Benchmark indices Sensex fell 134 points to close at 36,444 while Nifty declined 0.36% to settle at 10,922. Auto and metal stocks led the decline today with M&M, Tata Steel and Vedanta falling over 3%. Other major losers in the Sensex 30 pack included Maruti Suzuki, Bharti Airtel, HCL Tech and L&T, down between 1% and 2%. Among the gainers, Sun Pharma surged 5% while Kotak Mahindra Bank, Bajaj Finance and Hero MotoCorp rose between 1% and 2%. IMF in its latest forecast trimmed its global growth forecast to the weakest in three years.
The benchmark Sensex opened on a cautious note on Monday but recovered to rally 250 points, helped by continued buying in select bluechips by domestic. The NSE Nifty, too, rose 53.10 points to 10,960.05 during the day. Major gainers included Sun Pharma, RIL, Infosys, Bajaj Finance, Bharti Airtel, Tata Motors, Yes Bank, TCS, HUL, Tata Steel, NTPC, ICICI Bank, HCL Tech, Asian Paint, Vedanta, ITC, M&M, Maruti Suzuki and HDFC Bank.
The Serious Fraud Investigation Office (SFIO) has sought the cancellation of the banking licence of DCB Bank for its role in the National Spot Exchange Limited (NSEL) scam. Nearly five years after the scam broke out in 2013, it has now become known that India Infoline Commodity (IICL) and DCB Bank had entered into an agreement to encourage the bank’s clients to enroll with IICL for trading on NSEL. DCB was neither authorized, nor did it take RBI's clearance to enter into an agreement with IICL to push its clients to trade on NSEL, said the SFIO investigation report.
Indian incense stick exporters can soon start shipping the product to European markets, including Italy, after putting appropriate labelling on the goods. The exports of these sticks to Europe were earlier facing issues after Italian customs authorities seized consignments, alleging that the product contained harmful chemicals beyond a permissible limit. The issue was immediately taken up by Union Commerce Minister Suresh Prabhu with Italian authorities for its resolution. As Italy is a member of the European Union, restrictions on imports of these sticks from India applied to all the member countries.
Shares of Axis Bank rose by almost 2% to hit a record high of Rs 679 per share on BSE amid expectations of a strong recovery in earnings due to lower provisioning. The stock surpassed its previous high of Rs 677 recorded on September 10, 2018, in intra-day trade. In the past two weeks, Axis Bank has surged 12% to outperform the S&P BSE Sensex which rose by just 3% during the same period.
The National Stock Exchange (NSE) on Friday notified extension of zero transaction charges on commodity derivatives for another 3 months from January 12, 2019, to April 11, 2019. NSE had announced the introduction of commodity derivatives segment from October 12, 2018.
Ashok Chawla resigned on Friday as chairman of the National Stock Exchange of India Ltd (NSE) with immediate effect. Chawla had to resign after the CBI obtained a go-ahead from the concerned ministries to file charges against him and four other former bureaucrats in the Aircel-Maxis case. Individuals under prosecution and those who have been convicted of any offense involving moral turpitude or an economic offense or violation of securities laws cannot lead stock exchanges under SEBI norms
Two umbrella bodies of brokers — Association of National Exchanges Members of India (ANMI) and BSE Brokers Forum (BBF) — have submitted a list of demands that include exemption from long-term capital gains (LTCG) tax on shares held for over three years, abolition of stamp duty on stock exchange transactions, rationalisation of securities transaction tax (STT) in equity derivatives and an alternative mechanism for dividend distribution tax which, according to brokers, leads to triple taxation.
The 30-share Sensex failed to hold on to its early gains and settled 96.66 points, or 0.27%, lower at 36,009.84. The NSE Nifty too slipped by 26.65 points to close at 10,794.95. The major losers on the Sensex included Indusind Bank, Tata Motors, TCS, Yes Bank and L&T. Among the gainers were ITC, ONGC, Vedanta Ltd, Infosys, Axis Bank and HDFC.
Dell has unveiled a new laptop named Latitude 7400 2-in-1 at the ongoing Consumer Electronics Show (CES) 2019 with what appears as a "sixth sense". The feature detects user presence, wakes the system, and immediately scans for facial recognition to log in with Windows Hello and will recognise when a user steps away for a break and will lock itself to preserve battery life and maintain security, the PC maker said.
BSE Sensex and Nifty50 rallied for the fourth straight day driven by a surge in the private banking stocks along with gains at FMCG counters. While Sensex gained 232 points, or 0.64%, to settle at 36,213, Nifty gained 53 points, or 0.49%, to close at 10,855. A possible trade pact between US and China also sparked optimism in the global markets. The 30-share Sensex rally was led by Axis Bank, ITC, Tata Motors, Bharti Airtel, IndusInd Bank and HDFC.
Every mutual fund house incurs expenses. Mutual fund schemes are permitted to deduct these expenses from a portion of the investment assets held by it. Equity funds are allowed to charge up to 2.5% of the assets that a scheme manages; debt funds’ expenses are capped at 2.25%. Ideally, the lower the expense, the better it is as expenses reduce fund returns. But a low expense ratio is just one of the many parameters that investors should look at.
Bullish global factors and a strong rupee snapped the losing streak of key Indian indices. BSE Sensex ended the day at 35,695, up 181 points while, Nifty50 gained 55 points to settle at 10,727. The gains were primarily led by banking and financial stocks. The top gainers were YES Bank, Bharti Airtel, Tata Motors, Vedanta, Tata Steel and SBI. Technology stocks led by HCL Tech, TCS and Infosys ended in red. Among the sectoral indices, BSE Telecom was the biggest gainer, surging 2.73%.