Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Indian stock markets open firm
Thu, 29 Nov 09:30 am

Barring Indonesia (down 0.1%), all the major Asian stock markets have opened the day on a positive note led by stock markets in Japan (up 0.6%), South Korea (up 1.0%) and Hong Kong (up 1.1%). The Indian stock market indices have also opened the day in green. Barring software, all sectoral indices are witnessing gains led by the stocks in the FMCG and realty sector.

The Sensex today is up by around 140 points (0.7%), while the NSE-Nifty is up by around 37 points (0.6%). Mid and small cap stocks have opened in the green as well with BSE Mid Cap and BSE Small Cap indices up by around 0.6% each. The rupee is trading at Rs 55.47 to the US dollar.

Energy stocks have opened the day on a mixed note with Jindal Drill Ltd and Bharat Petroleum Corporation Ltd (BPCL) leading the pack of gainers. However, Oil India Ltd and Castrol Ltd were facing selling pressure. As per a leading financial daily, the Government is planning to sell all LPG cylinders and kerosene at market rates by 2013-14. It intends to directly transfer cash to the bank accounts of cooking gas (LPG) and kerosene customers irrespective of Aadhaar identification. The implementation will start with a pilot project in Andaman and Nicobar Islands by April. It is likely to be extended to the rest of the country in a year. The twin proposals are likely to discourage diversion of subsidized cylinders for commercial use and adulteration of diesel with cheap kerosene and could save the exchequer Rs 150 bn a year. The ministry is also considering raising the cap on subsidized cooking gas cylinders as it believes that six cylinders are not enough.

As per a leading financial daily, the finance ministry is considering a proposal to raise excise duty and service tax by 2% to 14% each in the Union Budget for 2013-14. Such a move could help the ministry collect around Rs 300 bn. The Budget may also see roll back of certain exemptions. The customs duty on oil is also likely to be restored (done away with in June 2011) while peak customs duty might be retained at 10%.All these steps aim to improve government's tax-to-gross domestic product (GDP) ratio. An increase in taxes may also affect growth, which had already slipped to 5.5 % in the first quarter of this financial year. In 2011-12, too, the ministry had increased excise duty and service tax by two per cent each.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian stock markets open firm". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.