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09-Dec-2019   16:52 Hrs IST Volatility keeps Indian markets flat on Monday <p align="justify">Indian equity benchmarks ended the volatile day with marginal gains on Monday. After a cautious start, key indices traded volatile, as IHS Markit in its latest report stated that India's real GDP growth in 2019-20 fiscal is expected to be slightly below 5% as the impact of stimulus measures will take time to filter through to the economy. Adding more worries among market participants, Former Reserve Bank of India's (RBI)&nbsp; governor Raghuram Rajan said that India is in the midst of a ‘growth recession' with signs of deep malaise in the Indian economy that is being run through extreme centralisation of power in Prime Minister's Office and powerless ministers.</p><p align="justify">Despite volatility, markets managed to keep their heads above their neutral lines for the most part of the session, aided by Finance Minister Nirmala Sitharaman's statement that the government is working on more measures to revive the sagging economy. Traders got some relief, after Chief Economic Adviser KV Subramanian said that private investment is key to economic growth and the recent cut in corporate tax rate was done to boost investments. Further, the street took a note of the RBI's data report stating that India Inc's foreign borrowings grew over two-fold to $3.41 billion in October over the corresponding month a year ago. </p><p align="justify">On the global front, European markets were trading in red, as France's economic growth is expected to slow slightly in the fourth quarter. The Bank of France retained its GDP growth estimate for the final three months of 2019 at 0.2 percent, which is slower than the 0.3 percent expansion in the third quarter. Asian markets ended mostly higher, after Japan had a current account surplus of 1,816.8 billion yen in October, exceeding expectations for 1,806.8 billion yen and up from 1,612.9 billion in September. The trade balance reflected a surplus of 254.0 billion yen - also beating forecasts for 138.8 billion yen following the 1.1 billion yen surplus in the previous month.</p><p align="justify">Back home, the infrastructure sector stocks remained in watch, amid reports that as many as 373 infrastructure projects, each worth Rs 150 crore or more, are hit by cost overruns of more than Rs 3.89 lakh crore owing to delays and other reasons. Further, the logistic industry stocks also remained in focus, after the Indian Ports Association (IPA) showed that cargo volume handled by the country's top 12 ports was marginally up by 0.34 percent at 463.07 million tonnes during the April-November period this year. The ports had handled 461.48 MT of cargo during the corresponding period of the last fiscal. </p><p align="justify">Finally, the BSE Sensex gained 42.28 points or 0.10% to 40,487.43, while the CNX Nifty was up by 16 points or 0.13% to 11,937.50.</p><p align="justify">The BSE Sensex touched high and low of 40,645.63 and 40,336.56, respectively and there were 16 stocks advancing against 15 stocks declining on the index.</p><p align="justify">The broader indices ended mixed; the BSE Mid cap index rose 0.11%, while Small cap index was down by 0.44%.</p><p align="justify">The top gaining sectoral indices on the BSE were Energy up by 1.06%, Oil &amp; Gas up by 1.01%, Auto up by 0.75%, Metal up by 0.65% and Utilities up by 0.50%, while IT down by 1.02%, Realty down by 1.02%, TECK down by 0.92%, Capital Goods down by 0.78% and FMCG down by 0.49% were the top losing indices on BSE.</p><p align="justify">The top gainers on the Sensex were HDFC up by 2.06%, Axis Bank up by 2.01%, Maruti Suzuki up by 1.68%, Reliance Industries up by 1.13% and Power Grid up by 0.94%. On the flip side, TCS down by 2.93%, Tata Motors - DVR down by 2.06%, HCL Tech. down by 1.54%, Larsen &amp; Toubro down by 1.04% and Indusind Bank down by 1.01% were the top losers.</p><p align="justify">Meanwhile, former Union minister Suresh Prabhu has said that startups are going to play a vital role in making India a $5 trillion economy. He also said ‘so, when we talk about $5 trillion economy, it will be largely from the startups. It is inevitably bound to happen all over the world, thankfully our prime minister realised it and had that vision to understand the changing economic scenario of the Indian economy.'