In a relief to FPIs who were fearing multiple taxation, the tax department today kept in abeyance its recent circular on indirect transfer of shares by foreign investors.
It is going to be a volatile year and in the near term we are keeping an eye out for the Union Budget, Trump policies and the impact of Brexit. But India's macro fundamentals continue to look good, says Lalit Nambiar Fund Manager and Head of Research at UTI MF
F&O cues: Nifty 8300 Put added 8.8 lakh shares in Open Interest while Nifty 8400 Call added 6.4 lakh shares in OI.
Flls/ RFPIs can now invest up to 49 percent of the paid up capital of the company.
Speaking to CNBC-TV18 Sridhar Sivaram, Investment Director AT Enam Holdings, said that the CBDT circular regarding tax norms for FIIs is absurd.
Speaking to CNBC-TV18, Vallabh Bhansali, Chairman of Emam Securities said that more expenditure from the government is needed. The upcoming Budget could have more spend towards infrastructure.
Experts expect the market to inch higher further on hopes of tax sops in the Union Budget despite expectations of weak quarterly earnings due to demonetisation and expected announcement of US policies by the US president-elect Donald Trump.
Speaking to CNBC-TV18 Rashesh Shah, Chairman & CEO of Edelweiss Financial Services said that from April next year growth should bounce back. â€œDemonetisation hasn‘t changed the structural demand-supply balance, but it has only got dislocated.â€
In an interview to CNBC-TV18‘s Latha Venkatesh & Sonia Shenoy, Deven Choksey of KRChoksey Investment Managers shared his readings and outlook on the market, specific stocks and sectors.
CNBC-TV18's Udayan Mukherjee caught up with Krishna Kumar, investment director of Eastspring Investments and began by asking him what he thinks of the year gone by.
Though a bit of recovery is likely on the back of attractive valuations, overall the market is expected to be rangebound for not only the week but also for fortnight due to less volumes at FIIs desk, experts say.
Equity benchmarks closed the Friday's rangebound session on a negative note with the Nifty ending below 8150 level, weighed by banks, FMCG and telecom stocks. However, index heavyweights Infosys, HDFC and Reliance Industries capped the downside.
Benchmark indices continued to reel under marginal selling pressure amid volatility as activities at FIIs desk started slowing down ahead of Christmas holiday and vacation.
F&O cues: Nifty 8300 Call added 5.1 lakh shares in Open Interest (OI) on December 15 while Nifty 8400 Call added 3.8 lakh shares in OI.
F&O cues: Nifty 8100 Put added 2.9 lakh shares in Open Interest while Nifty 7800 Put added 2.67 lakh shares in Open Interest.
Relief rally continued in morning trade after renewed buying by FIIs seen for the second consecutive session yesterday. They net bought Rs 400 crore worth of equity shares after selling nearly Rs 17,000 crore worth of equities in previous 18 consecutive sessions due to likely Fed rate hike in December and US elections.
In November, foreign portfolio investors (FPIs) net sold equities worth Rs 18,909 crore, the highest ever monthly outflow, triggering a streak that saw net sales for 18 consecutive days from November 9 through to December 5.
Asserting that a delay in the roll-out of Goods and Services Tax is a positive for Indian economy which is battling the impact of demonetisation, Rahul Singh of Ampersand Capital Investment said FII inflows may get hit if April 1, 2017 deadline is missed.
Domestic institutional investors are still buying in a big way and a check with foreign institutional investors also suggests they see the recent market decline as a temporary blip and are keen to pick up quality stocks, says Harendra Kumar of Elara Capital.
Equity benchmarks as well as broader markets gained for the fourth consecutive session on Wednesday with the Nifty closing above 8200 for the first time since November 11 despite continued selling by FIIs.
Nilesh Shah, MD, Kotak Mahindra AMC is confident that market will not move in a unidirectional manner but would remain volatile, adding that although he has not turned bearish on the market, he would focus more on ground realities.
Citi says in the week of 11/23/2016, bond funds continued to see a large outflow of USD 8.6 billion while equity funds had an inflow of USD 5.2 million. India continued to see USD 837 million of FII outflow.
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F&O Cues: Nifty 8000 Put added 7 lakh shares in Open Interest while Nifty 7950 Put added 4.9 lakh shares in OI.
The current demonetisation move to freeze Rs 500 and Rs 1,000 banknotes is expected to have a beneficial impact on the formal sector in the long term, said Rajat Jain, Chief Investment Officer, Principal Mutual Fund.