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Sensex, Nifty slip into red; ONGC, Bharti, Adani rally


Moneycontrol Bureau

9:55 am Infra companies:

The Income Tax Department today said infrastructure companies will have the option to choose the year from which they desire to claim tax benefits for ten consecutive years, a move aimed at reducing litigations. Issuing clarification, the Central Board of Direct Taxes (CBDT) said ‘initial assessment year’ in the Section 80IA (5) of the Income Tax Act, dealing with tax holiday, would mean the first year on which a company would claim for tax benefit. Companies engaged in sectors like infrastructure, road and power get tax holiday under the Section 80 IA of the Act.

9:45 am Pre-Budget meet:
In a bid to reach out to the Opposition, Prime Minister Narendra Modi is expected to meet leaders of major political parties on Tuesday to discuss major issues ahead of Budget Session of Parliament.

This comes even as the ongoing JNU row has given fresh ammunition to the Opposition to target the government.

Congress, JDU and Left have demanded proof from Union Home Minister Rajnath Singh for claims of Hafiz Saeed backing the JNU protests. The government is worried that Key bills like GST will be stuck amid Opposition’s protests.

9:35 am Market in red: The market has slipped into red. The Sensex is down 69.95 points or 0.3 percent at 23484.17 and the Nifty is down 18.40 points or 0.3 percent  at 7144.55. About 795 shares have advanced, 685 shares declined, and 74 shares are unchanged.

Adani Ports, ONGC, NTPC, Bharti Airtel and Hero MotoCorp are top gainers while Lupin, Coal India, M&T, Maruti and ICICI Bank are major losers in the Sensex.

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The market extended rally further as equity benchmarks opened higher amid volatility. The Sensex rose 87.23 points to 23641.35 and the Nifty climbed 24.90 points to 7187.85.

ONGC, Tata Motors, Adani Ports, Tata Steel, Cipla, Cairn India and Idea Cellular were early gainers while Infosys, TCS, HDFC, Bank of Baroda and Asian Paints were under pressure.

The Indian rupee erased some previous day’s gains in early trade Tuesday. The currency has opened at 68.13 a dollar, down 7 paise compared to 68.06 a dollar in previous session.

Ashutosh Raina, HDFC Bank says the return of risk sentiment after some signs of stability in Chinese currency coupled with oil cementing its recent gains resulted in global equities rallying from recent lows and US dollar gaining against most currencies.

According to him, the USD-INR pair continues to trade in a Rs 67.50-68.50/USD range, with the central bank support coming in at lower levels.

Meanwhile, bonds continue to trade weak as tight liquidity conditions continue, he feels. Raina expects the 10-year benchmark yield to trade in a range of 7.8-7.9 percent in the near term.

On the global front, Asian markets traded higher with the Shanghai rising nearly 3 percent and Hang Seng up 1.8 percent.

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