Benchmark indices were rangebound following Asian stocks, that stepped back from a record high on Wednesday as the region’s resource shares were dented by falling oil and commodity prices while digital currencies tumbled on worries about tighter regulations.
Bach home, A fortnight ahead of the Union Budget, the Goods and Services Tax (GST) Council is likely to take up rationalisation of rates of about 70 items, of which at least 40 are services. Amendment in rules may also be taken up to simplify filing and plug some of the loopholes. A fitment committee of officers has made these recommendations to the Council, which will meet on Thursday.
With the aim to boost struggling agriculture and rural economy, and encourage clean energy, the Council is expected to rationalise rates of agriculture implements and unconventional fuel buses. It is the last Council meeting before Finance Minister Arun Jaitley presents his last full Budget on 1 February, before general elections in 2019.
9:24 AM NIfty IT extends gains
9:21 AM Sectoral Trend
9:19 AM Sensex top gainers and losers
9:19 AM Broader Markets
In broader markets, both BSE Midcsap and BSE Smallcap indices were little changed
9:18 AM Markets at Open
At 9:17 am, the S&P BSE Sensex was trading at 34,854, up 83 points while the broader Nifty50 was ruling at 10,720, up 19 points
9:10 AM
Top technical calls by HDFC Securities:
Buy INDIAN HOTELS
CMP: Rs 144.55
Stop Loss: Rs 138
Target: Rs 154
Buy SUN PHARMA
CMP: Rs 577.70
Stop Loss: Rs 560
Target: Rs 610
9:05 AM
Nifty outlook by HDFC Securities:
Though Nifty managed to limit its fall to 40 odd points, midcap and small cap indices plunged 2.41% and 2.48% during yesterday’s trade. Advance decline ratio remained worst since 25 Sep 2017. However, there is no sign of bearish trend reversal seen as of yet on the Nifty daily charts. Bullish trend is still intact with all technical indicators holding strength. Support for the Nifty is placed somewhere around 10590, while resistance for the same is placed at 10900.
9:01 AM
Bitcoin plunges 25% as fears of crypto crackdown linger
January’s cryptocurrency selloff got fresh impetus on Tuesday when Bitcoin slumped as much as 25%, as the prospect of regulatory crackdowns appeared to spread.
While the largest digital coin was down 25% at $10,338 in New York, it was still at the lowest level since early December, according to composite pricing on Bloomberg. As Bitcoin halted its two-day rally, rival cryptocurrencies also tumbled. Ripple sank as much as 40% and Ethereum dropped 26%.
8:47 AM
Amber Enterprises Rs 600 cr IPO to open today
Amber Enterprises India will open its Rs 600-crore initial public offering on January 17, with a price band at Rs 855-859 per share. Equity shares are proposed to be listed on the BSE and the NSE. The book running lead managers to the offer are Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas.
The issue will close on January 19. It allots Rs178.71 crore at Rs859 per share to 15 anchor investors.
8:42 AM
Council may cut GST rates for 70 items
A fortnight ahead of the Union Budget, the Goods and Services Tax (GST) Council is likely to take up rationalisation of rates of about 70 items, of which at least 40 are services. Amendment in rules may also be taken up to simplify filing and plug some of the loopholes. A fitment committee of officers has made these recommendations to the Council, which will meet on Thursday.
With the aim to boost struggling agriculture and rural economy, and encourage clean energy, the Council is expected to rationalise rates of agriculture implements and unconventional fuel buses. It is the last Council meeting before Finance Minister Arun Jaitley presents his last full Budget on 1 February, before general elections in 2019. READ MORE
8:39 AM
SGX Nifty
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 3 points or 0.03 percent.
AUTO REFRESH ON 