Nifty may take support at 8,100
We had mentioned last week that NSE’s CNX Nifty is close to a short-term bottom and it should close above 8,400 to bring in some gains. On Monday, the 50-stock index opened marginally higher, which was the only time when it traded in the green. Immediately, it hit the day’s high at the opening and moved lower. The effort to revive was met with a further move lower. The index hit its lowest since 9 January 2015 and closed near to it.
The S&P BSE Sensex opened at 27,565, while Nifty opened at 8,331. Sensex hit a high at 27,567 and moved lower to 27,142 to close at 27,177 (down 261 points or 0.95%). After hitting a high at 8,334 Nifty moved to 8,202 and closed at 8,214 (down 92 points or 1.10%). Bank Nifty opened at 18,064 and moved to 18,076 after hitting a high at 17,739 and closed at 17,768 (down 234 points or 1.30%). NSE recorded a volume of 76.13 crore shares. India VIX fell 1.94% to close at 18.7350.
The Indian government moved the Constitution Amendment Bill on GST in the Lok Sabha on Friday, amid stiff resistance by several opposition parties. The GST has been listed for further consideration and passing in the Lok Sabha today.
The Central Board of Direct Taxes (CBDT) said it will settle all minimum alternate tax (MAT) matters of foreign institutional investors (FIIs) coming under the ambit of Double Taxation Avoidance Agreements (DTAA) within a month of filing of claims. The move is aimed at resolving the controversial tax issue facing foreign portfolio investors.
Coming back to the stock markets, ICICI Bank fell 1.85% today to close at Rs302.10 on the BSE. The stock, which was trading in the green till the noon session, was pulled lower on the announcement of March 2015 quarter results. It posted a net profit of Rs2,922 crore for the March quarter compared with Rs2,652.01 crore for the quarter ended 31 March 2014. Its total revenues, including interest income, increased to Rs16,234.73 crore from Rs14,465.34 crore for the relevant period. Its board of directors have recommended a dividend of Rs5 per equity share on the face value of Rs2 per share for the year ended 31 March 2015.
Bharti Infratel (5.96%) was the top gainer in ‘A’ group on the BSE. It hit its 52-week high today. It posted a net profit of Rs717.40 crore for the quarter ended 31 March 2015 as compared to Rs272.70 crore for the quarter ended 31 March 2014. Revenue has increased from Rs1,294.00 crore to Rs1,337.30 crore for the relevant period. Wockhardt (18.31%) was the top loser in ‘A’ group on the BSE.
Maruti Suzuki (3.02%) was the top gainer in the Sensex 30 pack on improved March 2015 quarter results. Its board of directors has considered and recommended a final dividend aggregating to Rs25 per share on the face value of Rs5 per share for FY14-15.
State Bank of India (3.08%) was the top loser in the Sensex 30 stock.
US indices closed Friday in the green.
Asian indices, which were trading today showed mixed performance. Shanghai Composite (3.04%) was the top gainer while Jakarta Composite (3.49%) was the top loser.
Fitch Ratings downgraded Japan's credit rating by one notch to A, after the government failed to take steps in this fiscal year's budget to offset a delay in a sales tax increase, the agency said on Monday.
European indices were trading in the green. US Futures too were trading higher. Some Eurozone finance ministers acknowledged for the first time that they are considering plans on what to do if no deal on Greece's future financing can be reached by the end of June.