Saturday, January 04, 2025 | 11:47 AM ISTEN Hindi

MARKET WRAP: Infy, RIL support Sensex, Nifty ends below 11,600; banks slip

All that happened in markets today.

SI Reporter New Delhi

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

8:39 AM

Stocks to watch: Aurobindo Pharma, RIL, Apollo Pipes, Phoenix Mills, ZEEL

Here's a look at the top stocks that may remain in focus today -

Aurobindo Pharma: Sebi has imposed a total penalty of about Rs 22.6 crore on Aurobindo Pharma, its promoter P V Ramprasad Reddy, his wife P Suneela Rani and other connected entities for violating insider trading rules.

Reliance Industries (RIL): Foreign brokerage Morgan Stanley has maintained 'overweight' stance on the stock with the revised target price of Rs 1,469 from Rs 1,349, earlier. READ MORE

8:35 AM

No need to ban petrol, diesel vehicles; EVs picking up pace naturally: Govt

Earlier, government think-tank Niti Aayog had reportedly proposed that after 2030, only electric vehicles (EVs) should be sold in India. Later, Union ministers, including Petroleum Minister Dharmendra Pradhan, tried to allay the fear of automobile manufactures in the country by denying that. READ MORE HERE

8:30 AM

Here's why cut in corporate taxes failed to cheer the mining sector

The government’s latest move to pare corporation taxes has failed to perk up the mining sector already burdened with a slew of levies like royalty, the goods and services tax (GST), and mandatory contributions to the District Mineral Foundation (DMF) and the National Mineral Exploration Trust (NMET). The Federation of Indian Mineral Industries (FIMI) feels that even after the government slashed corportion tax rates, the taxation rate is still steep for the mining sector. READ FULL REPORT HERE

8:24 AM

Debenture trustee sells Rs 200 crore of Zee Entertainment shares

Catalyst Trusteeship, acting on behalf of one or a few debenture holders, sold Rs 204 crore worth of Zee Entertainment’s shares in a bulk deal on Monday. Zee shares were placed as collateral with various mutual funds (MFs) and lenders, which had taken loan-against-share (LAS) exposure to Essel Group firms. READ MORE

8:18 AM

Why high cash calls could be a double-edged sword for fund managers

The Nifty’s sharp turnaround — rising 895 points or 8.4 per cent — over the last two trading days (Friday and Monday) has suddenly changed the narrative for stock market investors. Just a week ago, many were celebrating fund houses that were sitting on high cash to protect the investor from losing more money. READ MORE

8:14 AM

Excess surcharge paid by FPIs to be adjusted in future tax payments

The higher tax paid would depend on the quantum of individual FPIs’ selling during the past two months and the gains realised. Between July and August, FPIs sold shares worth about Rs 30,000 crore. READ FULL REPORT HERE

8:06 AM

Higher earnings hope powers Sensex run; analysts expect it to touch 45,000

Investor sentiment has taken a dramatic turn from bearish to bullish following the government’s move to lower taxes.

Both the indices last week had dropped to their lowest levels since February. However, with the stellar gains made in the past two sessions, the Sensex is less than 3 per cent away from its all-time high 40,268, which it touched in early-June. Overseas investors were strong buyers on Monday, lapping up shares worth Rs 2,684 crore. In the previous sessions, their buying was muted, even as domestic institutions had pumped in over Rs 3,000 crore into stocks. READ MORE