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The Indian equity benchmarks are set to open lower in trade on Tuesday as indicated by the Nifty futures traded on the Singapore Exchange. The Nifty futures on Singapore Exchange also known as the SGX Nifty was down 16 points at 14,480. Meanwhile, Asian stocks were mostly lower on Tuesday, tracking Wall Street declines as political turmoil in Washington and rising coronavirus cases worldwide weighed on sentiment. Political uncertainty dominated trading as House Democrats introduced a resolution to impeach U.S. President Donald Trump, accusing him of inciting insurrection following a violent attack on the Capitol last week. Several big tech giants, including Twitter Inc, Amazon.com Inc , Alphabet Inc, Facebook Inc and Apple Inc, have taken actions against Trump and his network of supporters, as concerns mounted over the risk of continued violence. Investors also kept an eye on the continued spread of the coronavirus globally as cases surpassed 90 million on Monday, according to a Reuter

The S&P BSE Sensex rallied over 750 points and Nifty 50 index climbed above 14,350 as markets broke record highs for tenth session on Friday on the back of a broad-based buying interest. The Sensex surged as much as 761 points to hit an all-time high of 48,854.34 and Nifty 50 index surpassed 14,350 for the first time. Infosys, Tata Consultancy Services, Reliance Industries, HDFC Bank, Maruti Suzuki, Larsen & Toubro and Tech Mahindra and HCL Technologies were among the top movers in the Sensex. The Sensex climbed 689 points or 1.43 per cent to close at record high of 48,782 and Nifty 50 index surged 210 points to settle at record 14,347. Sustained buying by foreign institutional investors (FIIs) is helping benchmarks surge to new highs. The FIIs bought shares worth ₹ 382 crore on Thursday (January 7) after they bought shares worth $23 billion in calendar year 2020. Infosys, Tata Consultancy Services, Reliance Industries, HDFC Bank, Maruti Suzuki, Larsen & Toubro and Tech Mah

The Union government lowered the tax deducted at source (TDS) and tax collected at source (TCS) rates by 25 per cent on non-salaried payments effective from May 14, 2020, until March 31, 2021. The government undertook the decision to provide additional liquidity to people by lowering tax rates. To increase liquidity in the hands of people and help them fight the coronavirus-induced recession, the government announced various relief measures on May 13, 2020. Non-salaried payments include interest earned on fixed deposits (FDs), dividend income, among other income sources. TDS kicks in at different levels for various payments. The relief measures were announced by finance minister Nirmala Sitharaman. TDS on FD interest paid by a bank will now be deducted at 7.5 per cent instead of 10 per cent earlier. Similarly, a tenant will be required to deduct the TDS on rent exceeding ₹ 50,000 per month at 3.75 per cent instead of 5 per cent earlier. Now with the 2021-22 budget scheduled to be prese

Indian economy is estimated to contract 7.7 per cent in financial year 2020-21 compared to 4.2 per cent growth in the previous financial year, mainly on account of the impact of the COVID-19 pandemic. As per the first advanced estimates of the national income released by the National Statistical Office (NSO) on Thursday, there was contraction in almost all sectors with the exception of agriculture. “Real GDP or GDP at Constant Prices (2011-12) in the year 2020-21 is likely to attain a level of ₹ 134.40 lakh crore, as against the Provisional Estimate of GDP for the year 2019-20 of ₹ 145.66 lakh crore… The growth in real GDP during 2020-21 is estimated at -7.7 per cent as compared to the growth rate of 4.2 per cent in 2019-20,” it said. In the current fiscal, manufacturing sector is likely to see a contraction 9.4 per cent whereas growth was almost flat at 0.03 per cent in the year-ago period.

The benchmark indices ended in the negative territory on Wednesday, bringing the 10-day rally to a halt,  a day after the World Bank said India’s economy is estimated to contract 9.6 per cent in the current financial year. The 30-scrip index had jumped 178.87 points, or 0.37 per cent, to touch 48,616.66 in the first few minutes of trade, and the broader NSE Nifty 50 benchmark added 44.65 points (0.31 per cent) to 14,244.15 – both all-time highs. The Sensex thereafter slumped 750 points to hit an intra-day low of 47,864 in the late-noon session before closing at 48,174.06, down 263.72 points or 0.54 per cent and the NSE Nifty ended at 14,146.25, down 53.25 points or 0.38 per cent. Reliance Industries, ITC and select information technology stocks led the decline in the markets.  India’s economy is estimated to contract by 9.6 per cent in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4 per cent in

