Nifty has to stay above 8,300 for the uptrend to continue
We had mentioned in Monday’s closing report that CNX Nifty is on an uptrend and it may move higher if it manages to stay above 8,250. The index opened marginally lower and after hitting the day’s low it started moving up. Just before the beginning of the noon session the index moved into the green and it continued to move higher. However at 2.03 pm there was a sudden fall and it moved into the red. After making an effort to revive, the index closed marginally lower.
Sensex opened at 27,663 while Nifty opened at 8,356. The indices hit their low at 27,574 and 8,335 and moved to 27,872 and 8,428. Sensex closed at 27,646 (down 42 points or 0.15%), while Nifty closed at 8,366 (down 8 points or 0.10%). Bank Nifty too moved in the same manner today. After opening at 18,365 it moved from the low of 18,297 to the high of 18,556 and closed at 18,380 (down 43 points or 0.23%). NSE recorded a volume of 76.76 crore shares. India VIX rose 2.05% to close at 18.2700.
Prime Minister Narendra Modi today promised a more stable and predictable taxation system and said his government was working aggressively to make India a very easy place to do business.
SEBI reportedly plans to raise the minimum contract size for trading in equity derivatives. The lot size will be raised from the existing Rs2 lakh to Rs5 lakh or Rs10 lakh. This is the first time since derivatives trading kicked off in India that the market regulator plans to raise the limit for the minimum contract size.
Finance Minister Arun Jaitley plans to meet PSU bankers to discuss stake sale plans and the problem of rising bad loans which have crossed a staggering Rs2.5 lakh crore.
To mobilise gold held by households and institutions, the government on Tuesday released a draft scheme under which a person or entity can earn interest by depositing the metal with banks. To make the scheme attractive to households, the interest earned on it will likely be exempt from income tax, wealth tax, and capital gains tax. As per the draft guidelines, minimum gold deposit is proposed at 30 gram.
Rating agency Crisil today said expectations from Prime Minister Narendra Modi-led government have moderated in its first year, as it was not able to push demand due to the issues it inherited.
The International Monetary Fund voiced alarm Monday about energy subsidies across the world, saying they were expected to reach $5.3 trillion in 2015, more than government health spending.
VA Tech Wabag (8.19%) was the top gainer in ‘A’ group on the BSE, while PMC Fincorp (9.84%) was the top loser in the group. PMC Fincorp hit its 52-week low today.
Hero MotoCorp (2.16%) was the top gainer in Sensex 30 pack, while Tata Motors (1.95%) was the top loser in the pack.
On Monday US indices closed flat with positive bias. Asian indices showed mixed performance. Shanghai Composite (3.13%) was the top gainer while KLSE Composite (0.76%) was the top loser.
China's State Council yesterday, 18 May 2015, released guidelines on capital-market reform priorities, touching on areas such as the Shenzhen-Hong Kong Stock Connect and further liberalising interest rate and boosting the yuan's global status.
China unveiled an ambitious plan to enhance the competitiveness of its manufacturing sector by encouraging innovation and raising efficiency in an effort to boost economic growth. The blueprint, titled "Made in China 2025," comes as China's factories are struggling with sluggish demand, increasing competition from other developing economies and a slowing domestic economy.
In an interview yesterday on Greek television, Finance Minister Yanis Varoufakis reportedly said that a bailout agreement with creditors is expected in about a week, which would help the cash-strapped country meet debt repayments due next month.