when the first modern Olympics were held.
Last November, a lawyer for Future Retail Limited (FRL) told Delhi high court that Amazon is interfering with its lawful business and thousands may lose their jobs and FRL may go bankrupt. Senior advocate Harish Salve, who appeared for FRL, likened Amazon to East India Company. Senior advocate Gopal Subramanium, who represented Amazon, told the Future counsel to keep the "East India Company" rhetoric aside, as Amazon has invested $6.5 billion all over India and created 900,000 jobs. This drama played out in the case in which Amazon has challenged Future's $3.4-billion deal with Reliance, alleging the retailer's deal breached an agreement with the American e-commerce firm.
Analysts are of the view that long-term investors could continue to hold the stock, irrespective of the MSCI development.
