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Sensex, Nifty see sharpest single-day fall in 2017 on global cues
Posted on 23rd September 2017
Mumbai: Indian benchmark indices posted their biggest daily percentage decline in 10 months on Friday, as a North Korean threat to carry out a hydrogen bomb test in the Pacific Ocean rattled global markets.

The Indian government’s stimulus spending plan and jitters that it would widen the fiscal deficit also contributed to the decline, which was led by bank stocks.

The National Stock Exchange’s 50-share Nifty index dipped 1.56% to close below the psychological 10,000-point mark at 9,964.40 points. The BSE Sensex tumbled 1.38% to end at 31,922.44 points.

North Korea struck back at US President Donald Trump’s threats to destroy it, with Kim Jong Un warning of the “highest level of hardline countermeasure in history” and his foreign minister suggesting that could include testing a hydrogen bomb in the Pacific Ocean.

“The markets saw a sell-off of over 1%, which in our opinion is on account of weak global cues, which were due to geopolitical tensions surrounding North Korea,” said Nitasha Shankar, senior vice-president and head of research at YES Securities Ltd. “The sell-off was more pronounced as foreign institutional investors (FIIs) continued to pull funds out in reaction to the political tensions and recent revision of China’s sovereign rating.”

Stock indices in Hong Kong, South Korea and Taiwan also fell around 1% on Friday but the decline in India was the sharpest among Asian markets.

Indian stocks are the most expensive among peers, prompting concerns about valuations overshooting fundamentals amid slow economic growth and an elusive corporate earnings recovery.

“Impact of good and services tax (GST) could be more prolonged and earnings recovery could be delayed by a quarter or two. As a result, a market correction at this juncture should not come as a surprise,” said Ravi Gopalakrishnan, head of equities at Canara Robeco Mutual Fund.

The price-to-earnings ratio for FY19 is 18.48 and 18.18 for the Sensex and Nifty respectively, whereas that for MSCI Emerging Markets is 12.76 and MSCI World 16.50.

Analysts described the correction in the Indian markets as healthy and long overdue. “The correction was required due to excessive optimism built over the months. The sell-off is triggered by Fed’s comments on unwinding the quantitative easing beginning next month, consequence of which is unknown. Fed action will support the dollar which has already started to recover. As the Indian currency weakens against the dollar, it may have a negative effect on markets,” said Jimeet Modi, chief executive of Samco Securities.

Most stocks in the capital goods, healthcare and metals sectors were under pressure on Friday. Among sectoral indices, the BSE Metal index fell 3.9%, reacting to China’s credit downgrade by S&P Global Ratings, triggering concerns that demand from the world’s second-biggest economy may decline.

So far this year, FIIs have bought a net $6.4 billion worth of stocks, but sold $761.55 million worth of Indian equities in September.

Related Companies: Bombay Stock Exchange - BSE   National Stock Exchange of India Ltd (NSE)    

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The government of Jammu and Kashmir has decided to implement the recommendations of the seventh pay commission. With this move Jammu and Kasmir has become first state to do so. The J&K employees would get their revised salaries from this month. The J&K government announced the good news from its twitter handle on Tuesday.

Trai vs Bharti Airtel, Idea Cellular: TDSAT stays predatory pricing order
Posted on 24th April 2018
In a relief to old operators, telecom tribunal TDSAT today put an interim stay on reporting requirement of 'segmented offers' and the new definition for ascertaining 'significant market power' for predatory pricing by Trai.

The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) in its interim order today, however, placed a qualifier on the reporting requirements, saying the Telecom Regulatory Authority of India (TRAI) will be entitled to ask for details of segmented discounts or concessions "for analysis" but that "no penalty shall be imposed on that basis" till further orders are given in the ongoing appeals by Bharti Airtel and Idea Cellular.


ICICI Securities IPO under Sebi scanner
Posted on 24th April 2018
Mumbai: The stock market regulator Securities and Exchange Board of India (Sebi) has sought details of a large investment made by ICICI Prudential Mutual Fund in the flop IPO of affiliate ICICI Securities Ltd, two people aware of the matter said.

ICICI Securities had to cut its IPO size to Rs3,520 crore from the original target of Rs4,017 crore because of poor investor interest. Of this, a large chunk was bought by ICICI MF.


RIL surges 4%, adds Rs 22,000 crore in m-cap after Jio beats Airtel, Idea in monthly subscriber addition
Posted on 24th April 2018
Shares of Mukesh Ambani-controlled Reliance Industries Ltd surged nearly 4% on Tuesday emerging as the top gainers on BSE Sensex after Reliance Jio Infocomm Ltd outperformed India’s largest telecom company Bharti Airtel Ltd and Idea Cellular Ltd in monthly subscriber addition in the month of February. According to the data released by the telecom regulator TRAI (Telecom Regulatory Authority of India) on Tuesday, Reliance Jio Infocomm added about 87.4 lakh new subscribers in February.

M&M's tractor business now worth twice as much as automotive division
Posted on 24th April 2018
Mahindra & Mahindra (M&M), the country’s biggest tractor maker, has seen its market cap swelling by over Rs 100 billion since the start of the new financial year, giving it a valuation of Rs 1.03 trillion. The stock hit a new high of Rs 839 on Tuesday, showing a cumulative increase of over 12 per cent since the beginning of April.

The only visible trigger for this price increase is the forecast of a normal monsoon by private forecaster Skymet, as well as the India Meteorological Department (IMD).


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