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Sensex hits record high of 31,500, Nifty near 9,700, Sun Pharma, Reliance top gainers

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The BSE Sensex made a strong recovery of over 200 points to hit a record high of 31,500 points on the back of a slew of steps by regulator Sebi to make markets more attractive for investments. Asian cues remained mixed. The 30-share index rebounded by 136.27 points, or 0.44%, to 31,419.91. Realty, metal, power, and auto were in the positive zone, rising by up to 1.09%.

 

The gauge had lost 27.93 points in the previous two sessions. The NSE Nifty also moved up by 33.85 points, or 0.35%, to 9,667.45. Among a host of key decisions on Wednesday, Sebi relaxed its takeover norms for restructuring listed companies with stressed assets, which is expected to bolster efforts in the fight against bad loans.

Some short covering helped stocks, too, bounced back. Major contributors to the recovery were HDFC Ltd, PowerGrid, Asian Paints, Tata Motors, Tata Motors DVR, Sun Pharma and Axis Bank, gaining up to 1.37%.

Hike’s Kavin Mittal looks at ways to increase revenues

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In China, people have quit their day jobs to work for a live streaming app called Inke.

 

A live streamer can be discovered on the platform and paid by viewers through virtual gifts bought online. The viewers pay for these virtual gifts through real money (in-app purchases). The live streamers get 30% of this with the platform taking the rest. Some people make as much as $50,000 to $60,000 a year, just by live streaming.

 

The flip side of GST: its impact on the informal economy India is not yet there but similar virtual transactions could take off here soon, according to Kavin Bharti Mittal, founder and chief executive of Hike Messenger.

 

“The infrastructure is so much like China 4-5 years back. We believe that is going to happen in India,” he said.

 

Inke’s is the kind of revenue model that Mittal says he would like to build for his company in the next three years before he exhausts the money raised from Tencent and Foxconn (around $175 million). He may go for another round of funding before that but he knows it won’t be easy.

 

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The Nifty on Thursday could see a subdued opening, tracking slightly weak handover from the Wall Street. The index on Wednesday, which opened at 9,648.10, rose to an intraday high of 9,650.45 which made a small upper shadow on the charts.

 

The 50-share bourse also slipped to an intraday low of 9,608.60 before bouncing back towards its opening level and closed at 9,633.60, down 19.90 points, making a ‘hammer’ like the pattern on the daily candlestick charts.

 

Here’s the list of important headlines related to Indian stock market from across news agencies

 

Wall Street

 

US stocks closed mostly lower on Wednesday as oil prices failed to rebound from a sharp fall during the previous session.

 

The S&P 500 closed marginally lower as energy stocks dropped 1.6 percent to lead decliners. The sector briefly erased losses after bullish supply data from the oil market was released.

 

The Dow Jones industrial average slipped about 55 points, with Caterpillar contributing the most losses. The Nasdaq Composite outperformed, rising 0.7 percent as biotechnology stocks spiked higher.

 

The major US equity indexes closed lower on Tuesday as energy stocks faced pressure from oil’s sharp fall, but the Dow managed to hit a record intraday high.

 

SGX Nifty

 

Trends on the SGX Nifty indicated a flat opening with a positive bias as the Nifty futures on the exchange were trading at 9,674, down up about 12 points.

 

Crude oil off its 10-month low mark

 

Oil prices rose for the first time in three days after US crude and gasoline stockpiles fell, but investors are looking for more signs that output cuts by OPEC and some other producers are ending a three-year glut.

 

The market largely shrugged off comments overnight from Iran’s oil minister that members of the Organization of Petroleum Exporting Countries(OPEC) are considering deeper cuts in production.

 

Brent crude futures were 9 cents, or 0.2 percent higher, at USD 44.91 a barrel at 0018 GMT, after falling 2.6 percent in the previous session to their lowest since August last year.

 

Rupee

 

The Rupee managed to pare its initial steep losses and closed with a marginal fall of 3 paise at 64.52 a Dollar on sustained demand for the American currency from importers and banks.