Domestic share markets turned flat after soaring to record highs on Wednesday amid renewed concerns about recovery from the COVID-19-caused slowdown, a day after the World Bank said India’s economy is estimated to contract 9.6 per cent in the current financial year. The 30-scrip index jumped 178.87 points, or 0.37 per cent, to touch 48,616.66 in the first few minutes of trade, and the broader NSE Nifty 50 benchmark added 44.65 points (0.31 per cent) to 14,244.15 — both all-time highs. Gains across financial, energy and metal shares were offset by losses in IT, consumer goods and pharmaceutical shares.  At 9:40 am, the Sensex traded 26.01 points, or 0.05 per cent, lower at 48,411.77 while the Nifty was down 1.25 point, or 0.01 per cent, at 14,198.25.   ITC, Reliance Industries, Hindustan Unilever, HDFC Life and Eicher Motors, trading between 0.54 per cent and 1.58 per cent lower, were the worst hit among 19 laggards in the Nifty basket of 50 shares.  On the other hand, GAIL, ONGC, Titan

The S&P BSE Sensex and NSE Nifty 50 indexes rose for tenth session in a row to close at record highs on Tuesday led by gains in banking and information technology shares. The benchmarks staged a gap down opening mirroring losses in other Asian markets however, sustained buying in banking and information technology shares helped benchmarks recover from intraday lows. The Sensex rose as much as 583 points from the day’s lowest level and Nifty 50 index touched record high of 14,215.60. The Sensex advanced 261 points to close at record high of 48,437.78 and Nifty 50 index climbed 67 points to close at an all-time high of 14,200. Sustained buying by foreign institutional investors led to benchmarks extending record-breaking streak to seventh session in a row. The FIIs on Monday bought shares worth ₹ 1,843 crore after they invested record ₹ 1.70 lakh crore in calendar year 2020. Eight of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty IT index’s 2.6

Domestic stock markets continued a record-breaking spree on Monday, with the S&P BSE Sensex index trading above the 48,000 mark for the first time ever, tracking record highs in Asian equities as investors pinned their hope on vaccines to eventually deliver a global economic upturn. The Sensex jumped 299.24 points, or 0.63 per cent, to an all-time high of 48,168.22 during the session and the broader NSE Nifty 50 benchmark soared to as high as 14,107.75, climbing up 89.25 points, or 0.64 per cent, from its previous close. Gains across sectors, led by banking, financial services, automobile and IT shares, supported the markets. The Sensex ended 307.82 points, or 0.64 per cent, higher at 48,176.80 and the Nifty added 114.40 points, or 0.82 per cent, to settle at settled at 14,132.90 — both record closing highs.  Tata Motors, GAIL, Tata Steel, Eicher Motors and ONGC, trading between 1.82 per cent and 3.11 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares

The S&P BSE Sensex rallied for ninth session in a row and NSE Nifty 50 indexes closed above 14,100 for the first time led by gains in information technology, metal, auto and pharms shares. Investor sentiment was upbeat after the government gave emergency use approvals to two coronavirus vaccines over the weekend. Government on Sunday approved for emergency use two coronavirus vaccines – one developed by AstraZeneca and Oxford University and the other by local company Bharat Biotech. The Sensex rose as much as 351 points to an all-time high of 48,220.47 and Nifty 50 index touched record high of 14,147.95. The Sensex ended 308 points higher at record closing high of 48,176.80 and Nifty 50 index climbed 114 points to settle at an all-time high of 14,132.90. Nine of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Metal index’s over 5 per cent gain. Information technology, auto, pharma, PSU banking and FMCG shares also witnessed buying interest. On

Goods and Services Tax (GST) e-invoice system has completed journey of three months and has facilitated smooth transition of the tax payers to the new platform, according to the Ministry of Electronics and Information Technology (IT) on Saturday. It has enabled over 37,000 tax payers to generate more than 1,680 lakh Invoice Reference Numbers (IRNs), during last three months from the NIC developed e-Invoice system. Starting with 495 lakhs during October 2020, generation of e-invoice has increased to 589 lakhs in November 2020 and 603 lakhs in December 2020. Interestingly, the e-way bill generation from the NIC (National Informatics Centre) developed e-way bill system is also highest during September to December 2020 compared to same months of previous years. The response of the system is good and generation of IRNs is hassle-free during this period. However, there have been common errors such as repeated requests on same document number, simultaneous requests on same document number and

