Rain lashed parts of Delhi early Saturday, bringing relief from the humid weather and lowering the temperature. The weather department predicts a generally cloudy sky with light rain throughout the day, with the maximum temperature expected to settle at around 34 degrees Celsius.
Such a broadening in the winners’ list has been sought for years by market skeptics lamenting an equity melt-up whose momentum has been generated by a tiny cohort of asset-light firms. But it’s a less obvious blessing in the short term for passively managed investors. They’ve stashed one in every four ETF dollars in just five funds — products that are now perilously exposed to the fate of the Magnificent 7.
IT stocks can be considered to be a tactical buy more than a portfolio bet and we believe that these counters can give 20-25% upside in the coming year, says Vinit Bolinjkar. He says: "We are quite sanguine on FMCG, consumption, pharma, and engineering stocks. We believe that the stocks which belong to the zooming sector which are defence, railways, and the other sectors, will have to temper their rally."
The yen surged to a nearly four-week high against the U.S. dollar on Friday amid speculation of Japanese intervention, following data showing eased U.S. consumer prices and moderate producer price increases, which boosted expectations for a Federal Reserve rate cut in September.
The upcoming week promises significant market activity with pressure on Joe Biden's election prospects, anticipation of a Fed rate cut, key Q2 earnings reports, an ECB meeting, and the unveiling of the UK legislative agenda by King Charles. Analysts and investors should brace for developments from the U.S., Europe, and China that could influence global markets.
Counting of votes for the Jalandhar West assembly bypoll in Punjab began on Saturday. Polling took place on Wednesday, recording a voter turnout of 54.98 per cent, a notable decrease from the 67 per cent turnout in the 2022 state elections. Votes are being tallied at a centre located at Lyallpur Khalsa College for Women. As per officials, the process commenced at 8 am.
Wall Street closed higher on Friday with the S&P 500 and Dow Jones hitting intraday record highs, driven by expectations of a Federal Reserve rate cut in September. Major tech stocks like Apple and Nvidia rebounded, while big banks reported mixed results, causing sector declines. The small-cap Russell 2000 and mid-cap indexes continued their rally, signaling a positive market rotation.
The Supreme Court granted interim bail to Delhi Chief Minister Arvind Kejriwal on Friday in connection with a case related to the now-scrapped excise policy. In response, Bhagirath Choudhary, Union Minister of State for Agriculture and Farmers Welfare from the Bharatiya Janata Party (BJP), asserted that actions will be taken against all corrupt individuals, irrespective of their political affiliations.
Looming U.S. interest rate cuts are challenging investors to choose between continuing to invest in high-performing Big Tech stocks or diversifying into less favored market areas that could benefit from easing monetary policy. Recent market movements suggest a potential shift, as small caps and economically sensitive sectors show gains amid expectations of lower rates, while tech stocks face declines reminiscent of the late 1990s dot-com bubble.
President-elect Masoud Pezeshkian of Iran emphasized that the United States needs to understand Iran's resistance to pressure tactics. In a statement published on Saturday, Pezeshkian also highlighted Iran's close relationships with China and Russia.
Income tax return filing: You are eligible to claim a tax refund for expenses incurred for a disabled person including medical treatment. These deductions can be claimed either under section 80DD or 80U. However if the disability is autism, cerebral palsy or multiple disability then Form-10IA needs to be filed. The deadline to file Form-10IA is July 31, 2024.
Since, budget of 2005-06, gold rose more than 10 times in last 19 years but tax slabs have not changed much. Basic income tax exemption limit of Rs 1 lakh in the year 2005-06 was worth 145 gm of gold then. However, at Rs 2.5 lakh basic exemption limit, it is worth a tiny 34 gm now. So, poor people are getting taxed with unchanged rates not factoring adverse impact of inflation. At gold standard the tax slab of 10% should start from Rs 10 lakh in 20024 which is worth 145g gold.
So, the way broader market is participating, sectorial rotation is happening, now the IT is on the front seat for this rally, so the way market is doing the sector rotation that is clearly giving us confidence that ahead of budget maybe we can see further higher level towards 25,000 level also.
A dispute between two factions of Karni Sena in Jaipur, Rajasthan, escalated into a violent confrontation on Friday. The altercation involved Shiv Singh Shekhawat, national president of the Rashtriya Karni Sena, and Mahipal Singh Makrana, leader of the Rajput Karni Sena. The incident occurred in the Chitrakoot area, reportedly involving an assault with the butt of a gun.
The project, details of which have not been previously reported, comes as the Microsoft-backed startup races to show that the types of models it offers are capable of delivering advanced reasoning capabilities.
The Pakistan government has banned the import of wheat and the export of flour as of Friday. This measure is to regulate the country's wheat market, according to a notification from the Ministry of Commerce, reported Ary News. The decision follows an assessment showing that Pakistan had imported more wheat than necessary, resulting in a surplus.
The counting of votes began at 8 am on Saturday for the by-election to the Rupauli assembly seat in Bihar's Purnea district. The by-election was required due to the resignation of sitting MLA Bima Bharti, who left the JD(U) to contest the Lok Sabha election on an RJD ticket. The voter turnout for the July 10 bypoll was recorded at 52.75 per cent.
Vote counting for the bypolls in four assembly seats in West Bengal commenced on Saturday at 8 am, under tight security measures, according to an Election Commission official. "We have made adequate security arrangements in and around the counting centres. Apart from the state police, central forces are also deployed," the official told PTI.
Following the Tata Consultancy Services (TCS) earnings Thursday, several technology stocks surged to lifetime highs Friday, and were at the forefront of the stellar showing of the broader stock indices. TCS led the pack of five technology companies, including HCL Tech, that were the top five Nifty gainers.
The Directorate of Enforcement (ED) Mumbai has attached assets worth Rs 14.02 crore of five individuals under the Prevention of Money Laundering Act, 2002 (PMLA) in an Income Tax Refund fraud case amounting to Rs 263 crore. This action was announced in a release on Friday.
There is a lot of excitement around what the opportunity is and which is why you are seeing at higher levels more and more people coming in and buying. But it is precisely in such high bullish times that you see seeds of bearish times ahead and which is why I would be cautious in this space going forward.
