Tit - bits
#The key domestic benchmarks snapped two-day
rising streak amid negative global cues and closed in the red.
 |
| Photo: Zee Business |
Shares of banks and metal companies were at the receiving end of selling pressure.
The BSE S&P Sensex crashed 458.07 points or 1.10% to 41,155.12, while the Nifty50 index lost 129.25 points or 1.06% to close at 12,119. However, the broader market was better placed. The BSE Mid-Cap index fell a mere 0.40% while the BSE Small-Cap index rose 0.03%. Hence, amidst all these Hullabollo of about the fast-spreading coronavirus, which started in the China's Wuhan city, you have known where the butter has been kept -- you only need an expert hand to pick up from that place, isn't?.
Apart from the coronavirus scare the traders also turned cautious ahead of the Union Budget on Saturday, after a news report appeared in ET, stating: "If the budget is convincing, the markers could come crashing down".
The Dow Jones Industrial Average fell 429 points, or 1.5%. The 30-stock average was down more than 500 points earlier in the day. The S&P 500 dropped 1.4% while the Nasdaq Composite slipped 1.8%.
In this connection I would like to say that, while first case that a few cases of coronavirus would affect Chinese economy and in the turn the world economy is purely Hilarious. China has a population of around 1.50 billion plus. It is a mere stupidity to believe that a few thousand deaths will be able to pull down the levers of world economy.
Moreover, 2nd point due to which Indian Benchmark indices is purely speculative. And Indian markets have come down mostly after budget -- and it is nothing new. The market known that Nirmala Sitaraman has very little maneuverability, in the current set of conditions governing Indian economy. Accordingly, it has been discounted.
Therefore, I feel not only the US markets will improve at the end of the day, Asia will go green today (28 January).
The Dow Jones Industrial Average fell 429 points, or 1.5%. The 30-stock average was down more than 500 points earlier in the day. The S&P 500 dropped 1.4% while the Nasdaq Composite slipped 1.8%.
In this connection I would like to say that, while first case that a few cases of coronavirus would affect Chinese economy and in the turn the world economy is purely Hilarious. China has a population of around 1.50 billion plus. It is a mere stupidity to believe that a few thousand deaths will be able to pull down the levers of world economy.
Moreover, 2nd point due to which Indian Benchmark indices is purely speculative. And Indian markets have come down mostly after budget -- and it is nothing new. The market known that Nirmala Sitaraman has very little maneuverability, in the current set of conditions governing Indian economy. Accordingly, it has been discounted.
Therefore, I feel not only the US markets will improve at the end of the day, Asia will go green today (28 January).
#The scrip of P C Jewelers Ltd (Rs. 23.05) was
According to a report published in the Business Standard, on 14 January, 2020, Union commerce ministry has sought a reduction in the import duty on gold in the ensuing Union Budget, with a view to pushing manufacturing and export of the gems and jewellery sector.
In last year’s Budget, the NDA government raised the tariff on gold to 12.50% from 10% earlier. Since then, the global price of gold has risen nearly 20%, magnifying the rise in customs duty. The, Jewellery retailers and exporters have urged the tariff be cut and also the goods and services tax (GST) on jewellery certification.
The gems and jewellery sector has been on the receiving end due to fall in the far out depressing the rural sector, apart from the price rise of gold and duty hike, to stem the BoP.
With the current account deficit situation under control at 1.50% (of gross domestic product) for April-September 2019, we can expect some booster doses coming for the sector from the FMO, including a duty cut both for gold and rough diamonds. The Gems and Jewellery Export Promotion Council has urged the government to cut import duty on rough diamonds 2.50% from existing 7.50%. Moreover, the GST on diamond certification might be cut to 5% from the current, 18%. Therefore, I suddenly see lot of positive for the sector just before the Union Budget. It employs over 4.64 million workers and is expected to employ 8.23 million by 2022. P C Jeweller engages in the manufacture, export, wholesale and retail of gold and diamond jewelry in India.
The gems and jewellery sector has been on the receiving end due to fall in the far out depressing the rural sector, apart from the price rise of gold and duty hike, to stem the BoP.
With the current account deficit situation under control at 1.50% (of gross domestic product) for April-September 2019, we can expect some booster doses coming for the sector from the FMO, including a duty cut both for gold and rough diamonds. The Gems and Jewellery Export Promotion Council has urged the government to cut import duty on rough diamonds 2.50% from existing 7.50%. Moreover, the GST on diamond certification might be cut to 5% from the current, 18%. Therefore, I suddenly see lot of positive for the sector just before the Union Budget. It employs over 4.64 million workers and is expected to employ 8.23 million by 2022. P C Jeweller engages in the manufacture, export, wholesale and retail of gold and diamond jewelry in India.
No comments:
Post a Comment