Merchandise exports fell marginally by 0.8 per cent to $26.89 billion in December 2020, contracting for the third straight month, amid a registered decline in sectors such as petroleum, leather, and marine products. According to merchandise trade preliminary data released by the Ministry of Commerce and Industry on Saturday, January 2, the trade deficit reported last month, widened to $15.71 billion, as imports grew by 7.6 per cent to $42.6 billion. The country’s merchandise imports in December were $42.60 billion, as compared to $39.59 billion in the corresponding month last year, registering an increase of 7.6 per cent. According to the government, India was a net importer in December 2020, with a $15.71 billion trade deficit, as compared to the trade deficit of $12.49 billion in the same month last year, recording an increase of 25.78 per cent.

Domestic share markets registered new record highs on Tuesday tracking gains across global markets, as hopes that a US COVID-19 relief package would be expanded and a Brexit trade deal supported investor risk appetite. The S&P BSE Sensex index rose 360.8 points, or 0.76 per cent, to an all-time high of 47,714.55 during the session, and the broader NSE Nifty 50 benchmark added 94.40 points, or 0.68 per cent, to an all-time high of 13,967.60. Broad-based gains, led by banking and financial services shares, pushed the markets higher. The Sensex ended 259.33 points, or 0.55 per cent, higher at 47,613.08 and the Nifty settled at 13,932.60, up 59.40 points, or 0.43 per cent, from its previous close.  IndusInd Bank, Tech Mahindra, Axis Bank, ICICI Bank and HCL Technologies, closing between 1.92 per cent and 5.72 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares.  Hindalco, Nestle, Coal India, Tata Motors and NTPC, ending 1.44-2.08 per cent each, were the wo

The S&P BSE Sensex and NSE Nifty 50 indexes rose for fifth session in a row on Tuesday and closed at record highs led by gains in banking and financial services shares. The benchmarks staged a gap up opening wherein the Sensex rose as much as 360 points to hit record high of 47,714.55 and Nifty 50 index advanced 95 points to hit an all-time high of 13,967.60. HDFC, ICICI Bank, HDFC Bank, Infosys and Axis Bank were top movers in the Sensex. The Sensex rose 259 points to close at record high of 47,613.08 and Nifty 50 index advanced 59 points to close at an all-time high of 13,932.60. Gush of liquidity by foreign investors is lifting the benchmarks to new highs on a daily basis, analysts said. In Monday’s trading session, foreign institutional investors (FIIs) bought shares worth ₹ 1,589 crore. So far this calendar year, FIIs have purchased Indian equities worth $22.21 billion while they have been net sellers in debt markets to the tune of $14 billion, data from NSDL showed. Six of 11

The S&P BSE Sensex and NSE Nifty 50 indexes rose for fourth session in a row on Monday and closed at all-time highs on the back of a broad-based buying interest. The benchmarks staged a gap up opening and maintained the up move led by gains in HDFC Bank, HDFC, State Bank of India and Larsen & Toubro. The Sensex rose as much as 433 points to hit an all-time high of 47,406.72 and Nifty 50 index climbed as much as 136 points to hit record high of 13,885.30. US President Donald Trump’s approval of a pandemic relief package aided risk sentiment globally. The Sensex rose 380 points to close at record high of 47,353.75 and Nifty 50 index climbed 124 points to settle at an all-time high of 13,873.20. Global shares rose on Monday after US President Donald Trump signed a $2.3 trillion spending package and as investors continued to celebrate a last-minute trade deal clinched between Britain and the European Union. By backing down from his earlier threat to block the bipartisan bill, Presi

Rajasthan has become the sixth state in the country to undertake and successfully complete the ease of doing business reform stipulated by the Department of Expenditure of Ministry of Finance, and has become eligible for additional borrowing of ₹ 2,731 crore, through open market borrowings. In a recent statement issued by the Ministry of Finance, Rajasthan has now joined the five other states namely, Karnataka, Andhra Pradesh, Tamil Nadu, Madhya Pradesh, and Telangana, which have completed the reforms. Hence, upon completion of reforms facilitating the ease of doing business, the six states have been granted additional borrowing permission of Rs.19,459 crore. The ease of doing business is a significant indicator of the investment-friendly business climate in the country. The improvements in the ease of doing business will enable faster future growth of the state economy. In May 2020, the government had decided to link the grant of additional borrowing permissions to the states which co

