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24
October 2016
I had
mentioned in Friday’s closing report that Nifty, Sensex were directionless. The
major indices of the Indian stock markets were range-bound on Monday and closed
with small gains over Friday’s close. The trends of the major indices in the
course of Monday’s trading are given in the table below: The Total Investment & Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Positive global cues, along with
bargain hunting and a strengthened rupee, lifted the Indian equity markets
during the mid-afternoon trade session on Monday. Besides, recovery in crude
oil prices and latest reforms measures for the banking sector, too, buoyed
investors' sentiments. The BSE market breadth was tilted in favour of the bulls
-- with 1,685 advances and 1,164 declines. On the NSE, there were 855 advances,
639 declines and 63 unchanged.
Bank Nifty traded firm due to fresh
buying. IT (information technology), pharma and aviation stocks traded with mix
sentiments, while auto stocks witnessed a healthy recovery from lower levels,
pointed out market analysts. The Total
Investment & Insurance Solutions
The Supreme Court will hold a hearing
on Friday (October 28) on whether the names of the individual and companies
with non-performing assets (NPAs) of Rs500 crore or more could be made public.
A bench of Chief Justice TS Thakur, Justice DY Chandrachud and Justice L
Nageswara Rao on Monday decided to hold a hearing on the limited point as
counsel for NGO Centre for Public Interest Litigation (CPIL) Prashant Bhushan
urged the bench to make public the list of the defaulters submitted by the
Reserve Bank of India. Bhushan told the bench that since the apex bank was
covered under the Right to Information Act, the list of defaulters with NPAs of
Rs500 crore or more should be disclosed. Bank Nifty closed at 19,807.90,
up 0.49%.
Under the proposed Goods and Services
Tax (GST) regime, individuals and entities can pay taxes online using debit or
credit cards, the government said on Sunday. "With regard to payments, the
best thing that will happen is all payments will have to be made online. You
can use any mode of payment, electronic, NEFT, RTGS. You can do it through
debit cards or credit cards of any bank," Revenue Secretary Hasmukh Adhia
said while addressing the Global Investors Summit here. "You need
not open an account in banks of government. Even if you have account in a private
bank, you can transfer money and it will reach the government," Adhia
said. The Total Investment &
Insurance Solutions
With falling bank deposit rates
hitting time deposits hard, people are turning to financial instruments like
shares, mutual funds, debentures, currency and tax-free bonds for higher returns,
says the Reserve Bank of India (RBI). Stakeholders feel the trend would
continue and the bankers would be up against more competition from relatively
high-yielding financial instruments in garnering deposits as long as the
low-deposit-rates regime persists. "Time deposits were muted by the
moderation in deposit rates (both nominal and real). Large issuances of
long-term tax-free bonds by various public sector units contributed to the
deceleration in deposits, besides the higher returns on small savings which are
not subject to tax deduction at source (TDS). "As a result, scheduled
commercial banks' (SCBs') deposits decelerated to 9.3% in 2015-16, the lowest
since 1963-64," said RBI's latest Annual Report.
A strengthened US dollar and FCNR B
(Foreign Currency Non Resident Bank) payments, drained $1.50 billion from
India's foreign exchange (Forex) kitty, experts said on Saturday. According to
the Reserve Bank of India's (RBI) weekly statistical supplement, the overall
Forex reserves fell by $1.50 billion to $366.13 billion for the week ended
October 14. The foreign reserves' kitty had dipped to $367.64 billion as on
October 7, against $371.99 billion on September 30. "We expect volatility
in reserves to continue over the next 8/10 weeks, as FCNR payments drawdown
reserves but they are from time to time replenished by maturing long USDINR
forward positions of RBI," Anindya Banerjee, Associate Vice President for
Currency Derivatives with Kotak Securities, told IANS. This is likely to make
it easier for foreign institutional investors to bring money into Indian stock
exchanges.
The top gainers and top losers of
the major indices are given in the table below:
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| Top Gainer (The Total Investment & Insurance Solutions) |
The closing values of the major
Asian indices are given in the table below:
The
Total Investment & Insurance Solutions
 |
| Asian Indices (The Total Investment & Insurance Solutions) |
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