</p><p align="justify">Prabhu has stated that the economic growth will come from both the existing industries as well as from those companies that are going to come up in the future. He noted that India has become a $2.7 trillion economy in 2019, having added 1 trillion US dollars in the last five years.</p><p align="justify">Former Union minister further said that there has been a global economic slowdown, which has also impacted the country's growth. The global economy is slowing down at the same time India's economy has slowed down. He pointed out that the country needs to have three components - industries, services and agriculture to achieve an ambitious GDP goal of $5 trillion.&nbsp;<br></p><p align="justify">The CNX Nifty traded in a range of 11,981.95 and 11,888.05. There were 29 stocks advancing against 21 stocks declining on the index.</p><p align="justify">The top gainers on Nifty were BPCL up by 2.20%, Axis Bank up by 2.06%, Adani Ports up by 1.98%, HDFC up by 1.91% and Maruti Suzuki up by 1.82%. On the flip side, TCS down by 2.99%, HCL Tech down by 1.62%, Cipla down by 1.31%, LT down by 1.30% and ZEEL down by 1.22% were the top losers.</p><p align="justify">European markets were trading in red; UK's FTSE 100 decreased 13.13 points or 0.18% to 7,226.53, France's CAC fell 19.00 points or 0.32% to 5,852.91 and Germany's DAX was down by 17.03 points or 0.13% to 13,149.55.<br></p><p align="justify"></p><p align="justify">Asian markets ended mostly higher on Monday on the strong US jobs data announced last week. Non-farm payroll employment surged up by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October. The jobless rate edged down to 3.5 percent from 3.6 percent in October. Japanese shares ended up as investors awaited key central bank meetings and the UK election. Further, Seoul stocks closed higher, despite North Korea conducting a ‘very important test' at a long-range missile launch site. US President Donald Trump warned Sunday that North Korean leader Kim Jong Un risks losing ‘everything' if he acts in a hostile way. Moreover, Chinese shares ended little changed with a positive bias after the release of November trade data. Though, the upside remained limited on concerns about an escalation in the Sino-US trade war after top White House economic adviser Larry Kudlow said that December 15 deadline is still in place to impose a new round of US tariffs on Chinese consumer goods.</p><div align="justify"><table width="100%"><tbody><tr><td><p align="left"><strong>Asian</strong><span>&nbsp;</span><strong>Indices</strong></p></td><td><p align="left"><strong>Last Trade&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong></p></td><td><p align="left"><strong>Change in Points</strong></p></td><td><p align="left"><strong>Change in %</strong></p></td></tr><tr><td><p align="justify">Shanghai Composite</p></td><td><div>2,914.48</div></td><td><div>2.47</div></td><td><div>0.08</div></td></tr><tr><td><p align="justify">Hang Seng</p></td><td><div>26,494.73</div></td><td><div>-3.64</div></td><td><div>-0.01</div></td></tr><tr><td><p align="justify">Jakarta Composite</p></td><td><div>6,193.79</div></td><td><p align="justify">6.92</p></td><td><div>0.11</div></td></tr><tr><td><p align="justify">KLSE Composite</p></td><td><p align="justify">1,562.09</p></td><td><p align="justify">-6.35</p></td><td><p align="justify">-0.40</p></td></tr><tr><td><p align="justify">Nikkei 225</p></td><td><p align="justify">23,430.70</p></td><td><div>76.30</div></td><td><div>0.33</div></td></tr><tr><td><p align="justify">Straits Times</p></td><td><div>3,179.82</div></td><td><div>-14.89</div></td><td><div>-0.47</div></td></tr><tr><td><p align="justify">KOSPI&nbsp;Composite</p></td><td><div>2,088.65</div></td><td><div>6.80</div></td><td><div>0.33</div></td></tr><tr><td><p align="justify">Taiwan Weighted</p></td><td><div>11,660.77</div></td><td><div>51.13</div></td><td><div>0.44</div></td></tr></tbody></table></div><p align="justify"><br></p>
