Business News Highlights: Stock Market Ends Higher, Sensex Closes Over 72,700, Nifty Above 22,100
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The stock markets opened the week with gains after ending the last trading session on a high note. As of 10:20 AM, the key equity benchmarks, Sensex and Nifty, were trading marginally in the positive territory. The BSE Sensex stood about 16 points higher at 72,442.84, while the NSE Nifty50 climbed almost 30 points to trade at 22,070.45.
The markets will be observing the macroeconomic data at the global level set to be released in the week. Services, manufacturing PMI data, and jobless numbers are scheduled to be announced for the US economy towards the end of the week. Further, the US Fed will release the meeting minutes, providing experts with an insight into the interest rate path ahead.
Sharing an outlook on the markets ahead, Vinod Nair, Head of Research,Geojit Financial Services, said, “Moreover, a disinflation trend in the eurozone and expectations of increased consumption demand in China after the New Year holidays provided further support. Looking ahead, a correction in PSU banks seems likely due to higher valuation risks. Meanwhile, sectors such as metals, FMCG, and capital goods are anticipated to gain momentum driven by robust construction demand, an order backlog, rural revival prospects, and India's narrowing trade deficit.”
In the last trading session on Friday, the stock markets ended higher amid robust global sentiment. The BSE Sensex gained 376 points to close the session at 72,427, while the NSE Nifty50 settled at 22,041, higher by 130 points.
Foreign Portfolio Investors (FPIs) also continued to act cautiously and offloaded Indian equities worth Rs 3,776 crore from Indian equities in February so far, as US bond yields surged and an environment of uncertainty surrounded the investors about interest rates. However, the investors continued to be attracted towards the debt market in India and poured in Rs 16,650 crore in the period under review, official data revealed.
M-Cap Of BSE Listed Firms Touches Fresh Peak Of Rs 3.91 Lakh Crore
The market capitalisation of the firms listed on the BSE surged to reach a fresh high of Rs 3.91 lakh crore on Monday. This growth in valuation marks the fifth consecutive rally for the stock market.
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I-T Department Suggests A Ceiling Of Rs 1 Lakh For Withdrawal Of Old Tax Demands
The Income Tax department recommended imposing a ceiling of Rs 1 lakh per assessee for withdrawal of small tax demands till the 2015-16 Assessment year. Earlier this month, FM Nirmala Sitharaman during her Budget presentation, said that the tax demands for the 2010-11 and 2011-12 to 2015-16 Assessment years will be withdrawn for specific amounts. The tax demands worth Rs 3,500 crore were to be withdrawn after the announcement.
This limit of Rs 1 lakh would include principal component of tax demand, interest, penalty or fee, cess, and surcharge, the authorities clarified, reported PTI. At the same time, this remission would not be applicable on demands raised against the tax collectors under TDS or TCS norms of the I-T Act.
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