Closing Bell: Bulls take charge on D-Street as Sensex ends 629 pts higher; Nifty above 10,700

Market at Close: Bulls took charge right from the word go and consistently traded in the green. But intense buying in the last hour helped the market end on an even stronger note. The Nifty, not only managed to clock 10,700, but also closed above this mark. 

Buying was visible across all sectors, with maximum gains seen among automobiles, metals, banks, infrastructure and consumption names. In the broader market, the Nifty Midcap index ended 3 percent higher. 

At the close of market hours, the Sensex closed up 629.06 points or 1.79% at 35779.07, while the Nifty rose 188.40 points or 1.79% at 10737.60. The market breadth was positive as 1,882 shares advanced, against a decline of 645 shares, while 139 shares were unchanged.

Hero MotoCorp, Bharti Airtel, and Indiabulls Housing gained the most, while Dr Reddy’s Laboratories, and Bharti Infratel lost the most.

Source:https://www.moneycontrol.com/news/business/markets/share-market-updates-bse-nse-closing-bell-bulls-take-charge-on-d-street-as-sensex-ends-629-pts-higher-nifty-above-10700-3280341.html

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Govt may tighten rules for companies not spending CSR funds: Report

Companies not spending their entire corporate social responsibility (CSR) corpus and diverting funds to their balance sheets will now have to declare the amount not spent in their annual report, according to a report by The Hindu Business Line.

Moreover, companies will have to transfer the unspent funds to a separate bank account and spend it within three years, the news daily reported.

These new restrictions on CSR funds are part of a list of proposed amendments to the Companies Act, 2013, that the government will take up during the Winter session of Parliament, sources told the paper.

The amendment may make CSR spending mandatory, as against the current practice of either 'complying' (spending) or 'explaining' why the funds were not spent.

The Corporate Affairs Ministry recently announced that it is examining the records of the top 1,000 companies that were required to spend under their CSR initiative.

Disclosures by 77 companies for FY18 showed unspent amounts equalling a third of their prescribed CSR spending, data from PRIME Database revealed. Median spending of companies has slightly improved over the years to 69.98 percent of the total corpus in FY18, from 42.33 percent in FY15.

Of the 6,286 companies under government scrutiny, most firms reportedly spent less than the mandated amount in April-November of 2016-17, the news daily reported. About 2,203 firms spent more than the required amount during the same period.

A high-level committee recently set-up to strengthen CSR norms has proposed amendments to the existing guidelines.

"The amendments seem to force companies to spend money earmarked towards CSR rather than letting them accrue it on the balance sheet. Keeping the money reserved but unspent does not serve any purpose," a legal expert told the paper

Source:https://www.moneycontrol.com/news/business/govt-may-tighten-rules-for-companies-not-spending-csr-funds-report-3275661.html

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NCDEX SUPPORT & RESISTANCE LEVEL

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State election results out of the way: 10 stocks that could give 18-50% returns in a year

Now that the state election results are pretty much clear, the focus has now shifted to the General Elections 2019. As per the trends, BJP's failure to get a clear majority in all three Hindi heartland states — Chattisgarh, MP, and Rajasthan — will bring the government back to the drawing board.

So what should investors do now? For market, the ride till general elections in April-May 2019 is likely to remain volatile. Most experts feel that gains are likely to remain capped at 11,000 on the Nifty, on the higher side, but the dips will give investors a good buying opportunity.

Largecap and quality midcaps are a better bet at current levels. In terms of sectors, investors can look at banking, insurance, AMC companies, IT and retail-oriented stocks.

Source:https://www.moneycontrol.com/news/business/markets/state-election-results-out-of-the-way-10-stocks-that-could-give-18-50-returns-in-a-year-3277051.html

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Nifty clocks 10,500, Sensex up nearly 100 pts; Yes Bank, Sun Pharma gain

Market Update Equity benchmarks continued to trade higher, while the Nifty reclaimed 10,500.

The Sensex was up 85.88 points or 0.25% at 35045.60, while the Nifty was up 32.50 points or 0.31% at 10521.00. About 1468 shares have advanced, 763 shares declined, and 118 shares are unchanged.

Yes Bank and Sun Pharma were the top gainers, while HDFC, HDFC Bank and HPCL lost the most. 

MARKET OUTLOOK

"The markets are forward looking & had discounted the anti incumbency wave in the Hindi heartland. The results of MP & Rajasthan being so close are +ve for the BJP. In the end we are 4 months away from the general elections where the call is Modi magic will work. On the other hand the RBI Governor resignation  also saw a knee-jerk reaction being bought into solely for the reason that the new Governor would be more communicative, responsive & will have serious interaction to improve the monitory outlook which was grappling for tight liquidity after the shadow bank problems of IL&FS. With crude in a falling market money on the sidelines would use opportunities like today to enter Indian stocks with a slightly longer term view as buy," Sanjiv Bhasin, executive vice president, markets and corporate affairs, at IIFL told Moneycontrol. 

Source:https://www.moneycontrol.com/news/business/markets/stock-share-market-live-bse-nse-nifty-clocks-10500-sensex-up-nearly-100-pts-yes-bank-sun-pharma-gain-3274701.html

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