09-Dec-2019   15:59 Hrs IST Post Session: Quick Review <p align="justify">Indian equity benchmarks witnessed volatility on Monday's trading session and ended with marginal gains. Key indices made a cautious start and traded flat, as traders remained wary with IHS Markit in its latest report stating India's real GDP growth in 2019-20 fiscal is expected to be slightly below 5% as the impact of stimulus measures will take time to filter through to the economy. Sentiments remained in lackadaisical mood with Former Reserve Bank of India (RBI) governor Raghuram Rajan's statement that India is in the midst of a ‘growth recession' with signs of deep malaise in the Indian economy that is being run through extreme centralisation of power in Prime Minister's Office and powerless ministers.</p><p align="justify">Though, markets entered into green terrain and managed to keep their heads above water, as traders found solace with Finance Minister Nirmala Sitharaman's statement that the government is working on more measures to revive the sagging economy. Traders also took note of Former Union minister Suresh Prabhu's statement that startups are going to play a vital role in making India a $5 trillion economy. He also said ‘so, when we talk about $5 trillion economy, it will be largely from the startups. It is inevitably bound to happen all over the world, thankfully our prime minister realised it and had that vision to understand the changing economic scenario of the Indian economy.' </p><p align="justify">On the global front, Asian markets ended mostly higher, after surprisingly strong U.S. jobs data although regional gains were capped by concerns about China's economic slowdown due to the prolonged Sino-U.S. trade war. European markets were trading in red, dragged down by a slump in shares of Tullow Oil Plc after the oil and gas explorer scrapped its dividend, while weak data out of China also weighed on sentiment. Back home, telecom stocks were in focus with a private report stating that the Department of Telecommunications is likely to propose a reduction in the universal service obligation fund charge by 2 percentage points to 3%. Shipping sector were in focus with the Indian Ports Association (IPA) showing that cargo volume handled by the country's top 12 ports was marginally up by 0.34 percent at 463.07 million tonnes during the April-November period this year. <br></p><p align="justify"><p align="justify">The BSE Sensex ended at 40483.74, up by 38.59 points or 0.10% after trading in a range of 40336.56 and 40645.63. There were 17 stocks advancing against 14 stocks declining on the index. (Provisional)<p align="justify">The broader indices ended mixed; the BSE Mid cap index rose 0.11%, while Small cap index was down by 0.44%. (Provisional)<p align="justify">The top gaining sectoral indices on the BSE were Energy up by 1.07%, Oil &amp; Gas up by 0.99%, Auto up by 0.83%, Metal up by 0.56% and Utilities up by 0.55%, while Realty down by 1.18%, IT down by 1.05%, TECK down by 0.94%, Capital Goods down by 0.90% and FMCG down by 0.53% were the top losing indices on BSE. (Provisional)<p align="justify">The top gainers on the Sensex were HDFC up by 2.21%, Axis Bank up by 2.15%, Maruti Suzuki up by 1.96%, Reliance Industries up by 1.16% and Tata Steel up by 0.83%. (Provisional)<p align="justify">On the flip side, TCS down by 3.02%, Tata Motors - DVR down by 1.99%, HCL Technologies down by 1.43%, Larsen &amp; Toubro down by 1.19% and Hindustan Unilever down by 0.99% were the top losers. (Provisional)<p align="justify">Meanwhile, with an aim to revive the sagging economy, Finance Minister Nirmala Sitharaman has said that the government is working on more steps, including rationalisation of personal income tax rates. She said the government has taken several measures during August and September to boost the economy. She also said that the public sector banks have disbursed nearly Rs 5 lakh crore without compromising on prudential norms in the last two months to boost consumption in the hinterland. Besides, the Gross Domestic Product (GDP) growth slowed down to more than six-year low of 4.5% in the second quarter of the current fiscal from 5% recorded in the first quarter.<p align="justify">Sitharaman said ‘so there are ways for giving stimulus for consumption. We are adopting a direct method and also the method through which we are spending on infrastructure, whose spillover can go to core industries labour and so on'. Assuring that there will be no harassment of taxpayers, she said the intent of the government is to further simplify taxation systems including removal of exemption. Citing the example of corporate tax, she said ‘From now on, they're moving towards a greater simplified and exemption free. Therefore, has harassment-free therefore subjective interpretation free taxation regime.'