The Sensex today scaled 26,000 levels

The Sensex today scaled 26,000 levels, continuing with its record-breaking binge, ahead of the Union Budget by Arun Jaitley.

IT, realty, power and metal stocks supported the momentum of the 50-share Nifty index which managed to scale fresh record high of 7,792.

The Sensex today scaled 26,000 levels

The S&P BSE Sensex ended at 26,100.08, up 138.02 points or 0.53 per cent. It touched an all-time high of 26,123.55 and a low of 25,992.73 in trade today.

The 50-share index nifty closed at 7,787.15, up 35.55 points or 0.46 per cent. It touched an all-time high of 7,792 and a low of 7,755.10 in trade today.

Finance Minister Arun Jaitley will present the Union Budget in the Parliament on July 10. There are high expectations from the Budget as the new government doesn't have any coalition compulsions and Prime Minister Narendra Modi has given hopes of a growth-oriented economic policy.

Even as the Budget event is a few days away, the Indian markets are at life-time high in the pre-Budget rally. Investors are bullish on equities and a rally is seen across the board. Let it be cyclicals, defensives or midcaps; valuations of most of them are running high.

  • The government will have to pursue the divestment route to generate revenues. The SEBI has made it easy for the finance minister as it made mandatory for all listed PSUs to achieve a minimum public shareholding of 25 per cent within three years. This move will help the government to raise around Rs 60,000 crore through the PSU stake sale against the target of Rs 52,000 crore.
  • At rupee at 60 per dollar mark, higher crude oil price puts pressure on the government's finances. Nearly 70 per cent of India's import is oil and continuation of high prices would have strained the government's budgetary plans. Every US$10/barrel rise would have shaved 0.5 per cent off India's GDP.
  • The easing of crude oil prices is a positive development for the new government. The Brent crude oil price had shot up to $115 per barrel recently due to the on-going sectarian war in Iraq. This forced the government to hike the prices of diesel, petrol and on-subsidised LPG cylinders.

Tata Motors chairman,Cyrus Mistry.


India's largest automobile company Tata Motors chairman,Cyrus Mistry, has said that the company is at an inflexion point with a strong pipeline of new products with new technologies that Tata Motors has developed to meet the changing market, customer aspiration and regulatory needs, as he expects a turnaround in the later part of FY-15.


Tata Motors chairman cyrus mistry
Tata motors - Cyrus Mistry

Cyrus Mistry said that Company's marquee brands Jaguar Land Rover will continue to break new records and the company is committed on making investments on both these brands to deliver new products in 5 years and expand manufacturing footprint in Brazil and China
Having seen one of the toughest years in FY-14 for the standalone entity, wherein Tata Motors posted a whopping 36% drop in passenger vehicle sales and 29% drop in commercial vehicle sales in FY-14 registered lowest market share in the recent years. While the company holds on to its leadership position in the CV space, the company has already ceded the number 3 position in the passenger vehicle sales to Mahindra & Mahindra.
Cyrus Mistry agreed, "Tata Motors domestic business,  market share in both commercial vehicles and passenger vehicles business has lost. While the competition in both the segments remained quite aggressive with almost all the players resorting to huge discounting, Tata Motors' approach was cautious and responsible."
As integral part of this approach, the company focused on keeping inventory levels low in order to reduce the burden on its channel partners.
For most part of FY-14, the economy was hamstrung by rising inflation and high interest rates, leading to relatively low consumer interest in buying new vehicles, and, in many cases, postponement of purchase, which impacted the sales, Cyrus Mistry  noted.

Retail investors in BSE Sensex

The BSE Sensex has already rallied 9-10 per cent so far in the month of May and most experts are confident that this is the starting of a long-term bull market and investors should buy right stocks and hold on to them for maximum returns.

Retail investors, who have largely stayed away from the Indian markets and have missed 20 per cent plus rally seen in the BSE Sensex since September when the BJP officially announced Narendra Modi as their Prime Ministerial candidate, may come back to the markets on the hopes of superior returns than other asset classes.

FIIs have poured in close to Rs 14,000 crore so far this month on the hopes that the new BJP government, which took charge earlier this week, will introduce pro-growth reforms to revive economy and boost investments.

INFOSYS' CEO CONTENDER BG SRINIVAS RESIGNS

INFOSYS' CEO CONTENDER BG SRINIVAS RESIGNS


BG Srinivas, President & Member of the Board, resigned from Infosys w.e.f June 10. This is the 10th high-profile exit from the company in the last one year. Srinivas, who was once seen as the top contender for the job of Infosys CEO along with Pravin Rao, had been informed in no uncertain terms that he was no longer in the reckoning. Infosys has been seeing a string of exits since Narayana Murthy returned for a second innings in the company. The post of CEO at Infosys will fall vacant when current boss SD Shibulal retires.  

