'What you need is a credible Opposition, a credible platform to persuade people to believe that it can replace this government.'
For a while, it seemed the markets were going on a free fall.
The 30-share Sensex surged 299 points to close at 28,736 and the 50-share Nifty gained 90 points to end at 8,723.
'My sense is that we should be braced for a correction.' 'It has already begun in the mid-caps for the past month, and will now spread to larger stocks as well.' 'Use the correction to upgrade the quality of your portfolio,' advises Akash Prakash.
'Election years tend to see high government expenditure on unproductive schemes, though that money sloshing around can boost private consumption.' 'Again, it can mean higher inflation,' explains Devangshu Datta.
ONGC was the top loser in the Sensex pack, shedding 4 per cent, followed by Bharti Airtel, SBI, IndusInd Bank, NTPC, Sun Pharma and ITC. On the other hand, Bajaj Finance, Bajaj Auto, Reliance, Bajaj Finserv and Asian Paints were among the gainers.
The exemption from MAT does not apply retroactively.
Kotak Bank was the top loser in the Sensex pack, falling around 3 per cent, followed by Axis Bank, Sun Pharma, HDFC Bank, Bajaj Finance and Asian Paints. On the other hand, ONGC, PowerGrid and IndusInd Bank were the gainers.
Governments in most of the world saw their approval ratings dip as they struggled to contain the raging virus, which hit economy hard everywhere, but Indian politics followed a different script, with the outgoing year marking further shrinking of a rudderless Congress while the ruling BJP soared riding on Modi's enduring appeal.
The filing of offer documents with the capital markets regulator - Securities and Exchange Board of India - has more than halved this financial year (2022-23, or FY23) as the outlook for new share sales has worsened, following correction in the secondary market. So far in FY23, 66 companies filed their draft red herring prospectus (DRHP), as opposed to 144 in the preceding financial year (2021-22, or FY22).
India's top fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion (Rs 19,000 crore) in revenue for keeping petrol and diesel prices on hold during elections in five states, including Uttar Pradesh, Moody's Investors Services said on Thursday. State fuel retailers did not revise petrol and diesel rates for a record 137 days despite prices of crude oil (raw material for producing fuel) rising to $120 per barrel compared to around $82 in early November when the hiatus began. "Based on current market prices, the oil marketing companies are currently incurring a revenue loss of around $25 (over Rs 1,900) per barrel and $24 per barrel on sale of petrol and diesel, respectively," Moody's said in a report.
Existing bank deposits will continue with past rates until renewed on maturity.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Rupee is seen to remain in the range of 67.50-68.80 in the short-term
'This fall is nothing. We could see worse if everybody hits the panic button.'
The large current account deficit and the growing vulnerability on the external front have largely contributed towards the secular decline and the current volatility of the rupee.
Take a call to stay put or opt our based on whether you think the company will be able to find a strategic investor, suggests Sanjay Kumar Singh.
A mistake here can prove costly.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
The Securities and Exchange Board of India (Sebi) has directed Franklin Templeton MF to pay Rs 5 crore as penalty, return over Rs 450 crore collected as 22-month investment management and advisory fees, and imposed a two-year ban on launching new debt schemes for alleged irregularities in running six of its debt schemes that were shuttered last year.
The Association of Mutual Funds in India (Amfi) has already taken up the matter with the market regulator and the finance ministry.
The only real solution to the jobs crisis, whether in India or abroad, is to direct tech innovation towards job enhancing sectors, and disincentivising job-replacing ones, observes R Jagannathan.
'Our competitiveness with China is very important.' 'If the exchange rate depreciates, it is good for us because it helps in our competitiveness.'
Fiscal consolidation is keenly awaited.
'2022 has not been -- and will not be -- the kind of 2021 bull market, which lifted all boats.'
'Open conflict would be a disaster for both China and India.'
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Heavy selling of the US dollar by banks and exporters in the face of renewed capital inflows predominantly kept sentiment highly buoyant
'It's a clear case of political patronage helping an individual grow.'
Pragmatism and flexibility is a virtue. An untethered and short-term approach to policymaking is a flaw, argues Mihir S Sharma.
Byju's, Flipkart, PharmEasy and CRED, among others, have taken the acquisition route to grow
The markets have been unable to sustain at higher levels as a rise in bond yields globally, especially in the US have dented sentiment. Surging commodity prices, especially crude oil that have now hit $70 a barrel (Brent) coupled with inflation woes and fear of sporadic lockdown across major economic hubs back home as Covid cases rise have chased the bulls away. In the short-term, analysts expect the markets to remain volatile as they react to news flow - both from overseas and developments back home. Investors, they say, need to keep a tab on how the US treasury yields move, which in turn will have a ripple effect on how big money moves across developed (DMs) and emerging markets (EMs), including India.
The Budget oration of the finance minister and the confidence with which she delivered it, along with the measures and the recent upsurge in the economy would all contribute to unleashing the storied 'animal spirits' and help the economy run on the growth path quite smoothly. Or so the government hopes, notes Shreekant Sambrani.
Ajit Mishra answers reader queries on the stock market.
Over the past week, the BSE Sensex ended on a muted note, showing a marginal gain of 2.25 points at 28,114.56.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
'Investors should hold equity assets for 3 to 5 years.'
Thanks to Budget 2018, seniors can invest more and also save more.
Investing in the US market provides Indian investors a hedge against the rupee's long-term tendency to depreciate against the dollar.
Leading brokerages Nomura and Barclays on said current account deficit, which unexpectedly improved to 4.8 per cent in 2012-13, but still at a historic high, could moderate further this fiscal on slowing gold imports and cheaper commodities.
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