Investors became richer by over Rs 6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22, which analysts termed as 'unprecedented' against the backdrop of the pandemic-induced slowdown. Cheering the Budget proposals, the BSE benchmark Sensex zoomed 2,314.84 points or 5 per cent to close at 48,600.61. During the day, it jumped 2,478.63 points to 48,764.40. This was the best Budget-day gain for the markets since 1997, analysts said. Following the extremely positive market sentiment, the market capitalisation of BSE-listed companies rallied Rs 6,34,069.67 crore to Rs 1,92,46,713.70 crore.
The Centre is in "mission mode" to fill vacancies in government departments and ministries. The Department of Expenditure is currently following up with other wings of the government to expedite pending appointments. Regular follow-ups are being made to fill the vacant positions, so that the stated target of eliminating 1 million vacancies is met by December 2023, ahead of the next Lok Sabha elections. Even as the nodal ministry for filling vacant positions in the government is the Department of Personnel and Training (DoPT), the Department of Expenditure's Establishment Coordination (Personnel) division is providing support for the recruitment drive.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
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At India Economic Convention organised by India Foundation, Parekh said the country needs $1 trillion in the 12th Plan of which 47 per cent was to come from private sector, but it has not happened in the first two years of the Plan period.
Large moves in equity and in currency are expected during March settlement.
The Finance Ministry is considering a proposal to set up a National Asset Management Company that may act as a nodal agency for taking over bad loans of banks and help revive sick units.
If only you had thought ahead, you would have stocked snacks and biscuits, bread and cake, and vegetables suited for Amma or pondatti to make your favourite bajji and pakoda, observes N Sathiya Moorthy.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
Small- and mid-cap stocks continued facing selling pressure due to stretched valuations.
Reserve Bank has almost finalised the structure of Central Fraud Registry.
Trai chairman Rajiv Khullar says, India has to pull up its stocks in order to achieve financial inclusion.
Public sector bank employees on Tuesday went on a day's strike all over the country to protest against mergers and acquisition of domestic banks and government's move to allow 74 per cent foreign direct investment in private banks.
In the broader market, the S&P BSE Midcap ended 0.1% down, while the S&P BSE Smallcap index gained 0.3%.
Investors need to evaluate how they stack up against other high credit quality fixed-income options before putting money in them.
The sentiment got support from better-than-expected earning results by select companies and continuous buying by domestic financial institutions.
Investors not comfortable investing directly may take the mutual fund route, where they get exposure to a diversified portfolio of bonds.
'While there has been an impact on economic activity, it is not as profound as the lockdown last year.'
Market cap of government companies has remained unchanged in the past 8 years.
Stick to export-focussed plays, large-caps, say analysts
Asian shares ended higher following a relief rally in global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election.
Rajan said the process of dialogue with the government did not reach a stage where he could have agreed to stay on
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The global brokerage firm in March had trimmed the growth forecast to 6 per cent and in June again it revised the growth estimate to 5.8 per cent.
'LIC's proposed investment will come out of what is technically called the 'policyholders funds'.' 'As the name implies, these monies belong to policyholders; that is, you, me and 25 crore others who have taken a total of 30 crore policies from LIC.' 'It is not the government's or LIC's money to play poker with,' says S Muralidharan, former managing director, BNP Paribas.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The broader market performance, however, is expected to be better by virtue of good performance of state-owned banks on a low base.
The banking sector in India is reeling under Rs 8 lakh crore of non performing assets (NPAs) or bad loans, of which PSU banks alone account for over Rs 6 lakh crore.
The breadth, indicating the overall health of the market, turned negative. On the BSE, 1,581 shares declined and 1,246 shares fell. A total of 165 shares were unchanged.
Coal India fell the most by 2.58 per cent among Sensex scrips, dragging the index into the negative zone.
GST stabilisation, DTC implementation and banking reforms are crucial for sustaining high growth for a long period, says Rashesh Shah.
'Periods of high volatility are usually bad for mid-caps and this is something that has to be kept in mind.' 'Focus on quality is of paramount importance.'
He cautioned however that these are the early signs and one should not start celebrating.
United Bank's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion)
NTPC was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Finserv, SBI, Bajaj Finance, Tech Mahindra, Dr Reddy's and Tata Steel.
The broader NSE Nifty gained 22 points to 10,480.60
Net investments in active equity mutual fund (MF) schemes rose to Rs 7,300 crore in December after declining to a 21-month low of Rs 2,260 crore in November, shows the latest data from the Association of Mutual Funds in India (Amfi). The rebound in net inflows was driven by a surge in investments and moderation in redemptions. While the inflows into these schemes rose 5 per cent month-on-month (MoM) in December, the redemptions were 14 per cent lower compared to November.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
Among the states due for election next year are AP, Haryana and Odisha, which have a fair share of agri credit. If these states individually announced debt relief, the combined waiver would be at least around Rs 600 bn to Rs 700 bn. Clearly, this will be a frightening challenge for Indian banks.
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