The benchmark S&P BSE Sensex rebounded 1,200 points, or 1.5 per cent, from the day's lows as the blow from higher taxes on equity transactions was offset by positives such as the Centre sticking to the fiscal consolidation path and measures to boost job creation and skill development.
Following the announcement of higher capital market taxes, the Sensex fell 1,542 points, or 1.91 per cent, from the day's high to hit a low of 79,224. However, the index managed to recoup most of the losses, ending at 80,429, down 73 points, or 0.1 per cent, from its previous day's close. After recovering from the day's low of 24,074, the National Stock Exchange Nifty 50 closed at 24,479, down just 30 points, or 0.12 per cent.
The broader markets also saw sharp recoveries from their day's lows but underperformed the benchmarks. The Nifty Midcap 100 and the Nifty Smallcap 100 ended 0.6 per cent and 0.9 per cent lower, respectively.
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Esta historia es de la edición July 24, 2024 de Business Standard.
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FY25 as weak-earnings year is gradually getting priced in
Even as many blame record foreign portfolio outflows for the market downturn, the real culprit is weak earnings amid rich valuations, says GAUTAM CHHAOCHHARIA, head of global markets, India, UBS. In an interview with Samie Modak in Mumbai ahead of the UBS India Summit, Chhaochharia highlights that 2024-25 (FY25) weak earnings growth is now factoring into market expectations. Investors are shifting their focus to the actions of the Reserve Bank of India (RBI) and the central government, as well as the outcome of upcoming state elections. Edited excerpts:
Non-disclosure of foreign property invites ₹10 lakh penalty per yr
Many high-net-worth individuals who allegedly own undeclared properties in Dubai have received notices from the tax office.
Modest increase in SBI share price after Q2
Brokerages positively revise their earnings forecasts, maintain target price
Strong growth, margin metrics could support LIC's valuations
In the September quarter (Q2FY25), LIC reported net premium income of ₹1.2 trillion, up 12 per cent year-on-year (Y-o-Y).
Mkts settle flat on FPI selling
Benchmark stock indices Sensex and Nifty closed flat in highly volatile trade on Monday as continuous foreign portfolio investors (FPI) selling, disappointing quarterly earnings and weak trends from Asian markets dented investor sentiment.
Rising retail ownership to spur equity cult in India: Morgan Stanley
Retail investors have become a force to reckon with as their ownership of Indian equities has risen by 800 basis points or 8 per cent to 23.4 per cent in the last 10 years, suggests a recent note from Morgan Stanley.
China wrests MSCI EM IMI top spot from India
Change in the pecking order comes amid a sharp rally in Chinese equities
HAVING A TRUCK WITH LNG
Things are changing rapidly with the entry of the private sector, but the path of LNG trucks in India is strewn with rocks
Accounting for climate finance
The climate negotiations meeting of the Conference of Parties signatory to the convention, COP29, at Baku, Azerbaijan, where most nations of the world have gathered currently, shall deal with various concerns relating to climate change.
Re-examine trade pacts
India must consider entering CPTPP, RCEP
