Nation
Rajya Sabha logjam broken, GST bill not on agenda

The meeting was called after protests over the Arunachal Pradesh assembly issue led to another day's proceedings in the upper house being lost in din and disruptions

 

The Rajya Sabha logjam was finally broken on Friday and an all-party meeting called by Chairman M. Hamid Ansari decided to work regularly from Monday, but the Goods and Services Tax bill will not be taken up in the current session.
 
The meeting was called after protests over the Arunachal Pradesh assembly issue led to another day's proceedings in the upper house being lost in din and disruptions.
 
Representatives of all parties present at the meeting agreed to passage of five bills, along with appropriation (financial) bill, but the GST bill was not part of the agreed agenda.
 
After the meeting that lasted for about an hour, Ansari dubbed it "good" while Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi called it "positive".
 
"The meeting was positive," Naqvi told reporters.
 
"A number of parties expressed concern over parliament's non-functioning. All of them decided that the house should function. It has been decided to pass the pending government bills even by sitting till late hours," he said.
 
"The Congress response on the GST Bill was, however, not favourable," the minister said.
 
An agreement was reached on passing other bills and all parties agreed the house will sit till late and complete the work, he said.
 
"Legislation related to the poor and the Scheduled Castes and Tribes will be taken up for discussion and passing," Naqvi added.
 
According to sources, the bills agreed upon include the SCs/STs (Prevention of Atrocities) Amendment bill, the appropriation bills, the Anti-Hijacking bill, the Atomic Energy Amendment bill, the Commercial Courts Ordinance bill and the Arbitration and Conciliation Amendment bill.
 
The upper house will also discuss the Child Labour (Prohibition and Regulation) Amendment bill, the Whistle-Blowers Protection Amendment bill and the Juvenile Justice (Care and Protection of Children) bill, though these will not be passed in this winter session.
 
The house, meanwhile, witnessed ruckus once again on Friday, as the opposition Congress raised the Arunachal Pradesh assembly issue.
 
"In the history of independent India, neither the president nor any governor has called a (assembly) session without the government's will. It is happening for the first time in India and the constitution is being violated," Leader of Opposition in tghe Rajya Sabha Ghulam Nabi Azad said.
 
"Such a governor has no right to be there. He should be recalled," he said, adding a notice to adjourn the proceedings of the upper house and discuss the issue has been given.
 
The ruckus that followed led to three adjournments through the day, after which the house met for taking up private member's bills at 2.30 p.m.
 
However, soon after, Naqvi said there was no quorum in the house. At least 10 percent of the total number of members need to be present in the house at a given time to complete the quorum and take forward the proceedings.
 
Kurien then adjourned the house for the day.
 
The upper house is facing disruptions on several issues, blocking the passage of key legislation, including the GST bill.
 
The government is now looking to get the GST bill passed in the budget session next year, as highly placed sources said the numbers in support of the proposed legislation will increase in April after the biennial Rajya Sabha elections.
 
Only three business days are left in this winter session of parliament and the government is pushing hard to get passed some bills.
 
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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US Senate lifts 40-year-old ban on oil exports

The bipartisan legislation, which provides $1.15 trillion in government spending and $680 billion in tax breaks, now goes to President Barack Obama's desk for his signature

 

US Senate on Friday approved a government spending and tax breaks package that would pay for government operations through next September and lift a 40-year-old ban on US crude oil exports.
 
The bipartisan legislation, which provides $1.15 trillion in government spending and $680 billion in tax breaks, now goes to President Barack Obama's desk for his signature. The White House has said Obama supports the measure, according to Xinhua. 
 
Following weeks of intensive negotiations on Capitol Hill, Congressional leaders unveiled the long-term government spending and tax breaks package early on Wednesday with compromises from both parties.
 
For example, in exchange for Democrats' support for lifting ban on the crude oil exports, Republicans agreed to extend wind and solar tax credits and authorise a conservation fund for three years.
 
The package also includes a provision to authorise the International Monetary Fund (IMF)'s 2010 quota and governance reforms, which had been blocked by US Congress for years.
 
The Congress passed another short-term funding bill on Wednesday to keep the government open through December 22 and give lawmakers more time to deliberate the package. 
 
