MARKETS LIVE: Sensex up 100 points, Nifty above 10,450; PSU Banks gain

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SI Reporter  |  New Delhi 

markets, stocks, sensex, nifty, bse, nse

Benchmark indices were trading higher following Asian shares that scaled a 10-year high on Thursday as solid economic data from the United States and Germany reinforced investors’ optimism 

Meanwhile, oil prices hovered at 2 1/2-year highs on anti-government protests in Iran that began last week rattled Tehran’s clerical leadership and left 21 people dead so far, raising concerns about supply.

However, US Federal Reserve policymakers showed worry over the fate of currently low inflation and saw recent tax changes as providing a boost to consumer spending, according to the minutes of the US central bank’s last policy meeting on Dec. 12-13 released on Wednesday

Back home, Investors are awaiting corporate results, including from Tata Consultancy Services and Infosys that are scheduled next week, amid signs the economy is recovering after the withdrawal of high-denomination currency bills in late 2016 and the introduction of a national goods and services tax last year.

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1:24 PM

PSU banks in focus
 
Shares of public sector banks were in focus with the Nifty PSU Bank index up nearly 3% in noon deals on the National Stock Exchange (NSE) after media reports suggested that the government may outline the details of PSU recapitalisation plan later in the day. 
 
At 12:15 AM; the Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.9% at 3,726, as compared to 0.29% rise in the benchmark Nifty 50 index. Nifty Bank index was up 0.43%, while Nifty Private Bank index up marginally by 0.5%. READ MORE

1:00 PM Market Check

S&P BSE Sensex 33,902.79 Up 0.32%
 
Nifty 50 10,475.10 Up 0.31%
 
S&P BSE 200 4,666.44 Up 0.36%
 
Nifty 500 9,475.80 Up 0.39%
 
S&P BSE Mid-Cap 17,881.19 Up 0.35%
 
S&P BSE Small-Cap 19,489.29 Up 0.74%

12:41 PM

Services bounce back to growth in December on fresh biz, reveals PMI
 
Activity in India's services industry bounced back to modest growth in December after contracting in the previous month, a private survey showed on Thursday, as new business orders stabilised and price increases slowed.
 
The Nikkei/IHS Markit Services Purchasing Managers' Index, which is based on a survey of private sector companies in Asia's third-largest economy, rose to 50.9 in December from 48.5 in November. The 50 mark separates growth from contraction.
 
However, expansion in just some industries such as information & communications and finance & insurance primarily drove overall business activity. READ MORE

12:21 PM

FPIs avoiding taxes by treating capital gains from NCDs as interest income
 
Foreign portfolio investors (FPIs) are nowadays categorising the gains from non-convertible debentures (NCDs) as interest income to benefit from tax arbitrage, a stark contrast to the earlier practice of showing such income as capital gains. 
 
Currently, the interest income of FPIs is subjected to five per cent withholding tax, against 15-20 per cent tax on capital gains, depending on the treaty. The amended Double Tax Avoidance Agreements (DTAAs) with several countries, especially Mauritius and Singapore, are the reason behind this shift, experts say. READ MORE

12:09 PM

Tata Steel, NMDC hit 52-week high; L&T, Hindalco touch record high
 
Tata Steel, NMDC, Oil India, Jain Irrigation Systems, Jet Airways and Jindal Steel & Power (JSPL) are among 36 stocks from the S&P BSE 500 index that hit their respective 52-week highs on BSE.
 
Of these 36 stocks, around 21 recorded new highs in intra-day trade. These include Larsen & Toubro (L&T), Sun TV Network, Hindalco Industries, APL Apollo Tubes, Bajaj Electricals, Rain Industries and Sterlite Technologies 
 
Besides NMDC and Oil India, NHPC, Steel Authority of India (SAIL) and SJVN from the public sector undertaking (PSU) hit 52-week highs on BSE. READ MORE

11:54 AM

Cargill to broaden India portfolio, invest Rs 15 bn in coming years
 
Cargill India is expanding its presence in the country and has prepared a plan to broaden its portfolio, which includes aqua feed and aqua premix, animal feed, plant for transfer fuels, strengthening edible oil brand, corn wet milling, and cocoa products for catering to the needs of chocolate making companies. Around Rs 15 billion in investments has been committed by its parent for the Indian market over the next few years. READ MORE
First Published: Thu, January 04 2018. 13:01 IST

MARKETS LIVE: Sensex up 100 points, Nifty above 10,450; PSU Banks gain

Catch all live market action here

Catch all live market action here
Benchmark indices were trading higher following Asian shares that scaled a 10-year high on Thursday as solid economic data from the United States and Germany reinforced investors’ optimism 

Meanwhile, oil prices hovered at 2 1/2-year highs on anti-government protests in Iran that began last week rattled Tehran’s clerical leadership and left 21 people dead so far, raising concerns about supply.

However, US Federal Reserve policymakers showed worry over the fate of currently low inflation and saw recent tax changes as providing a boost to consumer spending, according to the minutes of the US central bank’s last policy meeting on Dec. 12-13 released on Wednesday

Back home, Investors are awaiting corporate results, including from Tata Consultancy Services and Infosys that are scheduled next week, amid signs the economy is recovering after the withdrawal of high-denomination currency bills in late 2016 and the introduction of a national goods and services tax last year.
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