Best Advisory Company: Sensex Surged nearly 400 points

Bulls roar: Sensex up 400 pts; Tata Steel, Adani Ports gain 3-4%

Best Advisory Company | Free Stock Future Tips

Bulls have taken a complete control over Dalal Street as the Sensex surged nearly 400 points after pricing in RBI’s unexpected rate status quo and due to renewed buying interest from FIIs.

Service tax waived off:

Free Stock Future TipsGovernment will waive service tax on debit and credit card transactions of up to Rs 2,000 in a bid to promote digital transactions amid cash crunch following withdrawal of old Rs 500 and 1,000 banknotes.

The government has decided to “exempt services by an acquiring bank to any person in relation to settlement of an amount up to Rs 2,000 in a single transaction transacted trough credit, debit card or other payment card service”, sources said.

A notification to this effect will be tabled by Finance Minister Arun Jaitley in Parliament.

Following demonetisation of old high value notes, there has been a cash crunch in the country as people have been making a beeline for banks and ATMs to withdraw new currency.

The government has been taking steps to promote cashless or digital transactions to take India towards a less-cash economy.

Market check:

Bulls have taken a complete control over Dalal Street as the Sensex surged nearly 400 points after pricing in RBI’s unexpected rate status quo and due to renewed buying interest from FIIs.

The 30-share BSE Sensex surged 387.77 points or 1.48 percent to 26624.64 and the 50-share NSE Nifty gained 119.15 points or 1.47 percent at 8221.20.

The market breadth remained strong but the gap between advance and decline narrowed. About three shares advanced for every share falling against 5:1 ratio in early trade on the BSE.

With overweight rating on India, Mixo Das of Nomura says while he sees some upside in equities in the very near term as the Donald Trump trade unwinds somewhat, he anticipates a difficult H12017.

Earnings momentum slows and valuations come under pressure, he reasons. He says he will look to position accordingly in early Q1.

Tata Steel, Tata Motors and Adani Ports were the biggest gainers, up 3-4 percent followed by ITC, Maruti Suzuki, Hero Motocorp and Coal India with 2-2.5 percent

upside.

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