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Markets will remain closed on 1st May, 2017 on account of Maharashtra Day.

Respite For Markets After Crash
Fri, 8 Jan 09:30 am

After yesterday's mayhem wherein trading in China was halted after the index tanked more than 7%, major Asian stock markets have opened the day on a positive note. Stock markets in China and Hong Kong are trading higher by 2.2% and 1.2% respectively. However, stock indices in Europe and US ended their previous session on a negative note with benchmark indices in US falling as much as 2.3%. The rupee is trading at 66.91 per US$.

Indian stock markets too have opened the day on firm note. The BSE Sensex is trading higher by 203 points (up 0.9%) and NSE Nifty is trading higher by 100 points (up 1.3%). Both BSE Mid Cap and BSE Small Cap are trading higher by 1.2% and 1.5% respectively. Sectoral indices have opened the day on a positive note with stocks from pharmaceutical and automobile sector witnessing maximum buying interest.

As per an article in leading financial daily, government is planning to pare its stake in IDBI Bank. Consequently, bank has hired investment bankers to help them to raise funds through the Qualified Institutional Placement (QIP) route. Reportedly, at current market capitalization the QIP placement will result in a dilution of around 15-20% of the governments shareholding in the bank. Currently, government directly holds 76.5% stake in IDBI Bank. Additionally, government holds 13.88% through public sector entities like Life Insurance Corporation (LIC).

Recently, Mr Sinha, minister of state finance, had stated that government is planning to transform IDBI Bank on the lines of Axis Bank. Currently, government holds around 29.54% stake in Axis Bank through Specified Undertaking of Unit Trust of India (SUUI) and LIC. However, bank operates as a private owned entity. Government plans to do the same in the case of IDBI Bank. IDBI Bank is trading up by 2.5%.

As per an article in leading financial daily, Titan Company Ltd is expected to take a hit of Rs 5 billion in revenues in FY16. The hit will be triggered largely on account of governments move to lower the transaction threshold of quoting Permanent Account Number (PAN). Government has lowered the purchase limit for quoting PAN to Rs 2 lakh per transaction from Rs 5 lakh earlier. Further, the company stated that it expected cash sales of jewellery items between Rs. 2 lakh and Rs. 5 lakh to be impacted to some extent after the government's move. Titan is trading down by 0.5%.

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Apr 28, 2017 (Close)

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