Wednesday, 11 May 2016

Market recovers; Nifty still above 7850, Sensex down 100 pts

Hindalco, NTPC, Axis Bank, Tata Steel and Maruti are top gainers in the Sensex. Among losers are Bharti Airtel, Tata Motors, Adani Ports, Dr Reddy's Labs and Coal India.

10:55 am Result poll: Kotak Mahindra Bank is likely to see standalone net profit at Rs 689 crore in January-March quarter, up 8.5 percent from Rs 635 crore in last quarter. According to a CNBC-TV18 poll, the private lender's net interest income (NII) may jump 3.8 percent at Rs 1832 crore against Rs 1766 crore in quarter-ago period. Year-on-year numbers are not comparable due to merger of ING Vysya Bank.

10:40 am Just in: In a big boost for telecom companies, Supreme Court has struck down call drop levies, says it’s arbitrary & unconstitutional in nature.

10:30 am Raging bull: Terming the amendment to the India-Mauritius Double Tax Avoidance Agreement (DTAA) as a "sensible move by a sensible government", ace investor Rakesh Jhunjhunwala said income on investments made by foreign investors should be subject to tax. "The move is well thought out. It will put all litigation to rest. It is coming into effect in March 2017 anyway," he told CNBC-TV18 in an exclusive interview. Jhunjhunwala's comments came in the wake of the government's decision to amend the Mauritius treaty, which will allow it to levy capital gains tax on FII income. He also allayed fears that the law would hamper inflows coming in through the participatory notes route, saying that as long as FIIs were able to get decent returns from India, they would not mind paying tax.

Don't miss: Want to play alongside FIIs? These are their 44 favourite stocks 

After a early morning jittery on amendment to the Mauritius Double Tax Avoidance Agreement (DTAA), the market has recovered. The Sensex is down 101.29 points or 0.4 percent at 25671.24, and the Nifty down 27.85 points or 0.3 percent at 7859.95. About 665 shares have advanced, 916 shares declined, and 99 shares are unchanged. FREE TRAILS

Hindalco, NTPC, Axis Bank, Tata Steel and Maruti are top gainers in the Sensex. Among losers are Bharti Airtel, Tata Motors, Adani Ports, Dr Reddy's Labs and Coal India.

Arvind Sanger of New York-based Geosphere Capital says the amendment made by the government to tweak its tax treaty with Mauritius may be well-intentioned but it could hamper foreign investors' access to the Indian markets. He added that instruments such as participatory notes, which allow foreign investors to skip registration with Sebi to invest in India, may take a hit and that the regular route of investments was too cumbersome for FIIs.

Nifty hovers around 7850; investors cautious on Mauritus treaty

Coal India, Tata Motors, BHEL, Bharti Airtel and Adani Port are the top losers, while Hindalco, NTPC and Zee Entertainment are the top gainers.

1 comment:

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