While the corporate tax cut created prospects for about 8-odd per cent potential earnings upside, the 8.5 per cent Nifty rally over Friday and Monday captured about all of it. Yet, the good news for investors is that only 15 Nifty stocks have gone above their historical averages while the entire BSE midcap and smallcap packs are trading well below their historic levels. That's where the opportunity lies.
STREET PULSE: Where we stand Asian stocks fell on Wednesday after US lawmakers called for an impeachment inquiry into President Donald Trump, increasing the prospects of prolonged political uncertainty in the world's largest economy.
Read More  | SGX Nifty traded nearly 36 points down at 7 am (IST), signalling weakness ahead on Dalal Street. MSCI index for Asia-Pacific shares outside Japan fell 0.2%, Japan's Nikkei slipped 0.55%, while Australian shares dropped 0.66%. |
| US stocks pared their gains following Trump's UN speech. Dow fell 200 points, or 0.8%, S&P500 slipped 1.1% and the Nasdaq 1.7%. |
US crude futures dipped 0.73% to $56.87 a barrel as Trump sharpened his criticism of China's trade policies in a speech at the UN, dealing a blow to hopes for a resolution to the US-China trade war.
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Diwali Bonanza! A cracker of a Diwali awaits thousands of homebuyers in Noida and Greater Noida as builders are readying to start offering possession earlier than expected, even before obtaining the occupancy certificate from the local authority, in a region which is dotted with long-delayed projects. Builders are planning to make use of an order issued by the Real Estate Regulatory Authority of Uttar Pradesh on September 16, saying if the authority fails to issue occupancy certificate or raise objection within a week of receiving application, they can start offering possession and agreement.
Read More Upbeat FIIs… Foreign investors' trading desks have cut bearish bets on India in the last three days encouraged by the government's tax bonanza for India Inc with a corporate tax rate cut. But, they have stopped short of going the whole hog as per their derivative trade data. This is reflected in the long-short ratio in the index futures, which has spiked to around 43% from 25% on Thursday – the day before the government announced the tax bonanza.
Read More India Deal… US President Donald Trump said on Tuesday he expected to have a trade deal of some kind between the US and India soon. "I think very soon we'll have a trade deal. We'll have the larger deal down the road a little bit, but we will have a trade deal very soon," Trump told reporters as he met Indian Prime Minister Narendra Modi on the sidelines of the annual UN General Assembly.
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Zee Twist… HDFC AMC, Franklin Templeton and Birla Sun Life Mutual Fund are likely to give more time to the promoters of Essel Group to repay outstanding loans, as they believe the current price of the Zee Entertainment Enterprises stock makes it unattractive for the owners to sell and pay back investors. The stock, which lost 10% on Monday despite a broader market rally, witnessed delivery-based transactions of 18.6 million shares, totalling about Rs 520 crore. Capital International was reportedly among the buyers of the stock on Tuesday, while SBI Funds Management and Kotak Mutual Fund were among the sellers of the pledged equity.
Read More Bar of Bank… RBI has ordered Punjab and Maharashtra Co-operative Bank not to do any business for six months and capped depositor withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the bank.
Read More Meanwhile...SBI has approached the Sebi, seeking a one-time exception for mutual funds over a rule on segregation of assets so that they could be part of a resolution plan being worked on for DHFL. The nation's top bank is apprehensive of a systemic risk if the ongoing efforts to finalise the resolution plan for the indebted home financier fall flat, said two people with direct knowledge of the matter.
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