Sensex Off 95 Points Higher

The benchmark indices in more detail trimmed gains in mid-afternoon trade after the Finance Minister Pranab Mukherjee has said the government has started re-negotiating the agreement with Mauritius to avoid double taxation. BSE Sensex rose 113.78 points, or 0.65%, off nearly 95 points today, and also the highest points near the 115-day low. Extension of the market was positive. Recovery of global stocks has helped the recovery of the national stock exchanges today, June 21, 2011.

Index heavyweight Reliance Industries (RIL) cut than for bargains after recent sharp slide. Interest rate sensitive stocks actually extended recent losses on concerns about higher interest rates could affect demand for residential and commercial properties. IT stocks were mixed. Bank stocks rose to a bargain hunting after recent sharp losses.

The market opened on a note of the company and the shares in Asia rose. The market recovered after falling into the red for a brief period in the morning trade. The market rose to new intraday trading in the mid-morning. The market extended gains to hit intraday high initial costs in the afternoon trade. Compared to the market’s gains after touching intraday high costs of late trading after Mukherjee said the government has resumed negotiations with Mauritius on double taxation agreement. The market pared gains in afternoon trading NRI Share Trading Account.

At 14:20 IST, the BSE Sensex was up 113.78 points, or 0.65% at 17,620.41. Sensex was 208.25 points higher on the day of 17,714.88 in afternoon trade. The index fell 2.37 points to 17,504.27 in early trading day low.

S & P CNX Nifty rose 36.40 points or 0.69% at 5294.30 PAN Card for NRI.

The size of the market was positive. On BSE, 1383 shares advanced while 1238 shares have declined. A total of 133 shares remained unchanged. Bank had swung between positive and negative zone earlier in the day.

Among the 30-member Sensex pack, 22 shares rose, while the rest of them fell. Jaiprakash Associates, Maruti Suzuki India and Cipla fell 0.52% to 3.16%. HDFC, Hero Honda Motors and Hindalco Industries rose by between 1.31% to 2.05%.

Index heavyweight Reliance Industries (RIL) gained 1.65% to 848.35 rupees on bargain hunting after recent sharp decline. The stock hit an intraday high of Rs 854.60 today. The stock hit a 52-week low of Rs 829 on Monday, June 20, 2011. The stock has fallen recently, reports of a government watchdog has accused the Ministry of Oil to promote RIL allowing you to double the cost of developing the gas field in KG-D6. According to recent reports, a draft report of the Comptroller and Auditor General of India (CAG) has challenged the decision of the Ministry of Petroleum and its technical arm, the Director General of Hydrocarbons (DGH) for the EFI raise the cost of developing RIL KG-D6 field NRI Demat Account.

RIL had said last week that it has fully complied with the requirements of its production sharing contract at any time in the conduct of petroleum operations. Meanwhile, RIL advance payment of taxes would have jumped 38.46% to Rs 900 crore in Q1 June 2011 in Q1 June 2010. Higher pre-tax payment usually means high profits for the period under review.

Oil and Natural Gas Corporation (ONGC) rose 0.35% to Rs 257. The values ​​were recovered after hitting a 52-week Rs 248 in intraday trading today.

Bharat Heavy Electricals (Bhel) fell 0.69% RS 1905.65. In stock hit a 52-week low of Rs 1872.50 today.

Interest rate sensitive stocks actually extended recent losses on concerns about higher interest rates could affect demand for residential and commercial properties. Purchases of residential and commercial properties, largely driven by funding. HDIL, DLF, Parsvnath Developers and Unitech fell between 0.16% and 2.44%.

IT stocks were mixed. Infosys, TCS, Mphasis and Tech Mahindra rose between 0.23% and 2.76%. HCL Technologies, Patni Computer Systems, Financial Technologies and Wipro fell between 0.55% and 1.35%.

Bank shares rose on bargain hunting after recent crash. The second largest bank in India the private sector in net profit HDFC Bank rose 1.28%. The withholding of the bank have increased 26.98% to Rs 400 crore in Q1 June 2011 in Q1 June 2010 NRI Online Trading account.

The largest commercial bank in India with a network of branches of State Bank of India (SBI) was 0.78% RS 2196.80. In stock had hit a low of Rs 2123 for 52 weeks on Monday. Bank reported pre-tax profit increased by 29.41% RS 1100 crore in Q1 June 2011 over Q1 June 2010.

India’s largest private sector bank ICICI Bank net profit rose 0.1%. The withholding of the bank increased by 11.42% to Rs 390 million rupees in June 2011 in Q1 Q1 June 2010.

Autoline Industries rose 0.1% after the company clarified that it is not the Ruia Group, holding discussions with the sale.

Share prices had witnessed a steep intraday slide in early trading Monday, June 20, 2011, reports the Indian government considers a double tax treaty with Mauritius avoidance. The reports shocked the market, because much of India’s foreign direct investment (FDI) and FII money comes from Mauritius. The market is out intraday low after the sharp slide in early trading in the wake of subsequent reports suggested that the government was in talks with Mauritius to review the double taxation agreement with Mauritius avoidance. The Sensex ended with a loss of more than 2% on the day when world stocks fell after European finance ministers postponed a decision to hand over money bailout of Greece.

The tax treaty between India and Mauritius provides that capital gains in India from the sale of securities may be taxed in Mauritius and the island nation has no capital gains, leading to a null taxation. The talks on the treaty took place in 2008, but not after the insistence of the government of Mauritius to continue the existing agreement. India is estimated to lose $ 600 million a year in revenue on account of the Treaty to avoid double taxation with Mauritius.

At the same time, recent data showed that foreign direct investment (FDI) flows back to India in April 2011, an increase of investment sectors, construction and automotive reverse the sharp decline in the previous fiscal year, the government said on Monday.

On the political front, the Supreme Court refused Monday, June 20, 2011, means a fee of DMK MP Kanimozhi and co-defendant Sharad Kumar, CEO of Kalaignar TV, in a case relating to 2G spectrum allocation scam .

European share rose Tuesday before the crucial vote in the Greek Parliament, with Nokia Corp. after the unveiling of its latest smartphone and BP PLC also rise after announcing an agreement with its suppliers Deepwater Horizon. The key benchmarks in Britain, Germany and France rose between 0.81% to 1.1%.

Global markets closely the outcome of a vote of confidence in the cabinet of new design must be Greek in the face Tuesday, June 21, 2011, which could pave the way for the nation for a new round of bailout funds.

Finance ministers from the euro gave Greece two weeks from Monday to approve the strict austerity measures in exchange for other $ 12 million in emergency loans, increasing the pressure on Athens to get your finances in order irregular. Meanwhile, Fitch Ratings said Tuesday it would be both an exchange of sovereign debt of Greece and an investment of time, although a volunteer, as a default.

Asian stocks rose Tuesday, tracking overnight gains in U.S. stocks. The key benchmark indices in China, Hong Kong, Indonesia, South Korea, Japan, Singapore and Taiwan increased from 0.78% to 1.41%.

The U.S. index futures indicated the Dow could get 59 points at the opening bell Tuesday, June 21, 2011.

The U.S. Federal Reserve to hold policy meeting on Tuesday, June 21, 2011 and Wednesday, June 22, 1011, and gives a political declaration after the meeting. Fed’s second round of quantitative easing, or QE2, a policy designed to temporarily increase the money supply, to maintain low interest rates and stimulate the economy, which ends June 30, 2011. Section of the market is speculating on the possibility of a third program of quantitative easing, the Fed, after the current expires in June 2011.


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