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Mumbai: Indian stock markets surged to new highs today amid firm global markets and strong buying from domestic institutional investors. The National Stock Exchange benchmark index Nifty hit a record high of 10,160, surpassing its August high of 10,137, while the BSE Sensex rose nearly 180 points. Noida-based Dixon Technologies made a blockbuster debut on exchanges with its shares rising over 65 per cent to Rs. 2,915 against its issue price of Rs. 1,766. All the sectoral indices on the BSE were trading in the green while gains were led by oil & gas, capital goods and banking stocks. The broadest index of Asia-Pacific shares outside Japan rose 0.9 per cent to reach heights not visited since late 2007. On Friday, the Wall Street touched record highs, with the S&P 500 surpassing 2,500.

 

 

Here are 10 things to know about Nifty, Sensex surge today:
  1. The rupee has held firm against the US dollar this year, rising nearly 6 per cent year to date. Surging foreign inflows into Indian debt markets, optimism about acceleration in economic growth from fiscal second quarter and subdued inflation has boosted inflows into Indian debt markets. The rupee was trading at 64.03 against the dollar in early trade, against Friday's close of 64.07. Investor wealth in Dixon Technologies surged over 65 per cent in a day after the Noida-based manufacturer of consumer electronic products made a strong debut on exchanges. Its Rs. 600 crore-IPO was subscribed 118 times on the back of strong demand from institutional investors and high networth individuals.

 

  1. Strong buying from domestic institutional investors (DIIs) has supported the 24 per cent rally in Indian stock markets this year. According to estimates, they have pumped in around Rs. 70,000 crore into stock markets this year till September.

 

 

  1. Retail investors are pumping in close to Rs. 5,000 crore in mutual funds through Systematic Investment Plans or SIPs, which are investment vehicles offered by mutual funds to help investors park small sums of money regularly.

 

 

  1. The Nifty has strong support at 10,000 levels, according to domestic brokerage Angel Broking.

 

 

  1. Asian shares hit decade highs today and the dollar held firm as there was relief that the weekend passed with no new provocation by North Korea. However, Pyongyang's nuclear ambitions will be centre stage when US President Donald Trump addresses world leaders at the United Nations on Tuesday.

 

 

  1. Other important events which could impact global markets this week: Some details of Mr Trump's tax plans may also emerge while elections in Germany and New Zealand will add extra political uncertainty to the mix.

 

 

  1. For markets, this week's main event, however, will be the Federal Reserve's policy meeting on Tuesday and Wednesday, "This week is all about global liquidity, with the Fed widely expected to announce the unwind of its balance sheet on Wednesday," ANZ analysts said in a note.

 

 

  1. Analysts say that the rupee is likely to remain supported even if the US central bank decides to pare its stimulus. Inflows from global investors and the RBI's record $400 billion reserves could keep rupee supported, they add.

 

 

  1. Global crude oil prices were hovering near five-month highs helped by forecasts for rising demand and the gradual restart of US refineries. This help fuel a rally in domestic oil & gas stocks, with Reliance Industries rising 0.80 per cent.

 

 

  1. Among the Nifty50 stocks, Tata Motors, Bharti Infratel, Bajaj Auto and L&T were among the top gainers, up between 1.5 per cent and 2 per cent.

 

 

 

 

 

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New Delhi: Positive global cues on the back of easing geo-political tensions, coupled with healthy buying in capital goods, banking and oil and gas stocks, lifted key Indian equity indices -- the BSE Sensex and the NSE Nifty50 -- on Monday.

 

The wider 51-scrip Nifty50 of the National Stock Exchange (NSE) reclaimed the 10,000-mark, which was breached on July 25 for the first time.

The Nifty50 provisionally closed at 10,006.05 points -- up 71.25 points or 0.72 per cent.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,798.31 points, closed at 31,882.16 points -- up 194.64 points, or 0.61 per cent, from its previous close at 31,687.52 points.

The Sensex touched a high of 31,952.87 points and a low of 31,797.89 points during intra-day trade.

The BSE market breadth was bullish -- with 1,406 advances and 1,227 declines.

On Friday, the benchmark indices closed on a flat note -- marginally in the green -- buoyed by a strong rupee and good buying activities in capital goods stocks.

The Nifty50 was up 4.90 points, or 0.05 per cent, to close at 9,934.80 points, while the Sensex closed at 31,687.52 points -- up 24.78 points, or 0.08 per cent.

 

 

 

 

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New Delhi: The 21st meeting of the Goods and Services Tax (GST) Council led by Finance Minister Arun Jaitley is underway today in  Hyderabad where state finance ministers red flagged the glitches in the GST Network's (GSTN) portal faced by traders while filing their maiden returns for July. The leaders will also discuss imposition of higher cess on luxury and SUV cars and reduction of tax rates on about two-dozen items. These are the key issues that form the agenda of the Council:

1) Ahead of the GST Council's meeting here today, West Bengal Finance Minister Amit Mitra said that although it was claimed that GSTN can handle 3 billion invoices, the glitches in the portal show that GST was implemented in haste.

