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Rising Stocks – Sensex rebounds; Nifty nearing 9,000 level

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HPCL shares dropped 4.51% to Rs 513.55 at the mid-session trade on BSE after the stock turned ex-dividend today for an interim dividend of Rs 22.50 per share for the year ending 31 March 2017.

Dilip Buildcon is having a good time on the exchanges. The Company’s stock has gained over 6% on an intraday basis hitting its new 52-week high of Rs 334.
DLF stock price  gained over 3% intraday today. The company’s audit committee meeting scheduled today, that will include submission of a plan to trigger 40% share sale in its rental subsidiary.

Financial stocks recovered, with the Nifty Financial Services Index surging nearly 1.2%, after declining for four consecutive sessions. Axis Bank was up 2.5%, Bajaj Holdings and Investment rose 2% and ICICI Bank gained 1.3%.

Shares of manganese ore miner Moil Ltd fell to a 2-month low, after the company cut prices for different grades of manganese ore for the quarter-4, its second consecutive cut after a series of price hikes.

India’s GDP grew 7% in the October-December quarter, slower than 7.4% in the previous quarter.

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Market Open higher, Airtel spikes over 10%|Stock Advisory Company

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Indian share markets have opened the trading day, Thursday day, marginally higher. The BSE Sensex is trading higher by 71 points while the NSE Nifty is trading higher by 21 points. At 10.15 am, the S&P BSE Sensex was trading at 28,932, up 67.82 points, while the broader Nifty50 was ruling at 8,944, up 18.5 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day up by 0.3% & 0.26% respectively.

Bharti Airtel stock dominated the attention, rising over 10% to hit its 52-week high of Rs 400 after the company said it would buy Telenor (India) Communications with additional spectrum in the 1800 MHz band. It was the top mover on Sensex and Nifty both.

On the BSE, 742 shares rose, 412 shares fell and a total of 64 shares were unchanged.

22 Feb Stock Markets Open positive, Nifty above 8,900

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sensex-up22-febKey benchmark indices opened on higher in early trade on Wednesday with positive Asian stocks. At 10:15 am, the BSE Sensex, was up 109.13 points or 0.38% at 28,870.72. The Nifty 50 index was up 32.25 points or 0.36% at 8,940.10. The BSE Mid-Cap index was up 0.03%. The BSE Small-Cap index was up 0.04%. Both these indices underperformed the Sensex. On the BSE, 960 shares rose and 583 shares decline and a total of 83 shares were unchanged.

Tata Motors, BHEL, Reliance, ONGC, Axis Bank, BPCL and Bharti Infratel were early gainers while Hero Motocorp, GAIL, Wipro,Tata Steel, Infosys, Idea Cellular, Aurobindo Pharma and Eicher Motors were losers. 

The financial markets are expecting on the Federal’s Jan. 31 – Feb. 1 policy minutes of meeting due later today for fresh hints on the US central bank’s stance towards interest rates.

SEBI TO ENLIST RESOURCE PERSONS TO SPREAD FINANCIAL LITERACY

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Markets regulator SEBI will empanel financial education resource persons on part-time basis for different districts in Haryana, U.P, Punjab, Jammu &Kashmir, Himachal Pradesh and Uttarakhand with a view to help spread financial literacy, said SEBI in a notice. SEBI has invited applications from interested candidates by February 28.

Serving or retired teachers, professionals, bank and government officials as well as defence persons can apply for the opportunity. The candidates should have at least a graduate degree and minimum three years working experience, SEBI added.

SEBI would empanel individuals for seven districts in Himachal Pradesh, viz. Kinnaur, Lahaul-Spiti, Sirmour, Solan, Una, Kangra and Chamba, and five districts in Haryana, including Fatehabad and Faridabad.

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RBI’s Next rate cute likely in August-Report

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RBI may finally go for a 25 bps rate cut in August if a good monsoon contains core inflation at a moderate 4-5%, as per report of Bank of America Merrill Lynch (BofAML). BofAML had expected a 25 bps rate cut in the Feb 8 policy meet considering the demonetization shock, low inflation, lower fiscal deficit and a stabilizing US dollar. The report noted that the RBI has also cut down inflation risks broadly in proportion to its own forecasts.

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RBI keep’ Repo rate Unchanged at 6.25%

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The RBI Sixth bimonthly monetary policy review kept its repo rate unchanged at 6.25% in the meeting held today, opting to wait for more clarity on inflation trends and on how a drastic crackdown on black money after demonetization, is impacting economic growth.

Marginal Standing Facility and Bank rate kept unchanged at 6.75%. The Fiscal 2017 GVA (Gross Value Added) seen at 6.9% and the Financial year 2018-GVA seen at 7.4% with rick evenly balanced, while Consumer Price Index (CPI) seen below 5%. Repo rate is the rate at which the central bank of a country provide loadn to commercial banks in case of any shortfall of funds.

Meantime, Sensex is trading at 28228 down by 207 points or 0.38%. Nifty is trading at 8745 down by 23.45 points or 0.27% at 3.00 pm today.

BUDGET 2017 ATTRACTS FUND FROM FPIs

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FM Arun Jaitley announced a number of steps in the Union budget to draw funds from foreign portfolio investors (FPIs). The proposals include an exemption from the provisions of indirect transfer tax for category I & II FPIs. The indirect tax provisions will still apply to category-III FPIs like corporate bodies, trusts and family offices. Category-I FPIs include foreign central banks, sovereign wealth funds and government agencies. The category-II mutual funds and banks. However, hedge funds, individuals and other high-risk foreign investors will not get this relief.