head higher. A decline below 8,300 could be bearish
We had mentioned in Tuesday’s stock market report that while the trend is up, there is a chance of a decline after eight consecutive days of rally. As expected, there were small percentage losses on Wednesday in the S&P BSE Sensex and NSE’s CNX Nifty. Bank Nifty managed to stay in the green. The general trend is still upward both in India and abroad.
Indian Finance Minister Arun Jaitley has said the government is targeting to weed out the root causes of this menace and a one-time compliance window will be announced in the next few days for those with undeclared assets abroad to come clean. While a new law will come into effect from 1 April 2016, to tackle the black money menace, the government is in the process to put in place a compliance window for those with undeclared assets abroad to come clean by paying the penalty.
The Income tax department has notified a new, more simplified, set of tax return (ITR) forms for taxpayers for assessment year 2015-16. The new form has done away with intrusive details such as the number of foreign trips and bank account balances that assessees were expected to furnish earlier. Taxpayers will need to disclose passport numbers in place of travel details.
Adani Group has halted engineering work related to Australia’s largest proposed mine, raising speculation that it could abandon the contentious $16.5 billion project altogether. Adani Power shares closed Wednesday marginally up 0.17% at Rs29.75.
Persistent Systems fell 12.61% to Rs629.45 at 1:52pm on BSE after the company warned that its Q1 June 2015 earnings are likely to be muted. The announcement was made after market hours Tuesday. This is in line with the overall weakness in the performance in the IT sector. Persistent closed 12% down at Rs633 on NSE.
L&T Hydrocarbon Engineering (LTHE), a subsidiary of engineering conglomerate Larsen & Toubro (L&T), on Wednesday said it has won a Rs2,715 crore offshore contract from state-run hydrocarbons explorer ONGC. "The project, part of ONGC's strategy to enhance the field life and increase the recovery of Bassein field, is scheduled to be completed by December 2017," LTHE said in a regulatory filing. L&T closed Wednesday marginally down 0.99% at Rs1,749.10 on NSE.
Manpasand Beverages made its debut on the securities market on Wednesday with an initial public offering (IPO) of fresh issue of 1.25 crore shares in the price band of Rs290-320. The company aims to raise around Rs400 crore through this public offer. The issue will close on 26 June 2015.
Among the Sensex 30-stocks, BHEL closed at Rs253.95, up 4.06% and Hindalco closed at Rs117.15, down 3.70%, representing the top gainer and top loser, respectively.
Among BSE-100 stocks, BHEL was the top gainer and JP Associates was the top loser, which closed at Rs11.75, down 6.00%.
Among Nifty 50-stocks, BHEL was the top gainer, which closed at Rs253.00, up 9.20% and
Hindalco was the top loser, which closed at Rs116.95, down 4.65%.
Among sectoral indices on the BSE, S&P BSE Healthcare closed at 16,376.07, up 0.71%. S&P BSE Metal closed at 9,350.99, down 1.57%. S&P BSE Information Technology closed at 10,679.72, down 0.32%.
Among US indices, NASDAQ Composite closed at 5,160.09, up 0.12% and Dow Jones closed at 18,144.07, up 0.13%.
In Asian indices, Nikkei closed at 20,868.03, up 0.28% and Hang Seng closed at 27,404.97, up 0.26%.
Among European indices, DAX was at 11,445.33, up 0.77% and FTSE 100 was at 6,857.78, up 0.34%. Athex Composite Share Price Index was at 769.26, down 3.24%.