Shares of BSE on Wednesday tumbled more than 9 per cent after its rival NSE said that all Nifty index weekly derivatives contracts will expire on Monday instead of Thursday with effect from April 4. The stock of BSE tanked 9.39 per cent to Rs 4,035.10 apiece on the National Stock Exchange (NSE).
The share of Ahmedabad in the total value of trades on both the BSE and NSE is set to touch double digits for the third year in a row.
'Understand your financial goals. Next, categorise them by size. Then evaluate your investment options.'
To curb speculative trading, markets regulator Sebi on Tuesday put in place a stricter framework for equity index derivatives by increasing the minimum contract size and mandating upfront collection of option premiums. Other measures announced by Sebi included intra-day monitoring of position limits, removal of calendar spread benefit on expiry day, rationalisation of weekly index derivatives and increased tail risk coverage.
Benchmark BSE Sensex declined for the fourth day in a row on Wednesday due to selling in financial and banking shares and the government's move to hike securities transaction tax and short term capital gains tax. The 30-share BSE Sensex declined 280.16 points or 0.35 per cent to settle at 80,148.88 with 19 of its components closing lower and 11 with gains. During the day, it tumbled 678.53 points or 0.84 per cent to 79,750.51.
Leading brokerages have revised their charges with the true-to-label norms by the Securities and Exchange Board of India (Sebi) kicking in from Tuesday.
'These are capex and infrastructure-linked sectors, PSUs or stocks of some corporate houses.'
Adani Ports, NTPC, Infosys, Hindustan Unilever, HCL Technologies and Sun Pharma were among the other big gainers. However, Larsen & Toubro, Bajaj Finance, State Bank of India, Axis Bank and HDFC Bank were amonh the major laggards.
Brokers believe that the higher charges may not completely deter investors from taking bets in F&O but could help cool down some activity, as the threshold to break even rises.
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.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
Tracking losses in the broader market that has seen the Nifty Smallcap 250 index and the Nifty Midcap 100 indices slip 9 per cent 6.1 per cent in the last three sessions, the frontline Nifty 50 index has remained resilient and registered a fall of 2.2 per cent during this period. Going ahead, can the nervousness in the mid- and small-cap universe spread to the large-cap peers? Most analysts do not think so. They expect a minor dip and a sharp recovery as investors flock to the large-caps in search of safety and value buying as the mid-and small-caps falter.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
Gift Nifty will provide Indian investors cues on how domestic markets could react to global events.
The government on Friday proposed hiking the securities transaction tax on Futures & Options (F&O) contracts, a move that will increase the trading costs in the derivatives segment as well as help in curbing excessive trades. In the Finance Bill 2023, passed by the Lok Sabha on Friday, the Securities Transaction Tax (STT) on options is proposed to be increased to 0.0625 per cent from 0.05 per cent and on futures contracts to 0.0125 from 0.01 per cent. Analysts opined that higher STT will shore up the government's revenues to some extent and also discourage excessive trading since a large number of retail traders are losing money in the segment.
At close on Wednesday, the 30-share Sensex was up 135 points at 20,987, while the Nifty-50 had increased by 39 points at 6,238.80.
In a move that would benefit retail investors, the National Stock Exchange on Monday said the transaction charges would be lower by about 10 per cent in cash and derivatives segments but would levy system abuse charges in the Futures & Options category from October 1.
The S&P BSE Sensex rose 486 points to close at 26,367.
Benchmark indices increased for the fourth consecutive day amidst volatile trading and expiry of the Feb F&O contracts.
PSU banks and OMCs among the top gainers.
Sebi has barred eight entities from the securities market for indulging in insider trading activities in the shares of Infosys. While imposing the ban till further orders on the eight entities, the watchdog also directed impounding illegal gains worth Rs 3.06 crore from two of them -- Capital One Partners and Tesora Capital. The entities have traded in the scrip of Infosys while in possession of Unpublished Price Sensitive Information (UPSI) pertaining to Infosys' financial results for the quarter ended June 30, 2020, Sebi said in an interim order passed on Monday.
Last hour gains in HDFC Bank, Infosys and ONGC help the indices to end marginally higher.
Sebi suggests there should be checks on the quantity ordered and the margin available with the exchange, indicating brokers' exposure limits.
Broader markets gain nearly 1-1.5%, out-performing benchmark indices.
Nifty ended up 65 points at 4,779.
This is not the first time that users of Zerodha clients have faced technical issues. As recently as February, 2019, the platform faced a connectivity issue that led to a pile-up of orders.
Extended trading hours starting which started on Monday did nothing to boost the volumes on the bourses that opened nearly an hour earlier at 0900 hrs, as part of conscious efforts to align trade timing with the Asian markets.
Among the sectoral indices, the BSE Consumer Durables soared 4% to 3,334.
The F&O segment has been attracting huge volumes in recent months, with the average daily turnover above Rs 40,000 crore on the National Stock Exchange.
The derivatives (futures and options) are not treated as capital asset and the income arising from the transfer of the derivatives is treated as business income and liable for normal rate of tax for domestic investors, an official statement said on Saturday, clarifying the stand of tax authorities on gains made from derivatives trading.
NSE Nifty is trading at 4,280, up 30 points.
Volatility towards the close owing to the January futures & options expiry saw the index slip back into red and finish with a loss of 110 points at 17,649.
The markets opened in green tracking its Asian peers
In the case of Indian equities specifically, all eyes will now be on the next RBI monetary policy scheduled for September 29.
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