 

Steady capital outflows amid a caution ahead of the release of RBI’s minutes of its bi-monthly policy meeting largely weighed on forex trade.

 

Subdued local equities too impacted the trading pattern. The Rupee opened sharply lower at 64.63 per Dollar from Tuesday’s closing of 64.49 at the Interbank Foreign Exchange (Forex) market.

 

CDSL IPO issue oversubscribed 170 times

 

The initial public offering of Central Depository Services (CDSL) has received tremendous response from all types of investors, with getting more than Rs 62,929 crore worth of bids against issue size of Rs 369.9 crore (excluding anchor investors’ portion).

 

The Rs 524-crore issue has oversubscribed 170.11 times on the final day, as per data available with the exchange.

 

It has received bids for more than 422 crore equity shares against issue size of 2.48 crore shares.

 

Tata seeking a majority stake in Air India?

 

Tata Group has reportedly shown interest in buying a majority stake in state-run carrier Air India.

 

Natarajan Chandrasekaran, chairman of Tata group’s holding company Tata Sons, was in touch with the top leadership in the government about a deal.

 

An official at the Civil Aviation Ministry declined to comment on Tata’s interest, saying any development on the carrier would be “intimated soon”.

 

Fundraisers

 

Private sector Axis Bank has planned a capital raise of up to Rs 35,000 crore in about a year’s time in line with its growth projection in domestic as well as overseas operations.

 

The country’s third largest private sector lender said it may issue debt securities denominated in Indian Rupees or any other permitted foreign currency including long-term bonds, green bonds, non-convertible Debentures on a private placement basis during the period of one year from the date of passing of the special resolution.

 

In a regulatory filing, the bank said its credit committee, and investment and raising capital committee has authorized the opening of the qualified institutional placement (QIP) of shares on Wednesday. The floor price has been set at Rs 117.04 per share and it can sell shares at a discount of not more than 5 percent, it said in the filing.

 

SEBI plans to ease takeover process under bankruptcy code

 

The Securities and Exchange Board of India (SEBI) today said that it would ease the takeover process for banks under the recently-introduced bankruptcy code from its strict share pricing rules, adding that such transactions will be governed only by RBI regulations.

 

“Share price during stake sale under NCLT will be not bound by SEBI rules,” SEBI chairman Ajay Tyagi said at a press conference after the conclusion of the regulator’s board meeting.

 

The decision was put forth initially by bankers to cut losses, said Rajnish Kumar, MD of SBI. It will be applicable when any debt has to be converted to equity for sale.

 

Banks get an extension to deposit old notes

 

The government has permitted banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20.

 

This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI.

 

The earlier window was open until December 31, a day after the 50-day period of demonetization of high-value currency.

 

RBI MPC largely wants to watch inflation, one seeks rate cut: Minutes

 

The Reserve Bank of India’s monetary policy committee wants more evidence that inflation has sustainably fallen below its target before deciding whether to lower interest rates, minutes from its last meeting showed on Wednesday.

 

The RBI voted 5-1 to keep the repo rate at 6.25 percent earlier this month but issued a slightly less hawkish statement after consumer inflation eased to 2.99 percent in April, below its 4 percent target.

 

Ravindra H. Dholakia, a professor who is one of three non-RBI members, was the lone dissenter, voting to lower the repo rate by 50 basis points by strongly arguing that inflation had eased enough to justify a rate cut.

 

The vote marked the first non-unanimous decision in the five meetings since the MPC was formed last September.

Ola, Uber cab supply fell nearly 25% in March quarter

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Ride-hailing services Ola (ANI Technologies Pvt. Ltd) and Uber Technologies Inc are facing a crunch in supply of cars, with the number of vehicles affiliated to their platforms dropping by almost 25% in the March quarter from the preceding three months.

