Domestic market barometers eked out gains at the opening bell on Monday after declining for the third week, last Friday. The thirty-share BSE Sensex started the week marginally higher at 57566 points, and the fifty-share NSE Nifty 50 at 16984 points. Traders were in for another bumpy week as the banking crisis cast a shadow on the markets.
On Friday, the market closed at a three-week high. The Sensex gained 1064 points during the week and closed at 58,991.52 points, and the Nifty gained 338 points during the week and ended on a strong note at 17,359.75 points.
Top Gainers/Losers
Some of the top gainers this week were IIFL Finance (up 12.35%), Macrotech Developers (up 12.35%), Info Edge (India) (up 10.36%), Capri Global (up 10.27%) and PB Fintech (up 9.71%).
On the other hand, some of the top losers were Brightcom Group (down 22.55%), Securekloud Technologies (down 17.88%), Adani Green (down 13.54%), Adani Total Gas (down 13.27%), Aarti Drugs (13.23%).
The Recap
Debt funds will no longer be eligible for LTCG tax with indexation Several asset management companies opened up their subscription for international schemes to maximize inflows before the new taxation rules for debt mutual funds apply from April 01, 2023. Debt mutual funds held for more than three years will no longer enjoy long-term capital gains (LTCG) taxation benefits. However, these benefits will continue for investments made on or before March 31, 2023.
Vi Stares at bleak future; will it shut shop?
A domestic brokerage said on Monday that Vodafone Idea or Vi stares at a bleak future, including the possibility of “shutting shop” due to factors triggered by heightened competition. Kotak Institutional Equities said that Vi will not be able to keep up with the investments required and launch 5G services in the absence of price hikes and this will lead to an erosion of subscribers and this could in turn lead to the formation of the long-feared duopoly with Reliance Jio and Bharti Airtel.
India to start exporting coal by 2025-26: Coal Minister Pralhad Joshi
Union Coal Minister Pralhad Joshi on Wednesday said that India will start exporting coal by 2025-26. With this, the country is moving from a net importer of coal to a net exporter of non-coking coal. Moreover, the minister assured of an uninterrupted supply of coal in the approaching summer season — when the peak demand is expected to be 229 GW during April. India’s cumulative total estimated coal reserve as of April 1, 2022, was 3.61 lakh million tonnes (MT), according to the coal industry.
Japan commits ₹7,084 cr for three infra projects in India
Japan has committed ₹ 7084.5 crores for three infrastructure projects in India. This includes the Patna Metro Rail Construction Project (about ₹ 5509 crores), Project for Forest and Biodiversity Conservation for Climate Change Response in West Bengal (about Rs 520 crore) and Rajasthan Water Sector Livelihood Improvement Project (about ₹ 1055.53 crores). India and Japan have had a long and fruitful history of bilateral development cooperation since 1958 and these projects further strengthen the strategic and global partnership between India and Japan.
Reliance Industries initiates demerger of its financial services business
Market heavyweight Reliance Industries climbed 4.31% on Friday, helping the benchmark indices close higher. The Mukesh Ambani-led conglomerate has initiated the demerger of its financial services business and the same will be considered in May. Reliance Strategic Investments (RSIL) is likely to be demerged from the conglomerate and renamed as Jio Financial Services Limited.
Written by Simran Bafna
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