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Nifty, Bank Nifty to head higher – Thursday closing report
Nifty is like to head for 7,900 while Bank Nifty for 16,800 if today’s lows hold
 
We had mentioned in Wednesday’s closing report that Nifty, Sensex may rally and that if Nifty is able to hold today’s low, it could rally upto 7,950 over the next two days. A rebound in global exchanges coupled with notification of the latest reform in the retrospective tax regime buoyed investor sentiments. There was a rally in the Indian stock markets and the major indices gained 1%-2% in Thursday’s trading. 
 
 
Analysts observed that the markets were buoyed after the government notified the new amendments to the income tax act based on the recommendations of the Justice AP Shah Committee report on the applicability of minimum alternate tax (MAT) on foreign investors.
 
The report had recommended that MAT not be imposed on foreign portfolio and institutional investors. The MAT issue on capital gains was expected to impact the margins of foreign funds.
 
The Central Board of Direct Taxes (CBDT) has notified the recommendations made by the Shah panel on the applicability of MAT pertaining to the capital gains made by foreign investors.
 
Further, a rebound in Asian markets and rupee's relative strengthening has also supported the markets gains.
 
The barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed with gains of 311.22 points or 1.22%. A similar growth trajectory was witnessed at the wider 50-scrip Nifty of the National Stock Exchange (NSE).
 
The CNX Nifty closed with gains of 106 points or 1.37% at 7,823 points. The S&P BSE Sensex, which opened at 25,614.69 points, closed at 25,764.78 points -- higher by 311.22 points or 1.22% from the previous day's close at 25,453.56 points.
 
The Sensex touched a high of 25,835.41 points and a low of 25,555.77 points in the intra-day trade.
 
Analysts observed that the markets opened on a higher note supported by strong overnight US and European cues and positive Asian markets.  Coincidentally, the Chinese markets remained closed on account of Victory Day celebrations held to commemorate China's victory over Japan in the Second World War. The Chinese markets will remain closed on Friday as well. Interestingly, the continuous slide in the Chinese markets had spooked global investors and dampened Indian equities on fear of another recession caused due to the slowdown in the $10 trillion-worth Asian economy.
 
Analyst pointed out that markets will look out at the European Central Bank (ECB) meet being held later on Thursday and there are expectations of further expansion in quantitative easing.
 
Sector-wise, all the 12 indices of the BSE made gains during the day's trade.
 
The S&P BSE banking index zoomed by 359.04 points, the capital goods index augmented by 305.96 points, the automobile index gained by 229.38 points, the metal index rose by 172.88 points and the oil and gas index increased by 81.37 points.
 
Major Sensex gainers during Thursday's trade were: Tata Steel, up 4.55% at Rs.229.65; Vedanta, up 4.42% at Rs.98.05, Axis Bank, up 4.19% at Rs.486.40, HDFC, up 4.10% at Rs.1,172 and Hindalco Industries, up 3.42% at Rs.77.20.
 
The major Sensex losers were: Lupin, down 0.94% at Rs.1,863.10; Hero MotoCorp, down 0.57% at Rs.2,329.95 and Sun Pharma, down 0.56% at Rs.885.35.
 
The top gainers and top losers in major indices are given in the table below:
 
 
The closing values of major Asian indices are given in the table below:
 
 
Among European indices, the DAX was at 10,296, up 2.47% and the FTSE 100 was at 6,183, up 1.64%, as the ECB today pledged to continue to provide liquidity till September 2016. US futures were quoting 5% higher.
 

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Ola allowed to run only CNG cabs in Delhi
The Delhi High Court on Thursday said Ola cabs, an app-based taxi service, can run only on Compressed Natural Gas (CNG) fuel in the national capital.
 
Congress leader and senior lawyer P. Chidambaram represented ANI technologies (Ola cabs) in the high court and promised that diesel-based vehicles of the taxi service will be taken off the roads within two weeks.
 
Respecting the court's order, Ola Cabs on Thursday said: "We respect the orders and will continue to be committed to building mobility for a billion people.
 
"We have introduced a technology that will help distinguish CNG and diesel vehicles on its app, which will help the company keep track of the drivers' compliance with the cleaner fuel norms in Delhi. It will also enable users to choose only CNG vehicles for usage within Delhi.
 
Meanwhile, another leading player, Meru Cab service has also introduced a new ride-sharing service, named "CarPool" for its customers across India.
 
In a release, Meru Cabs CEO Siddhartha Pahwa said the service will enable personal vehicle owners and city commuters to reduce their daily travel costs, get an opportunity to meet new people and simplify their commute in safe and secured environment.

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