<p align="justify">The minister further said the government has introduced faceless assessment of direct tax and soon this will be introduced in indirect tax to eliminate harassment. On the Goods and Services Tax (GST), she said that the rate structure will have to be decided by the GST Council. Eventually, the rates have to be rationalised and the entire tax system has to be simplified. With regards to apprehension raised on the genuineness of data, she said ‘there's no doubt, we need to bring credibility back to the data'. She added that the government is aware of the debate which is going on data and its credibility, and the intention is to make sure that any kind of inappropriate methodology which is coming into the data will have to be addressed.<p align="justify">The CNX Nifty ended at 11936.95, up by 15.45 points or 0.13% after trading in a range of 11888.05 and 11981.95. There were 29 stocks advancing against 21 stocks declining on the index. (Provisional)<p align="justify">The top gainers on Nifty were BPCL up by 2.20%, Axis Bank up by 2.06%, Adani Ports &amp;SEZ up by 1.98%, HDFC up by 1.91% and Maruti Suzuki up by 1.82%. (Provisional)<p align="justify">On the flip side, TCS down by 2.99%, HCL Tech. down by 1.62%, Cipla down by 1.31%, Larsen &amp; Toubro down by 1.30% and Zee Entertainment down by 1.15% were the top losers. (Provisional)<p align="justify">European markets were trading in red; UK's FTSE 100 decreased 13.13 points or 0.18% to 7,226.53, France's CAC fell 19.00 points or 0.32% to 5,852.91 and Germany's DAX was down by 17.03 points or 0.13% to 13,149.55. <p align="justify">Asian markets ended mostly higher on Monday on the strong US jobs data announced last week. Non-farm payroll employment surged up by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October. The jobless rate edged down to 3.5 percent from 3.6 percent in October. Japanese shares ended up as investors awaited key central bank meetings and the UK election. Further, Seoul stocks closed higher, despite North Korea conducting a ‘very important test' at a long-range missile launch site. US President Donald Trump warned Sunday that North Korean leader Kim Jong Un risks losing ‘everything' if he acts in a hostile way. Moreover, Chinese shares ended little changed with a positive bias after the release of November trade data. Though, the upside remained limited on concerns about an escalation in the Sino-US trade war after top White House economic adviser Larry Kudlow said that December 15 deadline is still in place to impose a new round of US tariffs on Chinese consumer goods.<p align="justify"><table width="100%" border="1" cellspacing="1" cellpadding="1"><tbody><tr><td><p align="left"><strong>Asian</strong> <strong>Indices</strong></p></td><td><p align="left"><strong>Last Trade&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </strong></p></td><td><p align="left"><strong>Change in Points</strong></p></td><td><p align="left"><strong>Change in %</strong></p></td></tr><tr><td><p align="justify">Shanghai Composite</p></td><td><div>2,914.48</div></td><td><div>2.47</div></td><td><div>0.08</div></td></tr><tr><td><p align="justify">Hang Seng</p></td><td><div>26,494.73</div></td><td><div>-3.64</div></td><td><div>-0.01</div></td></tr><tr><td><p align="justify">Jakarta Composite</p></td><td><div>6,193.79</div></td><td><p align="justify">6.92</p></td><td><div>0.11</div></td></tr><tr><td><p align="justify">KLSE Composite</p></td><td><p align="justify">1,562.09</p></td><td><p align="justify">-6.35</p></td><td><p align="justify">-0.40</p></td></tr><tr><td><p align="justify">Nikkei 225</p></td><td><p align="justify">23,430.70</p></td><td><div>76.30</div></td><td><div>0.33</div></td></tr><tr><td><p align="justify">Straits Times</p></td><td><div>3,179.82</div></td><td><div>-14.89</div></td><td><div>-0.47</div></td></tr><tr><td><p align="justify">KOSPI&nbsp;Composite</p></td><td><div>2,088.65</div></td><td><div>6.80</div></td><td><div>0.33</div></td></tr><tr><td><p align="justify">Taiwan Weighted</p></td><td><div>11,660.77</div></td><td><div>51.13</div></td><td><div>0.44</div></td></tr></tbody></table><p align="justify">&nbsp;</p>
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