Stocks
Nifty, Sensex in no-man’s land ahead of RBI’s rate cut decision – Monday closing report
Nifty has to close above 7,850 for any uptrend
 
We had mentioned in Thursday’s closing report that Nifty, Sensex may struggle to go up and that Nifty may find support at around 7,750. With investor sentiments turning bearish a day ahead of the fourth bi-monthly monetary policy review of the Reserve Bank of India (RBI), the major indices in the Indian stock markets closed with losses after being range-bound through the day.
 
 
The Indian equity markets opened on a lower note on Monday, following a sharp downward revision of Chinese industrial profits. Observers pointed out that negative Asian market cues coupled with anxiety over the upcoming monetary policy review subdued Indian markets. The markets were dragged down by the uncertainty over the RBI's rate cut decision. The apex bank will conduct its fourth bi-monthly monetary policy review on September 29.
 
Sector-wise, automobile, capital goods, metal, information technology (IT) and banking stocks came under heavy selling pressure. However, consumer durables, healthcare and realty sectors supported the markets.
 
The S&P BSE automobile index plunged by 318.95 points, capital goods index was down by 286.64 points, metal index declined by 196.20 points, IT index was lower by 131.15 points, and banking index fell by 91.26 points.
 
Sector-wise, automobile, metal, capital goods, information technology (IT) and technology, entertainment and media (TECK) came under heavy selling pressure.
 
However, the S&P BSE consumer durables index rose by 284.68 points, healthcare index gained 21.77 points and realty index rose by 16.11 points.
 
Notwithstanding the clarification on minimum alternative tax (MAT), as well as Silicon Valley’s positive response to Prime Minister Narendra Modi’s pitch on "Digital India", the market closed weak, near the low of the day.
 
The top gainers and top losers of major indices of the stock market are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 
The European markets were trading weak (down 1.5%-2%) and S&P premarket futures were down by about 0.5%.

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Taxpayers warned against fake order extending deadline
Clarifying that there was no extension in Wednesday's deadline for filing of returns and audit reports by entities, the union finance ministry on Monday warned against a "fraudulent" order in circulation saying the last date has been extended beyond the deadline of September 30.
 
"It has been brought to the notice of the government that a fake order dated September 26 supposedly under section 119 of the Income-Tax Act 1961 under the signature of one Upmanyu Reddy, under secretary to the government of India, is in circulation.
 
"The fake order extends the due date for filing of audit report under section 119 of the Income-Tax Act to October 15," an official statement said here.
 
"It is clarified the order is fraudulent. The government has not extended the due date for filing of returns and audit report due by September 30. Taxpayers and practitioners are advised not to give any credence to the fraudulent order purportedly signed by one Upmanyu Reddy," it added.
 
 
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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