 

According, to the Ripples Financial Advisory cab supply peaked in the December quarter since January last year to approximately 500,000 vehicles, before plummeting to about 380,000 vehicles in the March quarter, largely because of a fall in incentives for drivers, prompting them to either explore other driving jobs or quit entirely.

 

“This trend was precipitated largely by continuously dropping incentives and driver incomes. Drivers who left the online platforms either shifted into other (offline) driving jobs or changed professions entirely.

 

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Engineering conglomerate Larsen and Toubro’s (L&T) arm has won contracts worth Rs 2,231 crore across various business segments.

 “Larsen and Toubro Construction, the constriction arm of the company, has bagged Rs 1,324-crore turnkey order from the Andhra Pradesh Township Infrastructure Development Corporation for construction of residential buildings in the West Godavari district of the state,” the firm said in a BSE filing today.

 The project is part of the Pradhan Mantri Awas Yojana (PMAY) Scheme and consists of residential tenements for the economically weaker sections, it said, adding that the scope of work includes construction of around 22,000 residential units in first-track mode.

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Sensex, Nifty remain under pressure on weakness in Asia- Free Intraday Tips- Call on 9644405056

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Banks shares prices continued to be under pressure after Maharashtra government on Sunday decided to waive off farms loans of small and marginal farmers.

 

PSU Bank index slipped over a percent as Kotak in its latest report said Maharashtra has nearly Rs 4.2 lakh crore agriculture loans (23 percent of total loans) and Rs 1.2 lakh crore farm loans (7 percent of loans) with PSU banks holding nearly 52 percent of total farm loans, followed by co-operative banks (32 percent) and private banks (12 percent). Nifty Bank index also lost half a percent.

 

Among stocks, Bank of Baroda, Canara Bank, PNB, Federal Bank, ICICI Bank, OBC, SBI and Union Bank were down 0.5-2 percent.

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As India enters the final lap in preparation of the rollout of the Goods and Services Tax, Finance Minister Arun Jaitley expressed confidence in the proposed multi-tier GST rate structure and said he saw no reason why the tax should not be rolled out on July 1.

The FM discussed a whole host of issues, ranking from GST to NPAs and demonetization to GDP growth.

GST

The FM defended GST’s four-slab rate structure, which some experts have said undermines the tax’s simplicity, and said it was prepared keeping ‘economic realities in mind’.

The FM has, in the past, said the aim of the GST Council, the all-powerful body of union and state finance ministers, was to align GST rates with existing tax rates as closely as possible so as to ensure minimal disruption.

Still, Jaitley said tax rates for several commonly-used items would fall. “Footwear tax has been brought down. Tax rate for marble, granite has been lowered. The entertainment tax weighted average currently is 29.1 percent. The GST rate is 28 percent,” he said.

Indian ADRs: Infosys, HDFC Bank down; Tata Motors, Dr Reddy’s Labs gain

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Indian ADRs ended mixed on Friday. In the IT space, Infosys was down 0.78 percent at USD 15.18 and Wipro slipped 1.01 percent at USD 10.81.

In the banking space, ICICI Bank gained 0.1 percent at USD 9.80 and HDFC Bank shed 0.21 percent at USD 87.61.

In the other sectors, Tata Motors added 0.51 percent at USD 37.31 and Dr Reddy’s Laboratories was up 0.43 percent at USD 39.63.

Nikkei tops 20,000 but autos, banks and yen make investors doubt sustainability

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A 10 percent surge over six weeks swept Japan’s Nikkei stock index above the 20,000-point barrier for the first time since late 2015 on Friday, without dispelling doubts about the rally’s shelf life given the outlook for automakers, banks and the yen.

Data shows foreign investors, who make up 70 percent of trading activity in the Tokyo market, rushed to cover short positions as a rally from the year’s low on April 17 gathered momentum.

But the data also shows foreigners avoided making heavy bullish bets, probably because analysts expect Japan Inc.’s earnings growth to falter.

The number of companies on the MSCI Japan index with earnings estimates down from the previous month has climbed steadily since mid-April and is now at its highest since December.