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Markets hit fresh record highs: Sensex surges 158 points, Nifty settles at 11,320

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Mumbai: State-run banks advanced with the public sector banking index rising 3.52 per cent.
The domestic stock market indices closed Monday’s session on a strong note. The S&P BSE Sensex rallied 157.55 points, or 0.42 per cent, to close at 37,494.40. That marked a fifth consecutive record closing high for the 30-scrip BSE benchmark index.
The NSE’s Nifty50 index surged 34.40 points or 0.31 per cent and settled at 11,319.55. Stock markets ended in green today led by strong gains in heavyweights Reliance Industries Ltd and ICICI Bank Ltd, while investor focus turned to Reserve Bank of India (RBI) policy meeting later this week. ICICI Bank closed 4.88 per cent higher and contributed to over a fifth of the NSE index’s gains.
Major gainers in the Sensex pack were Bharti Airtel, ICICI Bank, SBI, Axis Bank, Mahindra & Mahindra and Vedanta (rising between 2.25 per cent to 5.64 per cent), rising between 2.27 per cent to 4.71 per cent. Top laggards on the BSE index were Kotak Bank, HDFC, Adani Ports, Larsen & Tourbo, HDFC Bank and Infosys, ending with losses between 0.51 per cent and 1.65 per cent.
Bharti Airtel, ICICI Bank, SBI, Axis Bank and Ultracemco (rising between 2.80 per cent to 5.68 per cent) led the pack of Nifty gainers, while main losers on the index were Infosys, HCL Tech, Hindalco, HDFC Bank, HDFC and Bajaj Finance, ending with losses between 1.46 per cent and 1.70 per cent.
Reliance Industries ended 1.96 per cent higher. Axis Bank closed 2.85 per cent higher ahead of June-quarter results later in the day while Bharti Airtel rose 5.68 per cent.
“Markets settled at positive note today driven by gains led by corporate focused banks. Post markets on Friday, Bank of Baroda reported better than expected results and ICICI Bank results also indicated gradual improvement”, said Viral Berawala, CIO, Essel Mutual Fund.
State-run banks advanced on Monday with the public sector banking index rising 3.52 per cent after last week’s 10.4 per cent gain. State Bank of India closed at 3.4 per cent on NSE index and settled at 3.74 per cent on BSE index after the lender raised interest rates on retail domestic term deposits.
According to Tushar Goyal, business development, and communication, Meri Punji IMF, “PSU banks were going down earlier because of NPA provision. The extreme bad results are now over and results are getting better. Also, RBI has increased the repo rate in their last meeting and expected to do the same in meeting on August 1, which will raise their earnings on loans given to users. This will result in better earning for PSU banks and in turn. The same is reflected by gain in their shares.”
Bank of Baroda Ltd surged 9.1 per cent to a 17-week top after it reported a two-fold jump in first-quarter profit on Friday. HDFC Bank was the top loser on the NSE index with a drop of 1.70 per cent ahead of results.
The central bank is due to release the outcome of its third bi-monthly monetary policy meeting for 2018-19 on Wednesday.


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Business

Cabinet clears setting up of centralised GST appellate authority

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New Delhi: The Union Cabinet on Wednesday approved setting up of a centralised Appellate Authority for Advance Ruling (AAAR) under the goods and services tax that would decide on cases where there are divergent orders at the state level.

The setting up of a centralised AAAR would require amendments to the GST Acts. The centralised authority as an appellate body will only take up cases wherein the Authority for Advance Ruling (AAR) of two states have passed divergent orders.

The Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley, and comprising state counterparts, in December decided to establish the centralised AAAR.

 

“The Cabinet has cleared the GST appellate authority,” a source said after the meeting of the Cabinet headed by Prime Minister Narendra Modi.

In view of the confusion created by contradictory rulings given by different AARs on the same or similar issues, the industry had been demanding a centralised appellate authority that could reconcile the contradictory verdicts of different AARs.

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Urbanisation to be big driver of Indian economic growth: Kant

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Davos: Urbanisation will be a big driver of economic growth in India going forward, supported by favourable macroeconomic factors, accelerated infrastructure building and continuing reforms, NITI Aayog CEO Amitabh Kant said.

Speaking here at an event on sidelines of the World Economic Forum Annual Meeting, he also said the Indian economy may even exceed the IMF growth forecast of 7.5 per cent for the country.

Kant said IMF has forecast 7.5 per cent growth for India despite a gloomy outlook for the global economy and this itself is good, though there are expectations that this estimate would be surpassed. He said India is giving a big push to urbanisation with more than 100 smart cities being developed.

 

The country is also using technology in a big way to change the way business and governance is done, he added. Besides a massive infrastructure building is happening, bank credit flow has rebounded and macroeconomic factors like inflation and fiscal deficit are also being supportive, Kant said.

DIPP Secretary Ramesh Abhishek noted that states are competing with each other to attract investments and all political parties have adopted the economic reform process. He listed various reform initiatives undertaken in India, including on areas like ease of doing business, FDI, manufacturing and taxation.

They were speaking at Institutional investors’ breakfast roundtable, organised by the industry chamber CII and Kotak Mahindra Bank. Other participants included CII Director General Chandrajit Banerjee and leaders from Indian and foreign companies.

On questions about some persisting issues in doing business including on tax and insolvency related issues, Abhishek said a lot of efforts have been put in to remove all bottlenecks and starting a business doesn’t take more than a day. Besides, special provisions have been made for startups and angel investors, he added.

Kant said efforts are also being made to remove all physical intervention and digitise the entire process of inter-ministerial and inter-department consultations to fast-track the decisions.

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India will surpass China, says Raghuram Rajan

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Davos: India will eventually surpass China in economic size and will be in a better position to create the infrastructure being promised by the Chinese side in South Asian countries, former RBI Governor Raghuram Rajan said.

Addressing a session on Strategic Outlook for South Asia, Dr Rajan said that the Indian economy would continue to grow while growth rate is slowing down in China.

“Historically, India had a bigger role in the region but China has now grown much bigger than India and has presented itself as a counter-balance to India in the region,” Dr Rajan said at the WEF Annual Meeting 2019.

 

“India will become bigger than China eventually as China would slow down and India would continue to grow. So India will be in a better position to create the infrastructure in the region which China is promising today. But this competition is good for the region and it will benefit for sure,” he said.

The comments assume significance with China working on a lot of infrastructure projects across the region. In 2017, India became the sixth largest economy with a GDP of $2.59 trillion while China was the second large with a GDP of $12.23 trillion.

At the same session, Nepal PM K.P. Sharma Oli cited collaboration with China as well as India as reasons for the economic growth.

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