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  • Shares rebound on buzz of likely FPI tax rollback
  • August 23,2019  12:34
  • The market rebounded from early losses, following a media report that the government could soon announce a rollback of higher taxes for foreign portfolio investors (FPIs). At 11:22 IST, the barometer index, the S&P BSE Sensex, was down 19.11 points or 0.05% at 36,453.25. The Nifty 50 index was up 21 points or 0.2% at 10,762.50.

    The market breadth was negative. On the BSE, 960 shares rose and 1201 shares fell. A total of 123 shares were unchanged. The S&P BSE Mid-Cap index was up 0.41%. The S&P BSE Small-Cap index was down 0.01%.

    Foreign investors have been selling extensively in the Indian equity market after the government announced levy of surcharge on super rich in the Union Budget. Finance minister Nirmala Sitharaman in her maiden Budget speech on 5 July 2019, proposed to enhance surcharge on individuals having taxable income from Rs 2 crore to Rs 5 crore and Rs 5 crore and above so that effective tax rates for these two categories will increase by around 3% and 7% respectively. The effective tax rate on the highest tax bracket goes up to 42.7% after the hike.

    There are concerns that the increased surcharge on super-rich could also affect foreign funds investing in India since a same tax structures apply for individuals, Hindu Undivided Family (HUF) and Associations of Persons (AOPs). FPIs, including pension and retirement funds, educational endowment fund, etc, come in through trusts or AOPs route because it has been the most tax-efficient structure.

    Shares of 63 Moons were locked in an upper circuit of 10% at Rs 115.5 after the media reported that the company won MPID case in Bombay High Court. Bombay High Court ruled that National Spot Exchange was not a financial establishment and hence, the attachment of assets of its promoter (63 Moons Technologies), under the Maharashtra Protection of Interests of Depositors in Financial Establishments Act (MPID) Act was not valid.

    HDFC Bank fell 1.06% to Rs 2,150.60 after the bank said it appointed Srinivasan Vaidyanathan as the chief financial officer (CFO), with immediate effect. The incumbent CFO of the bank, Sashidhar Jagdishan, would continue to head the finance function, and shoulder additional responsibilities as in charge of the verticals of legal & secretarial, human resources, corporate communications, infrastructure, administration, corporate social responsibility and 'change agent of the bank'. Vaidyanathan would continue to report to Jagdishan. Vaidyanathan and Jagdishan would be 'key managerial personnel' of the bank pursuant to Companies Act, 2013 and the Regulations. The announcement was made after the market hours yesterday, 22 August 2019.

    IT shares advance on a weak rupee. Oracle Financial Services Software (up 3.02%), MindTree (up 1.79%), Mphasis (up 1.66%), TCS (up 1.4%), Hexaware Technologies (up 1.3%), Tech Mahindra (up 1.02%), Wipro (up 0.95%), Infosys (up 0.64%) and HCL Technologies (up 0.51%) surged higher.

    The S&P BSE IT index was up 0.94% at 15,969.2.

    In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 72.0050, compared with its close of 71.81 during the previous trading session.

    On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.44% at 17.595.

    The Nifty August 2019 futures were trading at 10,765.35, a premium of 18.85 points compared with the spot at 10,765.35. Bajaj Finance, ICICI Bank and State Bank of India were the top traded individual stock futures contracts so far in F&O segment of NSE.

    On the options front, the Nifty option chain for 29 August 2019 expiry showed maximum call open interest (OI) of 50.17 lakh contracts at the 11,000 strike price. Maximum put OI of 30.26 lakh contracts was seen at 10,700 strike price.

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