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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Nifty, Sensex may head higher – Weekly closing report
As long as the Nifty stays above 7,650, the uptrend may continue
 
We had mentioned in last week’s closing report that Nifty, Sensex may bounce back a bit and that if Nifty stays above 7,500, it may head for 7,850. The weekly trend of the market has been positive. The high of the week was 7853. Weekly gains of the major indices were of the order of 1.5%-2.0%. The trends of the major indices over the week’s trading are given in the table below:
 
On Monday, both the bellwether indices of the Indian equity markets opened on a negative note in-sync with their Asian peers and concerns on the parliamentary logjam that has hindered the passage of key economic legislations. However, both the indices soon rose on the back of value buying which was triggered after two-consecutive weeks of losses. The Indian benchmark indices were close to their 52-week lows during the week ended 11 December 2015.
 
On Tuesday, the investors were optimistic despite the overall ‘wait and watch trend’. The major indices closed a little higher on Tuesday, closing at the high of the day. Initially, both the bellwether indices of the Indian equity markets opened on a slightly positive note in sync with their Asian peers and a rebound in oil prices that supported energy stocks. Investors were cautious ahead of the US Fed's Federal Open Market Committee (FOMC) meet slated for Tuesday-Wednesday. Notwithstanding the downward trajectory, markets rose on the back of value buying.
 
On Wednesday, the Indian stock markets saw a minor rally in continuation of the two previous days of positive trading. The major indices closed with gains of 1.1%. Investors seem to have priced-in the possibility of a 25 basis points hike in key US interest rates. The hike was expected to be announced by the US Fed's Federal Open Market Committee (FOMC) early Thursday, India time. 
 
On Thursday, there was a sharp rally in all the major indices in the stock market and gains were more than 1.2%. Investors breathed a sigh of relief as the US Fed's Federal Open Market Committee (FOMC) raised key interest rates by only 25 basis points. The interest rate rise was widely expected and factored-in by investors. A higher rate hike would have led to massive pull-back of foreign funds from emerging economies like India. In addition, a dovish outlook by the US Fed, which said that it will maintain an accommodative stand, soothed investors' nerves. Besides rate hike, the FOMC projected an improved US economic outlook, lower unemployment and stable inflation. This was a major positive trigger for Indian markets, as US is India's key exports market. 
 
According to government sources, all parties, except the Congress and AIADMK, are supporting the GST Bill at present. The government is in a minority in the Rajya Sabha. The bill was sent to a select committee of the upper house, and a report is with the house now. The logjam in Parliament has been impeding the passage of the Bill The central government on Friday partially succeeded in breaking the logjam in Rajya Sabha after an all-party meet convened by Chairman Hamid Ansari ended on a positive note - but the GST Bill will not be taken up in the current session, a minister said.
 
On Friday, benchmark indices went down as selling in information technology shares weighed on the sentiment. The US Congress has imposed a special fee of up to $4,500 on the H-1B and L-1 visas popular among Indian IT companies to fund a 9/11 healthcare act and biometric tracking system thus hitting the Indian IT cos. Nasscom, the apex association of information technology (IT) companies, has said a proposal before the American national legislature to raise H-1B and L-1 visa fees may cost the Indian IT firms about $400million. Following the news, the BSE IT sector has dropped 0.8%. Infosys, TCS, Wipro have all slipped between 0.2% - 1.2% each.
 
Meanwhile, the Reserve Bank of India (RBI) said from 1 April 2016, banks must review their lending rates frequently, and reflect changes in their cost of borrowing in a bid to force banks to effectively pass on policy rate cuts. With negative cues from abroad, the major indices fell upto more than 1% over Thursday’s close. 
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 
 
 

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COMMENTS

LALIT SHAH

1 year ago

Sensex/nifty are in corrective mode on daily charts over sold on weekly charts monthly quarterly are bearish and indicate multi quarter negative impact may market continue downward spiral journey for 3-4 year's
But selected smallcaps midcaps are promising unbilevab huge return in decade

Sanjeev Dhabre

1 year ago

How do you come to know that if nifty stays above 7650, nifty may see upward trend? I have gone through all of your videos but still not able to figure out how's the valuation of any particular stock. Do you have some guidelines, may be sector wise, to figure out rough price of any stock. Thanks in adv.

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