Stocks
Nifty, Sensex cancel downtrend for now – Monday closing report
Nifty has to stay above 7,630 for bullish trend to continue
 
We had mentioned in Friday’s closing report that Nifty, Sensex were in no-man’s land and that the absence of any trigger – positive or negative – would keep Nifty drifting sideways. The major indices of the Indian stock markets improved over last week’s sharp fall to close more than 1.3% higher than Friday’s close. The trends of the major indices during Monday’s trading are given in the table below: 
 
 
The BSE market breadth was tilted in favour of bulls -- with 1,471 advances and 1,113 declines. On Monday, both key indices opened on a firm note, on the back of a rebound in global crude oil prices and positive Chinese markets. Recovery after last week's correction lifted prices and the major indices closed in the green.
 
The Q4 results season is getting started. Infosys is expected to be the first bluechip firm to come out with its results on April 15. The week ahead will disclose global macro-economic data, such as the March inflation figures from China, European countries and the US. In addition, the domestic macro-economic data will start from April 12, with the release of the Index of Industrial Production (IIP) and retail inflation (Consumer Price Index) figures.
 
Justifying the imposition of 1% excise duty on gold jewellery, union Finance Minister Arun Jaitley on Sunday said a luxury item like gold should not be exempted from the manufacturing tax when the country is moving towards Goods and Services Tax. "There is no reason why a luxury item like gold should be kept out of the ambit of a manufacturing tax like excise duty. Since the manufacturing tax is levied on essential commodities like steel, cement, jute, cotton and others, why not on gold. "The country is to move towards Goods and Services Tax (GST). Gold will also follow towards GST. Most states levy value added tax on gold," he said. He also noted that if gold is kept out of GST ambit, tax rate on rest of the goods will have to be increased. "There is no reason why a luxury item should be exempted from the tax and a higher rate of tax be imposed on other goods," he said. The government, in the Budget for 2016-17, had proposed one percent excise duty on jewellery without input credit or 12.5% with input tax credit on jewellery excluding silver other than those studded with diamonds and precious stones. Jewellers went on strike opposing one percent excise duty on gold jewellery. The strike entered 40th day on Sunday.
 
Jaitley also said that the steel sector has started turning around as a result of the government measures to protect domestic supplies from imported cheap Chinese steel. "The steel sector was suffering from the cheap Chinese steel coming in at below cost prices so we raised the custom duty, imposed safeguard duty and we also imposed the minimum import price.  "As a result of all the measures, the steel sector started turning around," he said.  Import of total finished steel was at 11.20 million tonnes in 2015-16, up 20.2% compared to same period of last year. Imports in March 2016 at 0.994 mt increased by 18.2% compared to March 2015 and 9.1% compared to February 2016. India was a net importer of total finished steel during fiscal 2015-16. In February 2016, the government had imposed the minimum import price (MIP) condition on imports of 173 steel items covering all major flat and long steel products. "The government in March 2016 extended the safeguard duty on hot rolled coil (a steel product) imports that was placed in September 2015, till March 2018," said a steel ministry report. However, the duty would be reduced to 10% in stages over the next two years, it said. The report said cumulative impact of these two recent and other existing policy measures would lead to further reduction in imports into the country in the coming days.
 
Upcoming quarterly results, along with global and domestic macro-economic data, are expected to guide the Indian equity markets during the week ahead. Market observers pointed out that investors' sentiments will be heavily influenced by foreign funds inflow, global crude oil prices and the rupee's movements.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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Malaysia's first sharia-compliant airlines suspended

The department's director Azharuddin Abdul Rahman said an inquiry will be held with the airline's management on May 12

 

Malaysia's first airlines that complies with Sharia law, Rayani Air, has been suspended for three months, starting from Monday, owing to faulty service, the Civil Aviation department announced.
 
The department's director Azharuddin Abdul Rahman said an inquiry will be held with the airline's management on May 12.
 
Rayani Air began operations on December 20, 2015 as Malaysia's only sharia-complaint airline and includes prayers before flights and a menu that did not feature pork or alcohol.
 
Last Friday, the airlines had announced a suspension of its operations owing to a restructuring plan, EFE news reported.
 
The airlines' fleet comprises two planes that run on six routes in the country.
 
Besides Rayani Air, Royal Brunei Airlines, Iran Air and Saudi Arabian Airlines are the only sharia-compliant airlines in the world. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Rajan warns against fake e-mails promising money in RBI's name

Rajan was referring to instances of people getting fake e-mails in the name of the RBI or its governor, promising high returns, or of winning lotteries

 

Echoing warning messages from other financial institutions, Reserve Bank of India Governor Raghuram Rajan on Monday cautioned against fictitious e-mails in his or the RBI's name, demanding money, and asked the public not to fall victim to such frauds.
 
"Let me emphasise that Reserve Bank never sends out e-mails asking for payments. We have about $360 billion worth of foreign exchange reserves and we also have about Rs.8 lakh crore of government bonds. We really don't need your money," Rajan said here at the launch of the Unified Payments Interface (UPI) system, which will permit users to perform instant push and pull transactions.
 
"So, if you get an e-mail from me saying you won a competition or a lottery and I am going to send you Rs.50 lakh but please send Rs.20,000 as transaction cost, just junk that e-mail. We do not send out money and we don't also ask for your money," he added.
 
Rajan was referring to instances of people getting fake e-mails in the name of the RBI or its governor, promising high returns, or of winning lotteries. The fraudsters initially ask potential victims to deposit an amount in a specified bank account as processing or transaction fees.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

MG Warrier

1 year ago

This advice coming from RBI Governor could be taken as a guidance not to get cheated by 'offers' from any unknown source, luring people about fortunes awaiting on payment of 'handling charges', 'transaction costs'or in general an advance payment by whatever name called.

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