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After opening the day on a positive note, share markets in India have continued the momentum are trading marginally above the dotted line. Apart from stocks in the metals sector and stocks in the IT sector, all sectoral indices are trading on a positive note. Stocks in the realty sector and stocks in the infra sector are leading the gains.
The BSE Sensex is trading up by 34 points (up 0.1%), and the NSE Nifty is trading up by 10 points (up 0.1%). Meanwhile, the BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index is trading up by 0.8%. The rupee is trading at 64.93 to the US$.
The private sector lender has tied up with Wells Fargo, the third largest American bank by assets, to offer real time remittances from the Indian diaspora to their relatives back home.
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Under the arrangement between the two banks, any member of the Indian diaspora with an account with the Wells Fargo will be able to transfer money to their relatives back home and there will be no transaction fee applicable to the money transfers from USA. But the relative or the beneficiary in India will need to have an account with Axis Bank.
Wells Fargo has similar tie-ups with ICICI Bank and HDFC Bank. The American Bank has so far only tapped private banks as these banks have a large consumer banking base and the bank sees cross selling opportunities through such tie-ups.
Significantly, the tie-up has been signed at a time when remittances to India have been slowing down. In 2016 remittances to India were estimated to have dipped by 5% to US$ 65.5 billion, according to World Bank data.
Despite the slowdown in inward remittances to India, Wells Fargo retains its positive view on India.
A letter invoking Article 50 of the Lisbon Treaty and officially notifying the European Union (EU) of Britain's decision to withdraw from the bloc was hand-delivered to European Council President Donald Tusk in Brussels by British Ambassador yesterday.
The development follows June's referendum which resulted in a vote to leave the EU by Britain.
Recently, British MPs had overwhelmingly approved a bill allowing Prime Minister Theresa May to trigger negotiations for the UK's exit from the EU.
They had also dismissed calls for Parliament to have a meaningful vote on any Brexit deal.
UK's exit from the European Union looks like it may cause a fair bit of upheaval where trade is concerned. As the chart shows, the UK is an important trade partner of India. Its share in India's total exports has been steadily increasing over the last five years. In absolute terms too, our imports and exports with UK stand at a significant level.
With the Brexit happening, the dynamics of India's trading relations with not only UK but the whole of the EU might undergo a change.
UK exiting the EU free market can lead to a lot of market volatility.
Volatility makes market participants nervous, as markets no longer remain predictable and can swing wildly either ways.
Beating the benchmark indices during such periods becomes a difficult task.
But not for Kenneth Andrade.
Often dubbed as India's Peter Lynch, Kenneth beat the market by three times over a decade.
That period included the global financial crisis in 2008.
How did he manage to garner such outstanding results?
Our research analysts, Rohan Pinto and Kunal Thanvi recently interviewed Kenneth for the answer to this question. And many more including his stock picking process and his thoughts on the notebandi saga.
You can read all about it in the latest edition of the 5 Minute WrapUp here.
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