Stocks
Nifty, Sensex headed higher – Monday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex were to move sideways. The major indices of the Indian stock markets rallied on Monday and closed with handsome gains over Friday’s close. The trends of the major indices are given in the table below:
 
 
Cheered by positive global cues and healthy buying in banking, metal and capital goods stocks, the Indian equity markets surged on Monday, the 30-scrip Sensitive index (Sensex) of the BSE closing at another fresh high. Shares of major banks rose and added to the gains on reports that Prime Minister Narendra Modi will review the measures taken by the Reserve Bank of India (RBI) to resolve the non-performing assets (NPA) issue of the Indian state-run banks. The Bank Nifty index scaled a record high of 23,806.65 points. The wider Nifty of the National Stock Exchange (NSE) rose by 69.50 points or 0.72% to close at 9,657.55 points. Besides, investors' sentiments were buoyant after the GST Council on Sunday unanimously agreed on the July 1 rollout of the Goods and Services Tax (GST) regime.  However, the BSE market breadth was bearish -- with 1,467 declines and 1,218 advances.
 
In terms of the broader markets, the BSE mid-cap and small-cap indices underperformed the Sensex. The S&P BSE mid-cap index was a tad up by 0.07 per cent, while the small-cap index was a bit lower by 0.08%.Positive global cues aided the market sentiments. Gains in index heavyweight ITC and metal stocks boosted key benchmarks higher, while selling in index pivotal Infosys capped gains, pointed out market analysts. Major Asian markets have ended on a positive note. European indices like FTSE 100, CAC 40 and DAX traded higher. Positive cues from Europe steadied nerves at the start of the week, and with bad loan resolution efforts gaining traction, banking stocks led stocks higher. Meanwhile, potential for re-rating will vest on how swiftly would concerns over GST dissipate. On the currency front, the rupee closed flat at 64.42 to a US dollar from its previous close. Sector-wise, the S&P BSE banking index surged by 255.83 points, the metal index by 209.57 points, and the capital goods index by 129.69 points. On the other hand, the S&P BSE healthcare index fell by 67.24 points, the consumer durables index by 35.69 points and the realty index by 6.71 points.
 
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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Letter on linking land record with Aadhaar fake: Government
The government on Monday termed as "fake" a letter attributed to the Cabinet Secretariat wherein linking of land records with Aadhaar had been made compulsory.
 
"The letter attributed to the Cabinet Secretariat on digitalisation of land records and subsequent linking of the same to Aadhaar, being widely circulated on social media, is completely fake and mischievous," an official statement said here.
 
"It is clarified that the government has issued no such letter. A police complaint has been filed and the matter is being investigated," the statement said.
 
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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3 days ago

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Punjab to amend law to enable hotels serve liquor near highways
The Punjab government on Monday gave its nod to a proposal to amend Section 26-A of the Punjab Excise Act, 1914, for fixing the location of liquor vends on national and state highways.
 
The amendment, once passed, would lift restrictions on hotels, restaurants and clubs from serving liquor within 500 meters of highways, a state government spokesman said here after a meeting of the Council of Ministers.
 
"By amending Section 26-A of Punjab Excise Act, 1914, all ambiguities for serving of liquor at hotels, restaurants and clubs would be removed by adding provisions whereby it is cleared that no retail vend would be opened within 500 metres of the National and State Highways, but these restrictions shall not apply to hotels, restaurants and clubs situated on the National and State Highways.
 
"The CoM (Council of Ministers) gave a go-ahead to the draft amendment Bill, 2017, in this regard, to be tabled during the current budget session for enactment," the spokesman, quoting the decision of the Council, said.
 
Punjab Chief Minister Amarinder Singh chaired the meeting.
 
The Council of Ministers also gave its formal approval to the budgetary proposals to be presented by state Finance Minister Manpreet Singh Badal in the Punjab Assembly on Tuesday.
 
The Council also approved the setting up of a dedicated horticulture university to promote crop diversification in the state, to help in bringing changes in cropping patterns to include the planting of vegetables, fruits, herbs, aromatic and medicinal herbs, fibre and tuber crops, sericulture, fodder crops and floriculture, the spokesman said.
 
At present, the total area under fruit plants and vegetables is approximately three lakh hectares in Punjab, constituting only approximately four per cent of the total land in agrarian Punjab and a fraction of the country's total area.
 
"Green Revolution" state Punjab contributes nearly 50 per cent of food grains (wheat and paddy) to the national kitty.
 
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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