2) Jammu & Kashmir Finance Minister Haseeb Drabu said that the issues faced by GSTN are operational and technical, and these would have happened even if the GST was implemented a year later. Mr Drabu suggested that a group of ministers be formed to look into issues faced by taxpayers on GSTN portal.

3) Mr Mitra suggested that a white paper be brought out on the preparedness of GSTN-- the company which operates the IT backbone for GST.

 

4) Due to a huge rush of July GSTR-3B return filing on the penultimate date, the GSTN software witnessed glitches and the last date of filing was extended. Also the date of final return filing for GSTR-1 was extended to September 10 in view of rush in invoice uploading.

5) State finance ministers are also expected to raise various issues flagged by traders and businesses in today's meeting.

6) So far, over 45 lakh GSTR-3B, 17 lakh GSTR-1 and over 13 crore invoices have been filed on GSTN portal.

7) Among other issues, the Council will discuss quantum of hike in cess on a range of carsfrom mid-sized to hybrid variants. The Council in its last meeting on August 5 approved a hike in cess on mid-, large-sized cars, SUVs, hybrid and luxury ones to up to 25 per cent, from earlier 15 per cent. Following that, an ordinance to hike the cess rate has been promulgated and the GST Council will now look at the quantum of hike on such cars.

8) The Council will also consider lowering tax rates on over two dozen products, including idli/dosa batter, dried tamarind, custard powder and kitchen gas lighter after anomalies in their fixations were pointed out.

9) The Council will also formulate a mechanism to deal with businesses that are deregistering their brands post GST to avoid taxes.

10) The fitment committee has proposed to the GST Council to consider May 15, 2017, as the cut-off date for considering registered brands for the purpose of levy of GST, irrespective of whether or not the brand is subsequently deregistered. Unbranded food items are exempted from GST, whereas branded and packaged food items attract 5 per cent rate. Hence, many businesses are deregistering their brands to avoid the levy. (With PTI Inputs)

 

 

 

 

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New Delhi:  India will become the fifth largest consumer market in the world by 2030, a joint report said here on Thursday.

According to a Ficci-Deloitte report on the retail, fast moving consumer goods (FMCG) and e-commerce sectors in the country, the consumer retail industry is expected to reach a size of Rs 85 trillion by 2021.

 

"Consumer retail forms an integral part of the industry with a current estimated size of more than Rs 45 trillion," said the report "Konnected to Consumers".

"It is further expected to witness a CAGR of over 10 per cent in the period 2016-21 to reach a size of Rs 85 trillion by 2021," it added.

The report said the consumer industry is one of the most dynamic and amongst the fastest growing industries in India.

Although optimism is well founded and makes India attractive to FMCG firms and retailers, challenges remain like poor basic infrastructure, a complex multi-layer regulatory and taxation regime, the report added.

--IANS

 

 

 

 

 

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New Delhi: Key Indian equity indices -- the NSE Nifty50 and the BSE Sensex -- provisionally closed on a flat note on Thursday with healthy buying in automobile, metal and capital goods stocks.

The wider 51-scrip Nifty50 of the National Stock Exchange (NSE) rose by 18.70 points, or 0.19 per cent, to provisionally close (at 3.30 p.m.) at 9,934.90 points.

 

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,738.74 points, closed at 31,662.74 points -- fractionally up 0.77 points, from its previous close at 31,661.97 points.

The Sensex touched a high of 31,814.96 points and a low of 31,620.44 points during intra-day trade.

The BSE market breadth was slightly bullish with 1,404 advances and 1,171 declines.

On Wednesday, the benchmark indices were pulled lower by negative global cues, coupled with heavy selling pressure in index heavyweights like Sun Pharma and ITC and substantial outflow of foreign funds.

The Nifty50 fell by 36 points, or 0.36 per cent, to close at 9,916.20 points, while the Sensex closed at 31,661.97 points -- down 147.58 points, or 0.46 per cent.

 

 

 

 

 

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Mumbai: The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.

The Sensex of the BSE after opening at 31,713.50 points, touched a low of 31,586.53 points.

 

The Sensex is trading at 31,642.91 points down by 166.64 points or 0.52 per cent from its Tuesday's close at 31,809.55 points.

On the other hand the broader 51-scrip Nifty at the National Stock Exchange (NSE) opened at 9,899.25 points after closing at 9,952.20 points.

The Nifty is trading at 9,888.65 points in the morning.

 

 

 

 

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Mumbai: Key Indian equity indices -- the NSE Nifty50 and the BSE Sensex -- surged from the flat zone to provisionally close on a higher note on Tuesday, with healthy buying witnessed in consumer durables, banking and oil and gas stocks.

According to market observers, index heavyweights like Coal India, Reliance Industries, Adani Ports and Tata Motors aided the indices in their bull run.

 

The wider 51-scrip Nifty50 of the National Stock Exchange (NSE) provisionally closed above the 9,950-mark. At 3.30 p.m., it closed at 9,952.20 points -- up 39.35 points or 0.40 per cent.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,755.16 points, closed at 31,809.55 points -- up 107.30 points or 0.34 per cent from its previous close at 31,702.25 points.

The Sensex touched a high of 31,863.47 points and a low of 31,674.23 points during intra-day trade.