Sensex Soars 257 Points As Inflation Eases To 5-Month Low At 6.16%

Wednesday, Jan 15, 2014
LEAD STORIES
HEADLINE INFLATION EASES TO 5-MONTH LOW AT 6.16% 
Aided by lower vegetable prices, food articles inflation fell by 6.4% (MoM), non-food articles & minerals grp declined by 0.4% & 3.1% respectively. read more
INFLATION NOS CHEERS MKTS, SENSEX SURGES 257 PTS 
Fall in inflation by 136 bps in December raised hopes that RBI may not touch policy rates on Jan 28. Nifty rallied 79.05 pts to 6320.90. read more
TOP STORIES
TOP VIDEOS
AT A GLANCE
BSE 21289.49 +256.61
NSE 6320.9 +79.05
TURNOVER
Rs. 199,289 cr
BSE CASH
Rs. 1,693 cr
NSE CASH
Rs. 11,271 cr
NSE F&O
Rs. 155,709 cr
BULLION
GOLD 28915 -181
SILVER 44492 -449
CRUDE
NYMEX 93.05 +0.46
BRENT 106.14 -0.25
FOREX
$ / Re 61.54 +0.02
£ / Re 100.55 -0.51
€ / Re 83.688 -0.41
EVENTS
16 January
Q3 Results: TCS, Bajaj Auto, HCL Tech
Bombay HC To Hear NSEL Settlement Case
17 January
Q3 Results: HDFC Bank, ITC, RIL, Wipro
Congress To Convene AICC Meet In Delhi
SEBI Vs Sahara Case
23 January
2G Spectrum Auction To Start
27-29 January
CII Partnership Summit 2014, Taj West End, Bangalore
"The national election due by May will mainly be a contest between AAP and the main opposition Bharatiya Janata Party. The ruling Congress is not even in the picture."

Arvind Kejriwal
CM, Delhi
"They (AAP) are Jurassic. They smell of anarchy. They just demean everything that has been time-tested. They ridicule anything. They question and demean anything... AAP is a real threat to our system. They are anarchist. They want to destroy the system. They are anarchist either by choice or by ignorance."

Salman Khurshid
External Affairs Minister
"The easing of inflation at a time when industrial growth continues to be in the red should induce RBI to review its monetary policy stance and cut its policy rates to rejuvenate growth, which has been hit by high interest costs, flagging investments and subdued demand."

Chandrajit Banerjee
Director General, CII

Tech Mahindra, ISRO, LS Elections dominate news today


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5 Jan | 05:21PM
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TCS Q2 Beats Street, Net Up 24% | Sensex Falls 59 Pts

Tuesday, Oct 15, 2013
TCS Q2 BEATS STREET; NET UP 24% TO RS 4,702 CR (QoQ)

LEAD STORIES
TCS Q2 BEATS STREET; NET UP 24% TO RS 4,702 CR (QoQ)
TCS Q4 revenues jumped 16.6% QoQ (up 34.3% YoY) to Rs 20,977 crore, driven by highest volume growth in last nine quarters. read more
COAL SCAM: CBI FILES FRESH FIR AGAINST KM BIRLA
The 14th FIR in the coal block allocation scam has named Kumar Mangalam Birla as an accused, along with former coal secretary P C Parekh. read more
SENSEX FALLS 59 PTS AFTER HITTING NEARLY 3-YEAR HIGH
Sensex ends at 20547.62, Nifty at 6089.05 as banks like ICICI, HDFC Bk, SBI fell over 2% on rate hike concerns. BSE Bankex fell 2.59% as well. read more
END OF BANKING SECRECY IN SWISS BANKS 
Switzerland will break the seal on its banking secrecy by signing an international agreement on fighting tax evasion today, the OECD said. read more
TOP STORIES
TOP VIDEOS
AT A GLANCE
BSE 20547.62 -59.92
NSE 6089.05 -23.65
TURNOVER
Rs. 166,544 cr
BSE CASH
Rs. 1,817 cr
NSE CASH
Rs. 10,884 cr
NSE F&O
Rs. 143,773 cr
BULLION
GOLD 28770 -17
SILVER 47143 -231
CRUDE
NYMEX 101.94 -0.47
BRENT 110.37 -0.67
FOREX
$ / Re 61.835 +0.29
£ / Re 98.621 +0.25
€ / Re 83.422 -0.05
EVENTS TO WATCH
16 October
Bajaj Auto Q2 Results
17 October
Deadline For U.S. Debt Ceiling
HCL Tech Q2 Result
18 October
FIPB Likely To Consider Tata-Sia Airline Proposal
L&T Q2 Result
22 October
Wipro Q2 Result
Yes Bank Q2 Result
23 Oct
PM To Visit China To Discuss Border Agreement & Economic Relations
RT VIEWS
"I do believe that the (telecom) market is too crowded. We want, of course, a consolidation of the market and I think with the 100 percent FDI that consolidation will take place. You will see a lot of players who cannot compete with others actually drop out and therefore the market will consolidate."

Kapil Sibal
Telecommunications Minister
"Implying Kumar Mangalam Birla, managed to overturn decision of Screening Committee, is preposterous. Talabira II, III mines together have been jointly allotted to Mahanadi Coal Fields, Neyveli Lignite; Hindalco has only a 15% stake in the JV. Clearances to permit mining have not been received so far; no mining has been carried out."

Hindalco
Spokesperson
"We love print, we would love to keep print going as long as possible. I don't think it's a matter of predicting something, it's not up to us. The marketplace will decide and we will respond. As long as there are enough readers who want to buy a print newspaper-and frankly advertisers who want to advertise in it-we will publish print newspapers."

Richard Stevenson
Europe Editor, International Herald Tribune
India Business Update