Tuesday, 27 December 2016

Live Stock Market Updates - Sensex rallies over 100 points; Cipla up 1%

The BSE Mid-cap Index is trading up 0.53% at 11,567, whereas BSE Small-cap Index is trading up 0.46% at 11,602. The INDIA VIX is down 1.86% at 16.6925.

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The key benchmark climbed on Tuesday tracking a rebound in Asian equities led by pharma shares amid thin volumes as financial markets close out a volatile year.

The S&P BSE Sensex is trading at 25,889 up 88 points, while NSE Nifty is trading at 7,934 up 26 points. The BSE Mid-cap Index is trading up 0.53% at 11,567, whereas BSE Small-cap Index is trading up 0.46% at 11,602.
 
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Tata MotorsDVR, Cipla, Bosch, Lupin, Ambuja Cement and Tata Motors are among the gainers, whereas Hindalco, UltraTech Cement, Bharti Airtel, GAIL and Coal India are losing sheen on NSE.

A total of five stocks registered a fresh 52-week high in trade today, while 15 stocks touched a new 52-week low on the NSE.

Out of 1,883 stocks traded on the NSE, 536 declined, 975 advanced and 372 remained unchanged today.

Some buying is observed in media, pharma, IT and financial services sectors while realty, banking and auto are showing weakness on NSE.

The INDIA VIX is down 1.86% at 16.6925.

Asian indices were trading flat to mildly positive as volumes drop in the holiday season with year end blues taking over. The trade of long developed markets & short emerging markets has played out well in the last 2 months with both the Japanese 'Nikkei' & the US Dow Jones now in sight of hitting 20,000. 

Finance Minister Arun Jaitley has said that tax payers should be trusted, unless proven otherwise and batted for a globally compatible lower level of taxation. Jaitley said voluntary compliance by citizens of payment of due taxes needs to be reciprocated by authorities with a tax-friendly administration.

Meanwhile, Prime Minister Narendra Modi is set to meet with experts at NITI Aayog today to discuss ways to drive economic growth in the aftermath of lowered growth forecasts by various agencies.

On the bright side, the rupee managed to end at a two-week high against the US dollar.

While volumes remain thin, some buying could keep the indices afloat before the F&O choppiness sets in later this week.  A report suggests that a government clarification on indirect transfer of shares could result in foreign investors paying up to 40% tax on their capital market investments in India. Monday weakness was more to do with statements from the PM that financial market participants may have to  pay  more taxes.

The Indian rupee opened lower by 10 paise on Tuesday at 67.84 per dollar versus previous close of 67.74/$.
 


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