Stock Market Update -Sensex, Nifty fall, Gold price hits lifetime high

Gold price hits a lifetime high on global cues- As the price of gold hit a lifetime high, bullion dealers have started luring customers with 1 percent discount for rolling over their working capital, to remain afloat in this business. Gold futures for delivery in August gained by 0.35 percent on the MCX for trading at Rs 34,150 per 10 grams in early evening trade.

The current spurt in gold prices has, however, reduced jewelry sales by 50 percent as customers prefer to exchange old jewelry with new ones with a mere making charge on it. Also, scrap jewelry sales have intensified in the last two days.

MARKET WRAP -

Sensex, Nifty fall amid a hike in crude oil price, deficient monsoons- The Sensex closed at 39,194, down 407 points or 1.03 percent, while the Nifty ended at 11,724, down 108 points or 0.91 percent. Both indices logged their third straight weekly fall. The rupee ended at 69.57, compared to the previous day’s close of 69.44.

On Friday, the India Meteorological Department said the cumulative rainfall during this year’s southwest monsoon season was below the long period average (LPA) by 43 percent.

Here is a look at the top gainers and losers for the week:

1 Hexaware Technologies, up 21 percent - The share price of software firm Hexaware Tech gained over 20 percent for the week. Japanese brokerage Nomura upgraded to the company to “neutral” from “reduce” after the acquisition of Mobiquity.

2 Suzlon Energy, up 10 percent - Suzlon Energy added over 10 percent for the week. The stock jumped the most in five months on June 20. Lenders are likely to consider the beleaguered wind-turbine maker's plan to sell its operations and maintenance business to pare debt.

3 Godrej Properties, up 4.65 percent - Real estate major Godrej Properties registered gains of over 4 percent for the week. However, the scrip fell 3 percent intraday on June 21 after global investment firm Morgan Stanley downgraded the stock on valuation concerns.

4 Jain Irrigation Systems, down 32 percent - The share price of Jain Irrigation Systems plunged as much as 32 percent for the week after India Ratings cut its long-term issuer rating.

5 Reliance Communications, down 13 percent - The stock price continued to slide even further after Reliance Communications reported a consolidated net loss of Rs 7,767 crore in the fourth quarter of 2018 -19.

SOURCE

Comments

Stock Market News - Budget 2020 | Removal of exemptions in new tex regime to impact life insurers, MFs

A salaried professional opting for a lower rate of tax under the new regime will not be eligible for deductions, including insurance premium paid and ELSS investments. Removal of tax exemptions under Section 80C in the new tax regime could be a dampener for life insurance products as well as equity-linked savings schemes (ELSS) of mutual funds. In her Budget speech on February 1, Finance Minister Nirmala Sitharaman said a salaried professional opting for a lower tax rate under the new regime will not be eligible for deductions, including insurance premium paid and ELSS investments. “The removal of 80C benefit may pose a risk to new business volumes of life insurance companies,” said Kotak Institutional Equities in a report. Life insurance Tax exemptions are an important incentive for purchase of life insurance. To be eligible for exemption under Section 80C, the sum assured has to be 10 times the annual premium. This is part of the Rs 1.5 lakh limit under ...

Stock Market News - FDC share price at 52-week high on GMP certificate from UK health regulator

The certificate came after a recent inspection of the company's facilities in Goa. FDC share price touched a 52-week high of Rs 222, rising more than 5 percent in the morning trade on January 3 after the company received the good manufacturing practice (GMP) certificate from the UK's health regulator. The UK's Medicines and Healthcare Products Regulatory Agency also continued with its approved status for the company's two facilities in Verna, Goa. The GMP certificate was issued after a recent inspection of the two plants. At 1018 hours, FDC was quoting at Rs 218.00, up Rs 7.30, or 3.46 percent. The share price has risen 30 percent in the last three months. GNFC share price down 2% after DoT seeks Rs 15K cr in telecom dues DoT sent the company a demand notice for Rs 15,019 crore, taking to Rs 3.13 lakh crore the amount it has sought from non-telecom companies following a Supreme Court ruling. The share price of Gujarat Narmada Valley Fertili...

Budget 2019 : LTCG Tax, GST, Home Loans, farmer income scheme needs to be focus

Budget 2018 was the last full-fledged budget presented by the government led by Narendra Modi. Long Term Capital Gains (LTCG) tax on profit earned from the sale of equity shares listed on a recognized stock exchange in India. The LTCG tax was re-introduced after a time gap of 14 years. The provisions were closely followed since they impacted the majority of taxpayers of the country. The tax was levied at the rate of 10 per cent (plus applicable surcharge and cess) while providing relief from gains accrued up to January 31, 2018, i.e., a mechanism was derived wherein the stock price as on 31 January 2018 was considered as the deemed cost, provided it is beneficial to the taxpayer. Following are some of the illustrative points: Treatment of compulsorily convertible instruments – The current provisions do not provide clarity on the cost to be adopted for the purpose of computation of capital gains in case of instruments that are compulsorily converted into equity sh...

Market Daddy | Share Bazar Live | Share Market News

Search This Blog