Width Extremely Low

Volatility was the order of the day, key benchmark indices cut losses as bargain hunting emerged after a sharp drop in intraday. BSE Sensex fell 204.70 points or 1.15%, up almost 250 points below and near the 260 days the highlights of the day. The market witnessed high volatility shortly after the reports of fluid that Mauritius has pledged to negotiate and revise the existing double taxation agreement (DTAA) with India. Barometer BSE Sensex and the S-50 and P CNX Nifty at its lowest level in more than 18 weeks. The size of the market has been extremely low. Data showing the sustained selling by foreign funds in recent days have weighed on sentiment.
PAN Card for NRI

R-Infra and RCOM declined because these two stocks will be excluded from the BSE Sensex from August 8, 2011. Index heavyweight Reliance Industries (RIL) recovered after hitting 52-week low. Interest-sensitive part Realty fell on concerns about higher interest rates may Dent demand for residential and commercial properties. Bank shares fell on fears that higher interest rates will increase the costs of filing and reduce the demand for credit. NRI Demat Account

The market fell in the first as data showing sustained selling by foreign funds in recent days have weighed on sentiment. The volatility witnessed in the morning trade as the market recovered from the bottom after a fall caused by reports that Mauritius has pledged to negotiate and revise the existing double taxation agreement (DTAA) with the India. Volatility was the order of the day, key benchmark indices cut losses as bargain hunting emerged after a sharp drop in intraday.

At 11.20 IST, the BSE Sensex fell 204.70 points, or 1.15% at 17665.83. Sensex was 54.64 points higher on the day 17925.17 early trading. The index lost 556.15 points lower to 17,314.38 in today’s morning trading, the lowest since February 11, 2011.

The S & P CNX Nifty lost 53.55 points, or 1% to 5312.85. The limited success of 5195.90 Nifty intraday trading, its lowest level since February 11, 2011.NRI Share Trading Account

The size of the market, which indicates the health of the market has been extremely low. On BSE, 2058 stocks declined while 359 advanced actions. A total of 83 stocks remained unchanged.

Of the 30 member Sensex pack, 29 stocks fell, and a single rose. Jaiprakash Associates, NTPC and Cipla fell by between 2.46% and 3.64%.NRI Online Trading account.

Index heavyweight Reliance Industries (RIL) fell 1.92% to 851.70 rupees, from 52-week low of Rs 829 hit today, June 20, 2011. The stock was under selling pressure recently on the latest reports, a government watchdog has accused the oil ministry in favor of the company by allowing it to double the cost of field development of the EFI ” KG-D6 gas. According to recent reports, a draft report the Comptroller and Auditor General of India (CAG) has questioned the decision by the Ministry of Petroleum and its technical arm, Director General of Hydrocarbons (GH) allow the EFI to meet the cost of development of RIL KG-D6 field. The Central Bureau of Investigation (CBI) is the examination of cases.

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.

R-Infra and RCOM declined 6.33% and 6.88% respectively, and was the big loser from the top Sensex pack. Coal India and pharma major Sun Pharmaceutical Industries was 0.8% and 0.56% respectively. The Bombay Stock Exchange (BSE) has kidnapped two Reliance Anil Dhirubhai Ambani (ADA) Group share, Reliance Infrastructure (R-Infra) and Reliance Communications (RCOM), the barometer index BSE Sensex. State-run coal giant Coal India and pharma major Sun Pharmaceutical Industries will replace the R-Infra and RCOM Sensex at August 8, 2011.

Interest rate sensitive stocks actually fall on worries about higher interest rates could affect demand for residential and commercial properties. Purchases of residential and commercial properties, largely driven by funding. HDIL, DLF, India Bulls Real Estate and Unitech fell between 0.85% and 4.55%.

Bank shares fell on fears that higher interest rates will increase the costs of filing and reduce the demand for credit. India’s second largest private sector bank by net profit HDFC Bank fell 2.21%. Withholding tax of the bank would have increased 26.98% to RS 400 crore in the first quarter, in June 2011 in the first district in June 2010.

India’s largest private sector bank ICICI Bank net yield 0.89%. The withholding of the bank increased by 11.42% to Rs 390 million rupees in June 2011 in Q1 Q1 June 2010. Largest commercial bank of India branch network by the State Bank of India (SBI) fell 2.16%. The withholding of the bank increased to 29.41% Rs 1100 crore in Q1 June 2011 in Q1 June 2010.

