Stock Market

Nifty still above 7450, Sensex up over 300 pts; auto gains


Chillicious Team

1:55 pm Lok Sabha:

Congress Vice President Rahul Gandhi demanded that Prime Minister Narendra Modi roll back the proposal for taxing employee provident fund withdrawals.

“EPF is the safety net of the employees and imposing a tax on this is wrong. I will urge the Prime Minister to announce… that the tax will be rolled back,” Rahul Gandhi said.

He said that Modi should instill onfidence in the employees and voters by withdrawing the proposal. The total portfolio under the pension and provident fund scheme is estimated to be around Rs 6.5 lakh crore.

1:45 pm Macro-economy: Government may replace the Five-Year Plan system with a medium-term fiscal framework that will project revenue and expenditure allocations for the next three years beginning 2017-18. Finance Minister Arun Jaitley has already announced in his Budget speech about doing away with the classification of Plan and Non-Plan expenditure in the backdrop of 2016-17 being terminal year of the 12th Plan period (2012-17). “Last two years of the 12th Five Year Plan (2012-17) will be used as transition. One direction seems to be clear that perhaps we will not be doing Five-Year Plans,” NITI Aayog Vice Chairman Arvind Panagariya said during an online talk.

1:30 pm Fraud?
The CBI vowed not to spare scamsters however mighty or rich they may be and announced formation of a working group that will coordinate with various financial institutions to help curb financial frauds. “We will have a working group set up. The group will be meeting regularly and go into various aspects relating to the early detection of these kinds of defaults and frauds. “Our focus is on the recovery of the stolen assets, particularly repartition of the assets which have been stolen and stashed away. Our endeavour is to bring that money back,” CBI Director Anil Sinha told reporters.

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The market is still on a rise. The Sensex is up 340.11 points or 1.4 percent at 24583.09, and the Nifty jumps 100.05 points or 1.4 percent at 7468.90. About 1547 shares have advanced, 873 shares declined, and 134 shares are unchanged.

Tata Steel, Hindalco, BHEL, Tata Motors and L&T are top gainers while ICICI Bank, Lupin, Maruti and ITC are down.

Gold prices fell Rs 86 to Rs 29505 per 10 grams in futures trade today as participants reduced their positions, largely in line with a weak trend overseas. Analysts said weakening trend in the overseas markets where gold retreated as stocks extended gains and the US posting a better-than-expected jobs data, reduced demand for the safe-haven, weighed on the precious metal in the futures trade.

Oil prices held steady in Asian hours despite a rise in US inventories, with traders hoping talks among major producers could lead to an output cap.