Indian equity indices saw a dip for the fifth session, influenced by global market downturns and new tax hikes on investment gains and derivatives trading in the Union Budget. The Sensex fell 650 points and the Nifty50 dropped 195 points. Axis Bank was the biggest laggard, while SBI Life Insurance shares surged on strong profit growth.
Axis Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 362764.03 Crore).
DCB Bank Ltd., incorporated in the year 1995, is a banking company (having a market cap of Rs 4172.94 Crore).
On the options front, the highest Call Open Interest (OI) is positioned at 25,000, followed by strikes near 24,500. Conversely, the highest Put Open Interest (OI) is located at 24,000, with additional concentration towards the 23,500 strikes.
Pune Rains: Pune faces severe disruptions as heavy rains lead to school closures, traffic jams, and tree fall incidents. The District Collector has ordered the closure of schools and cautioned citizens against unnecessary travel. Increased water discharge from Khadakwasla dam has caused waterlogging, and four rain-related fatalities have been reported. Emergency services are actively responding to incidents, with a red alert issued for continued heavy rainfall.
Federal Bank Ltd., incorporated in the year 1931, is a banking company (having a market cap of Rs 48820.65 Crore).
The new employment-linked incentive schemes announced in the budget aimed at bolstering India's electronics manufacturing industry were expected to create millions of jobs by 2030. However, clarity was awaited on their applicability to contractual workers, a significant portion of the workforce, before their implementation in October.
Jindal Steel & Power Ltd., incorporated in the year 1979, is a Mid Cap company (having a market cap of Rs 99198.47 Crore) operating in Metals - Ferrous sector.
China's central bank made an unexpected cut to a medium-term interest rate by the most in over four years to stimulate economic growth. This follows recent benchmark rate cuts and attempts to revive consumption and tackle high youth unemployment. Beijing targets five percent growth, but recent data shows slower recovery.
SBI Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 163552.49 Crore) operating in Financial Services sector.
Larsen & Toubro Ltd., incorporated in the year 1946, is a Large Cap company (having a market cap of Rs 483870.92 Crore) operating in Construction sector.
Budget 2024: The Union Budget saw Finance Minister Nirmala Sitharaman announce a new capital gains tax structure, claiming it would benefit most people by removing indexation. The long-term capital gains tax on property and gold was reduced from 20% to 12.5%. The changes aimed to simplify the tax regime and rationalize rates across different asset classes.
24,000 Put has the highest OI, whereas there are some consistent call OI additions from 24,400 levels to 25,000 levels. The range is wider, however, 24,500/24,600 levels can act as a crucial resistance and the 24,000 level may act as a crucial support.
Following the implementation of the T+1 framework, dividends are distributed to shareholders listed in the company's database on the record date. Normally, the record date and ex-date align unless a market holiday follows the ex-date. Under this framework, shareholders who purchase the stock at least one day before the ex-date qualify for dividends, with settlement occurring the next day.
Mumbai Rains: Maharashtra experienced severe rainfall over 24 hours, leading to significant flooding and disruption. Tamhini in Pune recorded the highest rainfall at 300mm. The India Meteorological Department (IMD) issued warnings for continued heavy rain in the Madhya Maharashtra and Konkan regions. Kolhapur faced a critical flood situation with the Panchaganga River nearing danger levels. Nashik saw potholes resurface, making driving hazardous. The IMD predicts continued rainfall but a potential... Читать дальше...
Above all, if you see the number of direct participants in markets is also increasing. So, somewhere these three steps which are taken, one is transaction tax, if you see its financial impact from the budget perspective or deficit perspective is very limited.
Addressing the question on the hotel industry, we find that it has been reaching new highs in terms of occupancy rates. Previously, 65 percent was considered standard for the hotel industry. However, for the first time, we are seeing 70 percent occupancy rates in hotels, marking a new record after a very long time. This bodes very well for tourism.
Assam Chief Minister Himanta Biswa Sarma announced that IIM-Guwahati will start courses from the next academic year following consent from the Union Education Ministry. Sarma held fruitful meetings with Union ministers on various issues, including education, environment, power, and finance. Key outcomes include assurances on royalty settlements from hydro-carbon industries, support for Assam’s Teacher Training Institute, technical education, and climate change mitigation efforts. The discussions also covered enhancing Assam's energy security... Читать дальше...
Japan’s Nikkei share average hit a five-week low as the yen's rise against major currencies impacted investor sentiment. Chip-related stocks, following U.S. peers, declined sharply. Renesas Electronics notably fell after a significant profit decline. Nichirei and Sapporo Holdings were among the few gainers. Majority of Tokyo Stock Exchange's industry sub-indexes faced declines.
Magellanic Cloud had set July 27 as the record date for its 1:5 stock split, requiring investors to purchase shares by today. The multibagger stock also merged with IVIS International and announced a Rs 0.15/share dividend. Trading on an ex-split basis begins Friday, with shares having already yielded significant returns this year.
Budget provision making some old momentum stocks come back in mode.
India considered easing investment restrictions on some Chinese firms to boost domestic manufacturing. Discussions were held on exemptions for hi-tech sectors like solar modules. Relations between the two countries had strained post-2020 border clash. The government's Economic Survey report suggested attracting more Chinese investment to enhance manufacturing similar to East Asia.
When an economy is doing good, the street can absorb anything. In normal circumstances, a hike in STCG and LTCG would have made Nfty and sensex react in a very negative way. But on the day of announcement and subsequently, hike in taxes on gains made in the stock market, the market appears to have forgotten that even if the announcement was made. If nothing major happens in the next few trading sessions, there is a high probability that we have entered into a new bull phase. A phase where due to valuation... Читать дальше...
China's reusable, uncrewed spacecraft, which launches and lands at secret military sites, is likely testing technology but could also manipulate or retrieve satellites, experts suggest. Observations of the spacecraft’s maneuvers hint at military applications, including inspecting or disabling enemy objects. Similar to the U.S.'s Boeing X-37B, China's spaceplane, shrouded in secrecy, could have dual uses in national security. Despite its unclear purpose, its potential to interfere with satellites has raised global military interest and concern... Читать дальше...