The Indian markets gave up their early gains going towards close in last session on profit booking. Today, the expiry of the December F&O series is likely to be in green, though lots of volatility can be seen as the trade progresses. There will be buzz in India Inc and the markets, as Mauritius has said that it has put additional safeguards in place for global business companies operating from its jurisdiction to ensure their substantial presence there and to boost its image as a preferred global financial centre. The traders will also be getting support with the news that revenues from service tax, the new focus area for the finance ministry, have grown over 300 times in the past two decades, besides, the number of assessees have gone up over 400 times since 1994-95. Meanwhile, Commerce and Industry Minister Anand Sharma has said that ban on mining by the Supreme Court has hit the economy and exports besides increasing India's dependence on imported coal.
The US markets ended mostly higher ahead of Christmas holiday, reacting to a pair of better than expected economic reports, though the trade remained somewhat subdued. The Asian markets have made a green start barring the Chinese index, Japanese Nikkei surged about a percent to a more than six-year high, while some of the markets in the region remained shut for Christmas holidays.
Back home, Tuesday turned out to be a lackluster day of trade for the stock markets in India, as the benchmark equity indices failed to hold on to the initial gains and settled the session slightly in the red in absence of any positive trigger. Frontline gauges swung between gains and losses, but in tight band, for day the investors preferred cashing out their profits ahead of the Christmas holiday followed by expiry of December derivative contracts on Thursday. Though, markets made a positive opening as traders remained optimist in early deals after the Commerce and Industry Minister Anand Sharma highlighted that India will achieve the modest export target of $325 billion for the current fiscal but to enhance it substantially, the country needs to boost its manufacturing capability. Global cues remained supportive as all the Asian equity indices, barring Taiwan Weighted, shut shop in the green terrain. European markets too made a positive opening. Back home, the rate sensitive banking sector remained under pressure as the RBI Governor Raghuram Rajan has said that fighting rising prices will continue to be its priority and a call on raising interest rates will be taken after factoring in more data. However, he said that the Reserve Bank will wait for next set of data on inflation and industrial growth before taking a call on interest rates. Meanwhile, software and technology counters too remained under selling pressure as Indian rupee continued to trade strong for yet another day. Sentiments dampened after Vedanta Group companies like, Sesa Sterlite, and Hindustan Zinc edged lower as the CBI registered a preliminary enquiry against Vedanta Group chairman Anil Agarwal and unknown officials in connection with alleged irregularities in the disinvestment of Hindustan Zinc. However, the losses remained capped as some buying was witnessed in realty space after Credit disbursement to the sector rose to 19.6% compared to last year, with 21% increase in disbursement to real estate companies and 19% increase in mortgages. Finally, the BSE Sensex lost 68.32 points or 0.32%, to settle at 21032.71, while the CNX Nifty declined by 16.10 points or 0.26% to settle at 6,268.40.
The US markets ended mostly higher ahead of Christmas holiday, reacting to a pair of better than expected economic reports, though the trade remained somewhat subdued. The Asian markets have made a green start barring the Chinese index, Japanese Nikkei surged about a percent to a more than six-year high, while some of the markets in the region remained shut for Christmas holidays.
Back home, Tuesday turned out to be a lackluster day of trade for the stock markets in India, as the benchmark equity indices failed to hold on to the initial gains and settled the session slightly in the red in absence of any positive trigger. Frontline gauges swung between gains and losses, but in tight band, for day the investors preferred cashing out their profits ahead of the Christmas holiday followed by expiry of December derivative contracts on Thursday. Though, markets made a positive opening as traders remained optimist in early deals after the Commerce and Industry Minister Anand Sharma highlighted that India will achieve the modest export target of $325 billion for the current fiscal but to enhance it substantially, the country needs to boost its manufacturing capability. Global cues remained supportive as all the Asian equity indices, barring Taiwan Weighted, shut shop in the green terrain. European markets too made a positive opening. Back home, the rate sensitive banking sector remained under pressure as the RBI Governor Raghuram Rajan has said that fighting rising prices will continue to be its priority and a call on raising interest rates will be taken after factoring in more data. However, he said that the Reserve Bank will wait for next set of data on inflation and industrial growth before taking a call on interest rates. Meanwhile, software and technology counters too remained under selling pressure as Indian rupee continued to trade strong for yet another day. Sentiments dampened after Vedanta Group companies like, Sesa Sterlite, and Hindustan Zinc edged lower as the CBI registered a preliminary enquiry against Vedanta Group chairman Anil Agarwal and unknown officials in connection with alleged irregularities in the disinvestment of Hindustan Zinc. However, the losses remained capped as some buying was witnessed in realty space after Credit disbursement to the sector rose to 19.6% compared to last year, with 21% increase in disbursement to real estate companies and 19% increase in mortgages. Finally, the BSE Sensex lost 68.32 points or 0.32%, to settle at 21032.71, while the CNX Nifty declined by 16.10 points or 0.26% to settle at 6,268.40.
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