Moneycontrol
Jan 12, 2017 12:14 PM IST IST | Source: Moneycontrol.com

Sensex, Nifty continue to rise; Coal India, Sun Pharma drag

NTPC, Infosys, L&T, ONGC and ICICI Bank are top gainers while Coal Indiam Adani Ports, Sun Pharma, Dr Reddy's Labs and BHEL are losers in the Sensex.


Moneycontrol Bureau

11:45 am Exclusive:
The Central Board of Direct Taxes' released recently circular proposes to bring foreign portfolio investors under the purview of a withholding tax. The circular ever since it was released late last year has been sending jitters down the spines of FPIs.


FPIs fear such a move could lead to double – and even triple -- taxation. Transfers among India-dedicated, according to the circular, will be levied on indirect taxes.


The onus will fall on the fund manager to withhold tax for clients at the time of redemption. It will also impact feeder funds holding more than 5 percent stake in any Indian company. 


11:30 am Result poll: Software services provider Tata Consultancy Services ' (TCS) third quarter earnings are expected to be week on account of seasonality (due to year-end furloughs) and cross currency headwinds. Profit is seen falling 1.5 percent sequentially to Rs 6,489 crore and revenue may grow 1 percent to Rs 29,577 crore in Q3. According to average of estimates of analysts polled by CNBC-TV18, revenue in dollar terms may increase only 0.2 percent to USD 4,382 million and constant-currency revenue growth may be around 1-1.5 percent compared with previous quarter. Analysts say cross-currency movement is likely to cause revenue growth headwind. During the quarter, US dollar appreciated 5.3 percent against pound, 3.2 percent against euro and 1 percent against Australian dollar.

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The market continues to rise but pharma stocks are under pressure. The Sensex is up 115.41 points or 0.4 percent at 27255.82, and the Nifty up 26.65 points or 0.3 percent at 8407.30. About 1061 shares have advanced, 1153 shares declined, and 341 shares are unchanged.


NTPC, Infosys, L&T, ONGC and ICICI Bank are top gainers while Coal Indiam Adani Ports, Sun Pharma, Dr Reddy's Labs and BHEL are losers in the Sensex.


Continuing its rising streak for the fourth straight day, gold prices rose further by 0.17 percent to Rs 28,347 per 10 grams in futures trading today as speculators engaged in widening in their bets, taking positive
cues from global markets.


Analysts said, increasing of positions by participants on
the back of a firming trend overseas, mainly kept gold prices higher at futures trade.

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