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26 December
2016
I had mentioned in Friday’s closing
report that Nifty, Sensex might bounce back next week. The major indices of the
Indian stock markets suffered a sharp correction on Monday of around 0.90% 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)
Investors were spooked by Prime
Minister Narendra Modi's hint of raising taxes on income generated via stock
market. Besides, continuous outflow of foreign funds dragged the key domestic
indices lower. However, the Finance Minister Arun Jaitley clarified on Sunday
itself that the government has no plans to impose long-term capital gains tax
on share transactions in the upcoming budget, describing media reports of Prime
Minister Narendra Modi's speech earlier as erroneous. Market sentiments however
remained low on Monday. The BSE market breadth was tilted in favour of the
bears -- with 2,015 declines against 583 advances. On the NSE, there were 197
advances, 1,249 declines and 53 unchanged. Pharma stocks continued to be under
pressure as were metal stocks after there was a sharp decline of metal prices
in Asian trade.
Industry chamber Confederation of
Indian Industry said on Sunday that "a digital infrastructure providing
comprehensive data to financial institutions would help smoothen access to
credit from the borrower's angle and assessment of credit worthiness from the
lender's side. It would supply identification, financial information, credit
information and other information related to governance of a company.” CII has
suggested that abundant data on small and medium enterprises (SMEs) and
corporates through various sources can be made available to the banks and other
lending institutions. The banks may choose to offer loans at varied interest
rates depending on the strength of the data of the customer, it added. The Total Investment
& Insurance Solutions
An auditors body on Monday sought
independent powers of investigation for Parliament's Public Accounts Committee
(PAC), and demanded that banks, other financial institutions and PPP projects
be brought under the purview of India's official auditor. "The Institute
of Public Auditors of India (IPAI) has strongly demanded that the PAC be given
enough powers to take up issues for investigation on its own. "It also
advocated to bring banks, other financial institutions and projects under the
public-private partnership (PPP) within the scope of the Comptroller and
Auditor Generals' (CAG) audit," the body of public finance specialists
said. "A report should also be placed in Parliament about
recommendations of the PAC, which have not been accepted by the government,
along with reasons thereof," IPAI said in a statement, adding that a time
limit should be set within which departments should submit their Action Taken
Reports. "Currently, banks, financial institutions and PPP projects are
not under the purview of CAG, and in view of various anomalies witnessed
recently in these important segments of economy, the CAG should be empowered to
audit these sectors' records to ensure transparency and accountability,"
the statement added. Bank Nifty closed lower on Monday.
The top gainers and top losers of
the major indices are given in the table below:
 |
| 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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