Closing Bell

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Nifty forms bullish candle for 2nd day; 10,900 crucial resistance

Bulls remained in control of D-Street for the second consecutive day in a row on Thursday after falling for eight consecutive days in a row and formed a bull candle on the daily charts.

The index is comfortable trading above 100-day moving average as well as 5, and 13-DEMA on the daily charts which is a positive sign for the bulls, but for bulls to regain control, the index has to hold above 10,900 levels, suggest experts.

But, it somebody plans to go long on the index then trading with strict stop losses is a better bet for capital preservation. A trailing stop loss below 10640 should be kept for all long positions, they say.

The touch-and-go moment with 10,800 suggests that there is some pressure at higher levels. The Nifty50 which opened at 10,744 slipped to an intraday low of 10,721 before it bounced back towards 10800. The index hit an intraday high of 10808 before closing at 10,789 up 54 points.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-bullish-candle-for-2nd-day-10900-crucial-resistance-3568641.html

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Closing Bell: Sensex, Nifty end flat on policy day; Sun Pharma, Zee Ent gain 4% each

Market at close: Benchmark indices ended flat on Thursday with Nifty ended above 11,000 level.

RBI in its MPC meeting has cut repo rate by 25 bps at 6.25 percent.

The Sensex was down 4.14 points at 36971.09, while Nifty was up 6.90 points at 11069.40. About 1377 shares have advanced, 1145 shares declined, and 164 shares are unchanged. 

Zee Entertainment, Sun Pharma, Eicher Motors, Bharti Infratel and Bajaj Auto are the top gainers on the Nifty, while losers include JSW Steel, Reliance Industries, L&T, Hindalco and Power Grid. 

Among the sectors, auto, FMCG, IT and pharma index saw some buying interest, while energy and infra index remain under pressure.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-sensex-nifty-end-flat-on-policy-day-sun-pharma-zee-ent-gain-4-each-3494811.html

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Closing Bell

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Berger Paints Q3FY19 review: Volume drives topline, but crude prices hurt margins

Highlights:

- Q3 volume growth was strong at nearly 14-15 percent
- Festive demand aided topline growth
- Management expects margins to recover in Q4
- Competitive intensity to increase going forward

- Valuations offer little upside from current levels

India’s second-largest decorative paints company reported better-than-expected Q3FY19 topline. Volume growth was in high teens, at par with its larger peer Asian Paints. Operating margins, however, contracted as high crude oil prices expanded the cost base. The company appears to be on a secular growth path as it continues to grow faster than the industry, gaining market share from smaller and unorganised players.

Key Q3 positives

- Topline growth of 21 percent was driven by strong volume growth. The decorative volume growth estimates for the quarter stood at nearly 14 percent as strong consumer demand during the festive season along with a favourable base (timing of Diwali) aided the sales growth in October-December period.

- Operating profit margins recovered sequentially with successive price hikes partially alleviating the crude-oil and currency-related pressures. However, high-cost inventory kept margins under pressure on YoY basis.

- Apart from strong demand in the decorative business, there was decent traction in industrials, Nepal decorative business, and Saboo Coatings.

- The management expects a recovery in Q4 margins from softening crude prices and rupee stabilisation against the dollar.

Source: https://www.moneycontrol.com/news/business/moneycontrol-research/berger-paints-q3fy19-review-volume-drives-topline-but-crude-prices-hurt-margins-3491201.html

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Opening Bell

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Budget 2019 effect: How you can earn tax-free Rs 10 lakh per annum

In a move to give relief to the middle class, Finance Minister Piyush Goyal announced in the Budget 2019 that individual taxpayers will get a full tax rebate for income earned up to Rs 5 lakh.

Previously, the income threshold on which rebate was given was Rs 3.5 lakh. Individuals will now get a benefit of Rs 12,500, up from Rs 2,500 earlier. This will benefit taxpayers only to the extent of an annual income of Rs 5 lakh. The basic exemption limit and tax-slabs remain the same.

Additionally, Piyush Goyal also announced an increase in standard deduction to Rs 50,000, up from Rs 40,000 earlier.

All the tax slabs also continue. In other words, if your taxable income is higher than Rs 5 lakh, you still pay tax at the existing income tax slabs.

To be sure, this is a rebate for those whose taxable incomes are up to Rs 5 lakh. The basic exemption limit of Rs 2.5 lakh - that is, no tax to be paid for those who earn an income of up to Rs 2.5 lakh - continues.

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Budget 2019: Big relief for aam aadmi! FM Goyal gives tax rebate on income up to Rs 5 lakh

Image Source: Financialexpress.com

Interim Finance Minister Piyush Goyal has given some relief to the income taxpayers. Union Budget2019 has proposed to offer a tax rebate for individuals earning up to Rs 500,000. The rebate under Section 87A of the Income Tax Act has been enhanced to Rs 12,500 from Rs 2,500 earlier. The threshold has also been enhanced to income of Rs 5 lakh from Rs 3.5 lakh earlier. This will benefit taxpayers only to the extent of an annual income of Rs 5 lakh. The basic exemption limit and tax-slabs remain the same.

The last time basic exemption limit was raised by Rs 50,000 by Finance Minister Arun Jaitley while presenting Budget 2014. At that the time, the tax rates were left untouched.

Last year while presenting Budget 2018, Finance Minister Arun Jaitley had re-introduced the standard deduction of Rs 40,000 in lieu of medical reimbursement and transport allowance. It was done with the intention to reduce administrative hassles for salaried individuals. In budget 2019, standard deduction too has been enhanced to Rs 50,000. The increase in basic exemption limit benefits all income taxpayers.

Source:https://www.moneycontrol.com/news/business/budget-2019-big-relief-for-aam-aadmi-fm-goyal-gives-tax-rebate-on-income-up-to-rs-5-lakh-3464021.html

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Opening Bell

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Tata Steel may retain up to 30% stake in South East Asian units

In a possible tweak to its strategy, Tata Steel may retain up to 30 percent of its shareholding in its South East Asian units, which had been put on the block.

Sources told Moneycontrol that the slight tweak means that Tata Steel is now looking for a partner and not a downright buyer.

The units include the Singapore-based NatSteel Holdings and Tata Steel (Thailand).

Earlier this week, media reports said the steel major was in talks with China's Hesteel Group. The Chinese company is the second largest steelmaker in the country.

In response to a query on the development, Tata Steel said: “In pursuit of its long-term strategy to create sustainable value for its shareholders, Tata Steel periodically undertakes strategic assessment and review of its portfolio including overseas business.

"Tata Steel will continue to consider all strategic decisions including portfolio restructuring options in a responsible manner taking into account the interests of stakeholders including employees. However, as there is no firm proposal for consideration currently, the company has no further comment to make in this matter.”

The stake sale is part of Tata Steel's strategy under CEO and Managing Director TV Narendran to refocus its energy and resources into India. Even as it looks to dilute stake in its South East Asian units, Tata Steel has forged a joint venture with thyssenkrupp for its European operations.

Now it wants to possibly follow the JV model in South East Asia too.

Source:https://www.moneycontrol.com/news/business/change-in-plans-tata-steel-may-retain-up-to-30-stake-in-south-east-asian-units-3373131.html

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