Share Market updates: Sensex gains 1,421 points, within kissing distance of all-time high; Nifty also nears peak
Sensex and Nifty closed within kissing distance of all time highs in trade today after exit polls predicted a landslide victory for the Narendra Modi led NDA government. Sensex and Nifty extended their rally in afternoon trade today as exit polls predictions outclassed expectations of opinion polls held during the Lok Sabha election.
Benchmark indices Sensex and Nifty closed marginally short of their all-time highs. While Sensex is just 135 points short of its all time high, Nifty needs just 28 points to touch its record high of 11,856.
Co-location case: NSE moves Securities Appellate Tribunal against Sebi rulings
The National Stock Exchange Tuesday moved the Securities Appellate Tribunal challenging Sebi's rulings against it in the co-location case, according to an official.
A total of three petitions have been filed against the rulings of the market regulator, which had also directed the bourse to disgorge profits worth over Rs 1,000 crore.
Two of the pleas are scheduled for hearing on Wednesday, as per the cause list of the tribunal.
In April, Sebi directed the exchange to disgorge profits worth over Rs 1,000 crore and imposed a six-month ban on launching new derivative products besides action against other entities, including some current and former officials.
The watchdog had passed five separate orders, together running into 400 pages, related to the co-location case, wherein some entities allegedly got preferential access in high frequency trading.
On Friday, the NSE had said it would soon move the tribunal against Sebi rulings in the co-location case as there are "strong grounds" to challenge the orders.
Indian economy projected to grow at 7.1% in FY20: UN report
India's economy is projected to grow at 7.1 per cent in fiscal year 2020 on the back of strong domestic consumption and investment but the GDP growth is a downward revision from the 7.4 per cent estimated in January this year, according to a report by the United Nations.
The World Economic Situation and Prospects (WESP) 2019 Mid-year Update, released here Tuesday, said that the Indian economy, which generates two-thirds of the regional output in South Asia, expanded by 7.2 per cent in 2018.
"Strong domestic consumption and investment will continue to support growth, which is projected at 7.0 per cent in 2019 and 7.1 per cent in 2020," the report said.
The estimates for India, however, reflect a downward revision from the projections made in the World Economic Situation and Prospects 2019 report released in January this year. That report had estimated that India would grow at 7.6 per cent in fiscal year 2019 and 7.4 per cent in 2020. It must be noted that despite the downward revisions, India remains the fastest growing major economy in the world, ahead of China.
RBI News & Updates
Warning that any future violation of RTI would be viewed “seriously”, the court asked RBI to review its policy on disclosure of information under the transparency law. The Supreme Court on Friday directed the Reserve Bank of India (RBI) to disclose information pertaining to its annual inspection report of banks under the Right to Information (RTI) Act unless they are exempted under law.
A bench headed by Justice L Nageswara Rao also directed the federal bank to review its policy to disclose information relating to banks under RTI, saying "it is duty-bound under the law".
Under Section 80C with the Equity-Linked Saving Scheme, wherein there is a lock-in period of 3 years, wherein LTCG is tax-free if it falls below Rs 1 lakh. Best ELSS Plans, Scheme: When it comes to investment, there are many tools through which an individual can avail gains and in turn strengthen their wealth. Among the plethora of schemes are public provident fund (PPF), fixed deposits (FD) and National Savings Certificate (NCS).
Equity Linked Saving Scheme (ELSS) is one such investment tool wherein the investor not only gets the benefit of a higher return, but also the gains are generally partially taxable. In other words, the investor's pockets get heavier with investments made through ELSS.
How to invest your money in volatile market
Market downturns may be upsetting, but history shows that the US stock market has been able to recover from declines and can still provide investors with positive long-term returns. In fact, during the past 35 years, the market has experienced an average drop of 14% from high to low during each calendar year, but still had a positive annual return in more than 80% of the calendar years in this period.
Since mid-2015, this general pattern played out. US stocks experienced sharp drops in August 2015, when China devalued its currency; in January 2016, as oil prices dropped; in June of 2016, after the "Brexit" vote; in the run-up to the 2016 US presidential election; and in 2018, concerns about trade and earnings rattled investors. Still, during the 3.5-year period, the market was up more than 20% cumulatively.
Latest News and Updates of Home Loans
State Bank of India (SBI), the country's largest lender by assets, has reduced its interest rate by 10 basis points or 0.10 per cent on home loans of up to Rs. 30 lakh, a move which is likely to provide some respite to home loan borrowers. The revised rates on home loans or housing loans are applicable from Wednesday, April 10, according to a statement.
Under Section 80C with the Equity-Linked Saving Scheme, wherein there is a lock-in period of 3 years. Here, the long term capital gains or LTCG is tax-free if it falls below Rs 1 lakh. If the LTCG exceeds the said amount, it is taxed at the rate of 10%, devoid the benefit of indexation.