The BSE market breadth was bullish with 1,650 advances and 906 declines.

On Monday, the benchmark indices closed on a lower note on the back of negative global cues and heavy selling pressure in auto and banking stocks.

The Nifty50 fell by 61.55 points, or 0.62 per cent, to close at 9,912.85 points, while the Sensex witnessed a fall of over 300-points during the day's trade to close at 31,702.25 points -- down 189.98 points or 0.60 per cent.

 

 

 

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Mumbai: Gold prices jumped to Rs. 30,600 per 10 grams on Monday - the highest level this year - tracking higher global rates. Gold prices were at around Rs. 28,000 at the beginning of this year. Increased buying by local jewellers also lifted domestic gold prices. In domestic markets, silver also moved up by Rs. 200 to Rs. 41,700 per kg on Monday backed by increased offtake by industrial units and coin makers. Domestic gold prices closely track global prices, as India meets almost all its requirements from imports. Besides that import duties and the dollar-rupee value also affects domestic gold prices.
Why Gold Prices Are Rising

1) Gold prices jumped to their highest in nearly a year on Monday in New York as escalating tensions between North Korea and the United States and a weaker dollar persuaded investors to take refuge in assets perceived to be safe. Spot gold hit $1,339.47 on Monday, its highest since Sept. 27 last year, a time when the metal was benefiting from a surge of interest following Britain's vote to leave the European Union.

2) On the technical front, analysts say, North Korea's missile tests helped gold to break decisively through the $1,300 an ounce triple-top resistance, which now serves as support. Globally, prices of the precious metal used as a hedge against political and financial turmoil are up more than 7 per cent this quarter and more than 16 per cent this year.
3) A weaker dollar has also pushed up gold prices, making dollar-denominated gold cheaper for holders of other currencies, which could mean stronger demand. The US currency against a basket of other major currencies recently fell towards 90, to its lowest since January 2015, largely due to speculation the Federal Reserve is unlikely to raise interest rates as quickly as anticipated.

4) Some analysts expect global gold prices to advance further. A weaker dollar also underpinned gold, which was likely to continue to rally in coming days, according to Tom Kendall, head of precious metals strategy at ICBC Standard Bank.
5) Some analysts also don't see an immediate Fed rate hike and the shrinkage of the US central bank's massive sheet. On Friday, after a US government report showed employers added fewer jobs in August than expected, some traders held to expectations that the Federal Reserve would wait until the middle of 2018 before raising rates. "Another plus for gold is that we don't see an immediate rate hike and the shrinkage of the Federal Reserve's balance sheet," said an analyst. Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding non-interest yielding bullion.

Investors were also looking ahead to a European Central Bank (ECB) meeting on Thursday. Markets are expecting no policy change from the ECB this month but the bank is likely to announce a reduction of its monthly asset purchases in October, according to a majority of economists in a Reuters poll.

 

 

 

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New Delhi: The government has extended the deadline for filing the GST sales return -- GSTR-1 -- which was to expire on Tuesday, for another five days till September 10, according to an official announcement.

"GIC (GST Implementation Committee) decides to extend date of GSTR 1, GSTR 2 and GSTR 3 for the month of July to 10th, 25th and 30th September 2017, respectively," the the Central Board of Excise and Customs (CBEC) said in a tweet.

 

While GSTR-1 is the sales return and GSTR-2 is the purchase return, GSTR-3 is the match of GSTR-1 and GSTR-2.

On Monday, many Goods and Services Tax (GST) assessees had complained of being unable to log on to the GSTN portal due to the massive rush to meet the deadline for filing GSTR-1. Later in the afternoon, there were reports of the GSTN portal having crashed owing to heavy load.

Last month, the government announced a five-day extension for filing the initial GSTR-3B retun till August 25, after the GST Network (GSTN) return filing portal was hit by a technical glitch and stopped functioning, a day ahead of the last date for fling. Traders across the country faced problems on the penultimate day due to the technical snag and could not file GST returns.

August 20 was the last date for filing the GSTR-3B form , which is a summary return of details of outward supplies, inward supplies, credit and payment of GST.

Last week, the government announced it has comfortably met the collection targets for the first month of GST implementation in July.

Finance Minister Arun Jaitley said that Rs 92,283 crore of tax had come in by August 29 with 38.38 lakh assessees, or only 64 per cent of those registered, having filed their GST returns. The total number of those registered under GST who should be filing returns is 59.57 lakh.

 

 

 

 

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New Delhi:  Negative global cues on the back of escalating geo-political tensions in the Korean peninsula dragged the key Indian equity indices deep into the red on Monday.

According to market observers, heavy selling pressure in banking and auto stocks also weighed heavy on the NSE Nifty50 and the BSE Sensex.

 

Around 3.35 p.m., the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) closed provisionally at 9,912.85 points, down 61.55 points, or 0.62 per cent.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,932.20 points, closed provisionally at 31,702.25 points (3.30 p.m.) -- down 189.98 points or 0.60 per cent from its previous close at 31,892.23 points.

The Sensex touched a high of 31,932.20 points and a low of 31,560.32 points

 

 

 

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