With apprehensions being raised in social and print media about the requirement of a mandatory cash payment of at least one per cent of the Goods and Services Tax (GST) liability, the Finance Ministry on Saturday clarified that it will affect less than half of the total assesses. On the recommendations of the GST Law Committee, the Finance Ministry has mandated this rule to curb the menace of fake invoicing and fake firms/devious fly-by-night operators who avail and pass on input tax credit (ITC) wrongfully, said a government source. Some apprehensions have been raised in social and print media that the measure of the requirement of the mandatory cash payment will adversely affect small businesses and will increase their working capital requirement, said sources in the Revenue Department. “However, the misconceptions about the measure taken are unfounded and will not affect genuine taxpayers.” Using data analytics, officials mentioned that out of the total GST base of 1.2 crore taxpaye

Rajasthan has become the sixth state in the country to undertake and successfully complete the ease of doing business reform stipulated by the Department of Expenditure of Ministry of Finance, and has become eligible for additional borrowing of ₹ 2,731 crore, through open market borrowings. In a recent statement issued by the Ministry of Finance, Rajasthan has now joined the five other states namely, Karnataka, Andhra Pradesh, Tamil Nadu, Madhya Pradesh, and Telangana, which have completed the reforms. Hence, upon completion of reforms facilitating the ease of doing business, the six states have been granted additional borrowing permission of Rs.19,459 crore. The ease of doing business is a significant indicator of the investment-friendly business climate in the country. The improvements in the ease of doing business will enable faster future growth of the state economy. In May 2020, the government had decided to link the grant of additional borrowing permissions to the states which co

Domestic stock markets ended the holiday-truncated week nearly unchanged on Thursday, but the S&P BSE Sensex index registered a record closing high. The 30-scrip index ended 529.36 points, or 1.14 per cent, higher at a record 46,973.54 on Friday, whereas the broader NSE Nifty 50 benchmark climbed up 148.15 points, or 1.09 per cent, to settle at 13,749.25, 11.3 points shy of a record high of 13,760.55 last week.  Both indices ended the week on a flat note. The Sensex added 12.85 points, or 0.03 per cent, but the Nifty declined 11.30 points, or 0.08 per cent, for the week. That followed seven weekly gains in a row. IT and pharmaceutical shares continued to rise, with the sectoral gauges on the NSE up 3.23 per cent and 1.15 per cent respectively. Cipla, Wipro, Infosys and Sun Pharma, rising 3.11-5.19 per cent each, were the top gainers in the Nifty basket of 50 shares.  On the other hand, the Nifty Bank and PSU Bank indices dropped 1.02 per cent and 3.50 per cent respectively. ONGC, I

Domestic financial markets will remain shut on Friday, December 25, for Christmas holiday. The country’s currency, debt and equity markets will be closed on December 25, and resume trading on Monday, December 28. On Thursday, equity market benchmarks S&P BSE Sensex and NSE Nifty 50 rose more than 1 per cent each, extended gains to a third straight day, as strength across Asian equities amid optimism on more fiscal spending in major economies and expectations that COVID-19 vaccines will become more available next year supported investor sentiment. The Sensex ended 529.36 points, or 1.14 per cent, higher at 46,973.54, and the Nifty settled at 13,749.25, up 148.15 points, or 1.09 per cent, from its previous close. Both indices finished the holiday-truncated week on a flat note. Also on Thursday, biscuit maker Mrs Bectors Food Specialities’ shares more than doubled in their market debut, in a latest sign of strong investor appetite for the country’s food sector amid the COVID-19 pandem

The S&P BSE Sensex and NSE Nifty 50 indexes rose for third session in a row on Thursday, led by gains in Reliance Industries, HDFC, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Hindustan Unilever. The benchmarks staged a gap-up opening and extended gains in noon deals on the back of broad-based buying interest led by banking and financial services shares. The Sensex rose as much as 609 points to hit an intraday high of 47,053.40 and Nifty 50 index touched an intraday high of 13,771.75. The Sensex ended 529 points or 1.14 per cent higher at 46,973.54 and Nifty 50 index climbed 148 points or 1.09 per cent to close at 13,749.25. Eight of 11 sector gauges compiled by the National Stock Exchange ended higher, led by the Nifty Bank index’s nearly 2 per cent gain. The Nifty Financial Services, Pharma and Private Bank indexes also rose over 1 per cent each. On the other hand, IT, media and real estate shares witnessed selling pressure. Mid- and small-cap shares ended on a mixe