Sensex ends 205 pts higher, Nifty above 10,300; PSU banks, IT stocks lead

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3:40 PM

Top index gainer: Nifty IT

Source: NSE

3:38 PM

Sectoral Trend

Source: NSE

3:37 PM

Top Sensex gainers and losers

Source: BSE

3:35 PM

Broader Markets

In broader markets, the BSE midcap ended 0.36% higher while BSE Smallcap index settled at 0.22% higher

3:34 PM

Markets at Close

The S&P BSE Sensex ended at 33,455, up 205 points while the broader Nifty50 index settled at 10,326, up 61 points

3:22 PM

Oil prices stable as ongoing Opec cuts countered by rising US rig drilling

 

Oil markets were stable on Monday as ongoing output cuts led by Opec were countered by rising US drilling activity that points to a further increase in American production.

 

US West Texas Intermediate (WTI) crude futures were at $57.32 a barrel at 0749 GMT, down 4 cents from their last settlement.

 

Brent crude futures, the international benchmark for oil prices, were unchanged at $63.40 a barrel.

 

Crude prices have gained well over a third in value from their 2017 lows, largely due to production cuts by the Organization of the Petroleum Exporting Countries (Opec) and a group of non-Opec producers, including Russia, which have been in place since the start of the year. READ MORE

3:13 PM

BSE Midcap index hits new high

 

The S&P BSE Midcap index hit a new high of 17,131 on the BSE in intra-day deal on Monday after a healthy gain in pharmaceutical, cement and consumption related stocks. The index surpassed its previous high of 17,110.66 touched on November 29, 2017 in intra-day trade.

 

Wockhdart, Mahindra & Mahindra (M&M) Financial Services, Tata Communications, Tata Global Beverages, Dalmia Bharat, Natco Pharma and ABB India were up in the range of 3% to 6% on the BSE. READ MORE

3:03 PM

Still not paid taxes on Bitcoin gains? I-T notice could be on the way

 

While virtual currencies like Bitcoin are gaining popularity, there is still lack of clarity on how they should be taxed. Many buyers of cryptocurrencies, therefore, don’t pay tax on the gains they make on selling them.

 

Tax experts, however, say that investors are obliged to pay tax on their gains in virtual currencies. “What investors don’t realise is that the Income Tax Act may not cover the taxation of virtual currencies specifically. But there are provisions that cover all kinds of income and gains,” says Archit Gupta, chief executive officer, ClearTax. The definition of capital assets under Section 2 (14) is broad enough to include any investment in crypto currencies. READ MORE

2:46 PM

SC to hear Unitech's appeal against NCLT order on govt takeover tomorrow

 

The Supreme Court on Monday agreed to hear tomorrow the appeal of Unitech Limited challenging the recent order of the National Company Law Tribunal (NCLT) directing the central government to take over the management of the embattled real estate firm.

 

A bench comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud considered the submission of the real estate firm that its bank accounts have been frozen and the company and its jailed promoters are finding it difficult to deposit Rs 750 crore as asked by the apex court.

 

The NCLT has recently invoked the provisions of the Companies Act and allowed the central government to take over the Unitech Limited and appoint its nominee directors in the Board of the firm. READ MORE

2:23 PM

AGC Networks hits 52-week high; stock zooms over 50% in four days

 

AGC Networks hit a 52-week high of Rs 167, up 13% on the BSE in intra-day trade, extending its over 35% surge of the past three trading sessio after Essar Telecom, the promoter released pledge shares.

 

Since December 5, the stock rallied 55% from Rs 108, as compared to 1.7% rise in the S&P BSE Sensex.

 

The company informed the stock exchanges that Essar Telecom, the promoter has released its entire 21.32 million or 74.89% of total equity capital of the company.