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LORD JESUS CHRIST SAYS

So do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ For the pagans run after all these things, and your heavenly Father knows that you need them. But seek first his kingdom and his righteousness, and all these things will be given to you as well. Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.

11 May 2016

SHARE MARKET- SENSEX FALLS 178 POINTS, MAURITIUS TAX TREATY WEIGHS.



The Sensex and Nifty fell on Wednesday on concerns the government may amend tax treaties with countries including Singapore after it agreed to tax capital gains on foreign investments from Mauritius.

The tax, which will be effective April 2017, would be at 50 per cent of the domestic rate for two years, and at the full rate thereafter, the government said on Tuesday.
Shares took a beating, losing more than 1 per cent earlier in the day, also on worries about the tax impact on holders of popular derivatives that track Indian equities, which are sold to foreign investors.

The participatory-notes, as they are known, account for a substantial part of equity inflows and most are bought by investors based in Mauritius or Singapore, analysts said.
Shares however trimmed losses from earlier in the day as investors took comfort after clarity emerged that the tax would not apply to existing holdings.
India and Singapore will need to renegotiate their own double tax-exemption treaty, as rules say that any changes to the capital gains exemption clause in the treaty with Mauritius would also lead to changes in the agreement with Singapore.
"The good thing about this tax treaty is that it's not retrospective in terms of the applicability of the taxes and this is what has assuaged negative sentiment in the market," said Mahantesh Sabarad, deputy vice-president of research at SBI Capital Securities.
"However, market is waiting to understand whether similar treaties existing elsewhere will be revised or not."
The Sensex closed 175.51 points lower at 25,597 and the Nifty declined39 points to close at 7,849.
From the Nifty-50 basket of stocks, 33 stocks closed lower while 18 stocks ended higher.
Zee Entertainment was the top Nifty gainer the stock closed 7.27 per cent higher at Rs 448 after the company reported better than expected March quarter numbers.
Hindalco Industries shares closed 2 per cent higher at Rs 91.60 after its US-based subsidiary Novelis reported strong earnings for the March quarter.
On the other hand, Bharti Airtel, State Bank of India, Tata Power, Tata Motors, Bharti Infratel, ITC and Idea Cellular were also among the laggards.
The overall market breadth was bearish as 1,461 stocks declined while 1,099 advanced on the BSE.
3:20 p.m.: Asian Paints reports Q4 net profit of Rs 409 crore on sales of Rs 3,920 crore. Analysts polled by NDTV expected the company to post net profit of Rs 433 crore, shares up 1.47 per cent at Rs 911.60.
3:05 p.m.: Market breadth remains bearish as 1,505 stocks fall while 997 advance.
2:46 p.m.: PSU banking stocks were facing the heat of selling pressure. The PSU bank index on the NSE fell 2 per cent; Punjab National Bank was the top loser from this space, down 3 per cent to Rs 80. Allahabad Bank, Canara Bank, Bank of India, Union Bank of India, Oriental Bank of Commerce, State Bank of India and Andhra Bank were also among the losers, down 2-3.2 per cent each.
2:26 p.m.: Kotak Mahindra Bank reports Q4 net profit of Rs 696 crore against poll of Rs 668 crore. The bank reported gross non-performing loans at 2.36 per cent against 2.30 per cent during the previous quarter. Shares of Kotak Bank jump 1.5 per cent to Rs 733.
2:20 p.m.: The stock markets continue to trade with a negative bias mirroring global cues. The Sensex was down 150 points at 25,622 and Nifty was at 7,854, down 34 points.
1:56 p.m.: Hindalco Industries shares gained over 3 per cent to Rs 92.8 on Wednesday after its US-based subsidiary Novelis reported strong earnings for the March quarter. 
Novelis, which contributes nearly 50 per cent to Hindalco's consolidated revenues, reported a 35 per cent increase in its adjusted net profit at $50 million, up from $37 million in the year-ago quarter.
Its adjusted EBITDA or operating profit jumped 29 per cent to $277 million.(Read)