Cadila Healthcare was 0.18% after the company said its U.S. has agreed to acquire the assets of the American pharmaceutical company Nesher Pharmaceuticals Inc. for an undisclosed sum.

Timken fell 1.34% Spain increased in the reports based on the parents Timken Company is likely to make an open offer for 20% stake in society and opt for radiation.

Titan Industries rose 1.19%, which extends about 3% of earnings Friday before the date of registration of a liberal bonus issue of 1:01 and 10 for one stock split.

Mauritius has reportedly agreed to renegotiate and change the current tax avoidance double taxation agreement (DTAA) with India. Countries are bound to meet soon to work on the details of the DTAA again, by the Central Board of Direct taxes (CBDT) has been quoted as saying the president Chandra Prakash. Although India and Mauritius Joint Working Group recommended in 2008, the renegotiation of, Mauritius DTAA objected, saying he could not accept the Indian proposal on capital gains tax, corporate profits in India. No gain in Mauritius and the companies have taken advantage of this provision.

India has a DTAA with 79 countries, and countries are currently reworking DTAA to include a specific clause to share banking information. In addition, a tax information exchange agreement with 22 tax havens like the Cayman Islands and St. Kitts. Mauritius and other tax havens are growing pressures on the Organization for Economic Cooperation and Development (OECD), the G-20 countries to solve the problem of money laundering, especially when the United States and other industrialized countries mounted pressure on the threat opportunities for financing of terrorism.

Meanwhile, before taxes, the government’s income for the first quarter of this fiscal year increased 19% compared with 33% growth registered during the same period last year, highlighting some stress in bottom lines of society because of the rising costs of inputs and high interest rates. The withholding tax is mainly made up of client companies, and individuals before tax was not until September 15. Corporation tax at source (TDS) has grown at a healthy pace of 33% this year, down 8% last year.

Gross tax collection during April-June 2011 direct to 12 crore Rs 1 lakh beyond, including Rs 40.797 million rupees was given as a refund, leaving net revenue of Rs 60.087 million rupees. The growth of the gross receipts of 24% over the same period last year.

The RBI has raised the key lending, ie. repo rate by 25 basis points to 7.5%, as expected, while the mid-quarter monetary policy review June 16, 2011 to tame inflation, and said monetary policy will remain firmly anti-inflationary. Although the Reserve Bank of India has pursued its anti-inflation stance, the degree of political action is necessary to balance the adverse movements of recent global developments, inflation and their likely impact on the trajectory of internal growth, RBI said in a policy statement June 16, 2011.

Based on current growth and evolution and the scenario of inflation, the Reserve Bank of India will have to persist with their anti-inflationary monetary policy, the central bank. RBI said it will continue to maintain liquidity conditions so that neither excess liquidity monetary policy dilutes the large deficit or choking cash flow to productive sectors of the economy.

Most of the populations of Asia fell Monday, June 20, 2011, by concerns about the fiscal crisis in Greece and world growth. The key benchmark indices in China, Hong Kong, South Korea and Taiwan fell between 0.06% to 1.27%. The key benchmark indices in Singapore, Japan and Indonesia increased from 0.13% to 0.65%.

A new funding strategy for Greece will be determined in early July 2011, the Eurogroup, said late Sunday, June 19, 2011, that negotiations between the Greek government and the European Commission following the resolution of sovereign debt nation besieged by questions.

U.S. trade in index futures indicated that the Dow could fall 54 points at the opening bell on Monday, June 20, 2011.

The International Monetary Fund cut its forecast for U.S. economic growth Friday and warned Washington and European indebted countries are playing with fire unless they take immediate steps to reduce their budget deficits. The IMF, in its regular assessment of the global economic situation, said most of the threats to growth had risen since the previous report in April, citing the debt crisis in the euro area and signs of overheating economies emerging market. The global lender based in Washington expected that the U.S. gross domestic product could grow by a tepid 2.5% this year and 2.7% in 2012. In its forecast two months ago, he had expected growth of 2.8% and 2.9% respectively.

Federal Reserve holds its next policy meeting on Tuesday, June 21, 2011 and Wednesday, June 22, 1011 and published its policy statement after the close of the meeting. Second round of quantitative easing by the Fed or the Queen Elizabeth 2, a temporary policy to increase the money supply to keep interest rates low and stimulate the economy, which ends on June 30, 2011. A portion of the market has been speculating about the possibility of a program of quantitative easing by the Fed after the third expires in June 2011.


PAN-CARD-for-NRIs

Comments are closed.