Political risk culminating from elections in the US and Latin America, and evolving right-wing populism in Europe could lead to substantial volatility, say Abheek Barua & Tushar Arora.
'The estimates of tax forgone on this item run into hundreds of billions.' 'And there is neither fairness nor rationality to support continuing with this tax holiday for just one class of investors, those who put their money in shares,' says T N Ninan.
It won't be an easy ride for the markets, reckon experts, considering the multiple state elections in 2018 and general elections next year.
Pharma major Sun Pharma remained the worst loser in the Sensex pack for the second day in a row after reports that regulator Sebi may reopen the insider trading case against the company.
The S&P BSE Sensex ended 190 points up at 23,382.
As markets enter the new financial year and the long-term capital gains tax on the sale of stock investments kicks in, Abhinav Khanna, head of equities, Citi India, tells Puneet Wadhwa that he remains optimistic on the medium-to-long term growth of India, led by consumption recovery and the green shoots visible in the capex cycle.
If new goals have emerged, this is the time to make fresh investments.
Despite no change in interest rates, India's largest lender, State Bank of India, last week became among the latest to lower deposit rates, often a precursor to lower lending rates, something some banks have already done for certain consumer loans.
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To tackle the resultant inflation, the Indira Gandhi government had imposed price controls on manufactured products, including soaps and vanaspati, in 1973.
ICICI Bank and SBI were among the top Sensex gainers along with FMCG majors ITC and HUL.
Sensex closed over 118 points down on Thursday.
Markets extended losses to end 1.5% down on Tuesday, amid weak global cues, after investors turned cautious ahead of key economic data and booked profits in rate sensitive shares while the further fall in the rupee continued to weigh on investor sent.
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The rupee was last at 62.05/06 after gaining to as high 61.9650 against the dollar, its highest since Nov 19. It had closed at 62.44/45 on Friday.
The Sensex has now lost 878.32 points in six sessions -- its longest string of losses in six months.
Overall forex market sentiment suffered a sudden reversal of fortune contrary to expectation largely moving in line with local equities, reversing all early strong gains.
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The rupee is set to breach the Rs 60-a-dollar mark again this week as the Street expects foreign institutional investors to continue pulling out of domestic markets. According to the street, this would result in government bond yields rising.
High frequency indicators suggest that a growth recovery is underway, but very tentatively and with weak legs, says Saugata Bhattacharya.
Earlier, while presenting the Budget on February 1, Finance Minister Arun Jaitley had proposed to cap cash transactions at Rs 300,000 with effect from April 1.
The Reserve Bank of India (RBI) will have to take far more pro-active steps to rebuild forex reserves, because if the status quo remains, rupee could touch 75 per US dollar by the end of 2014, Bank of America Merrill Lynch said in a report.
In India, bond yields have fallen nearly 70 basis points in the last one year.
Asian shares ended higher after a string of positive US economic data.
The proposed China visit of Oli, who took over as prime minister in October, is in marked contrast to the usual practice the new prime ministers of Nepal follow. Most of the Nepalese premiers have visited India, ahead of China.
Indian market has been plagued by negative sentiment and triggers
'I am not optimistic about the global economy for the next couple of years.'
Rajan's deputy Khan cautions against early celebration of falling inflation, unhedged forex exposure.
Given the uncertainties around gold's future course, stagger your purchases and buy on declines, says Sanjay Kumar Singh.
The rupee resumed higher at 64.40 a dollar from Friday's close of 65.24 and touched a low of 64.54 at the interbank foreign exchange market.
Optimism about a stable govt at the Centre, a demand revival and falling oil prices buoyed the markets.
Low oil prices also means effectively transfer of wealth from the producing nations to the consuming nations
The Budget loosened the reins on public spending to drive growth.
A cyclone shelter building at Kelambakkam, which was recently given a fresh coat of paint, is the current home of nearly 100 Rohingyas who belong to 18 families. The neighbourhood is on the way to Mamallapuram, about 25 km from Tiruvanmiyur in south Chennai. While some Rohingya men work as butchers, some are helpers in restaurants and others do odd jobs like delivering goods on their fish cart.
Weakness in other currencies against the dollar overseas, after US Fed indicating interest rates could rise earlier than expected as the jobs market picking up, also put pressure on the local unit, forex dealers said.
'The variables to watch include the monsoon, resolution of NBFC liquidity issues, GST collections, and NPA resolution.'
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