1:50 p.m.: 
1:50 p.m.: 
1:50 p.m.: European markets trade with a negative bias. Germany's DAX falls 0.6 per cent, Britain's FTSE100 declines 0.3 per cent and France's CAC40 index tumbles 1 per cent.
1:40 p.m.: IT stocks were facing the heat of selling pressure, the BSE IT Index was down 1 per cent; Infosys, TCS, HCL Technologies, Tech Mahindra, Wipro, Mphasis and NIIT Ltd were among the prominent decliners from the IT space.
1:30 p.m.: Market breadth turns negative as 1,527 stocks fall while 835 advance.
1:22 p.m.: Sumeet Bagadia, associate director at Choice Broking says Nifty looks weak on charts and fresh longs should be initiated only above 7,980.
1:04 p.m.: The stock markets extended selloff in the afternoon deals as selling intensified across the board. The Sensex fell 262 points to 25,510 and Nifty fell 71 points to 7,817 to trade below its 200 day moving average of 7,834.
12:45 p.m.: ITC was the top loser in the Nifty, down 2 per cent to Rs 317. BHEL, Dr Reddy's Labs, Tech Mahindra, Bharti Infratel, State Bank of India, Bharti Airtel and GAIL India were also among the losers, down over a per cent each. 
12:41 p.m.: Selling pressure resumed across the sectors. Oil & gas, realty. IT, pharma and FMCG indices were down 0.7-1 per cent each.
12:30 p.m.: The stock markets resumed selloff in the afternoon deals. The Sensex fell 123 points to 25,649 and Nifty was at 7,859, down 28 points.
12:12 p.m.: Market breadth remains marginally negative as 1,132 stocks were declining while 1,058 were advancing.
12:05 p.m.: Nifty recovers from intraday low levesl, heads towards 7,900 as buying resumes in banking, capital goods, auto and metal stocks.
11:53 a.m.: Huhtamaki PPL was the top gainer from the small-cap space, up 20 per cent at Rs 277. Radha Madhav Corporation, Elantas Beck India, Sudarshan Chemical Industries, Shilpi Cable Technologies, Ashapura Minechem, Subex and 3I Infotech were also up 7-20 per cent each from this space.
11:44 a.m.: Zee Entertainment shares extend gains, surges 7 per cent to Rs 447 post robust fourth quarter numbers.
11:38 a.m.: Radico Khaitan shares fell as much as 5 per cent on Wednesday as the spirits maker's net profit remained nearly flat at Rs 14.8 crore in Q4 compared to Rs 14.9 crore in the year-ago period. Analysts say higher raw material cost impacted Radico Khaitan's bottom-line. 
Radico Khaitan's revenue increased 10 per cent to Rs 378 crore on higher volumes. It had reported revenue of Rs 343 crore in the year-ago quarter.(Read)

11:17 a.m.: 
11:17 a.m.: 
11:17 a.m.: Select banking stocks were witnessing buying interest. The BSE Bankex was up 0.11 per cent; Axis Bank, Kotak Mahindra Bank, Yes Bank and IndusInd Bank were among the gainers.
11:01 a.m.: The stock markets turned flat with a negative bias. The Sensex was down 54 points or 0.2 per cent at 25,718 and Nifty was at 7,879, down 8 points or 0.11 per cent.
10:51 a.m.: Telecom stocks recover from intraday lows after Supreme Court strikes down call drop levies. Bharti Airtel jumps 0.76 per cent to Rs 372, Idea Cellular advances 2.3 per cent to Rs 115.45 and and Reliance Communications rises 2 per cent to Rs 56.75.
10:40 a.m.: Market expert Salil Sharma says, "The fundamentals of the Indian economy and markets are improving by the day with improvement in power sector and government's push for infra etc., the tax to the tune of 7.5 per cent won't impact the foreign flows going ahead."
He added that the Nifty in today's opening deals went below its 200 day moving average of 7,834 and became oversold and bounced back from those levels.
10:37 a.m.: TP Ostwal, founder of TP Ostwal & Associates says investments made prior to March 2017 will continue to get tax exemption provided under the old treaty. Even if investors sell later on, gains will not be taxable, so FDI and FPI will get attracted, he added.
10:08 a.m.: Mid-cap and small-cap indices were outperforming the benchmark indices. The BSE Mid-cap index was up 0.02 per cent and the Small-cap index was down 0.06 per cent compared to 0.5 per cent fall in the Sensex. Zee Entertainment was the top gainer from the mid-cap space, up 5 per cent to Rs 437. MRPL, OFSS, Oberoi Realty, Cummins India, Biocon, Sun TV and Cadial Healthcare were also among the gainers, up 0.7-4 per cent each.
10:01 a.m.: From the Nifty-50 basket of stocks, 35 stocks were falling while 16 were advancing. Zee Entertainment was the top Nifty gainer, up nearly 5 per cent to Rs 437.55. Hindalco, NTPC, Grasim Industries, Axis Bank, Tata Steel, Yes Bank, Maruti Suzuki and Asian Paints were also among the gainers.
9:53 a.m.: The Sensex which fell over 350 points and Nifty which touched low of 7,780 while reacting to the government's overnight decision to impose capital gains tax on investments coming from Mauritius, came off the intraday low levels.
At 9:53 a.m., the Sensex was down 119 points at 25,653 and Nifty was at 7,856.
The partial recovery in the markets came on the back of buying in index heavyweights like Axis Bank, Tata Steel, Maruti Suzuki and Hero MotoCorp.
Rohit Srivastva of Sharekhan told NDTV Profit that when market moves on basis of news it generally gets discounted and it won't be surprising to see Nifty back to the previous levels.
 

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