Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT RATES :: cpt :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: empanelment :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD
 
 
« News Headlines »
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year

Sensex tanks 726 on ICAI directive on derivatives
April, 01st 2008
Inflation worries, US markets add to negative sentiment


The last trading day of the financial year saw the Sensex and the Nifty tank by more than 4 per cent as a new development added to the negative news that had piled up over the weekend.

A directive from the Institute of Chartered Accountants of India that companies disclose their mark to market losses in derivatives transactions in the forex market was hugely negative for stocks, said stockbrokers.

This directive comes close on the heels of a 13-month high inflation figure and two successive days of a negative close for the US markets which saw Asian markets in the red on Monday.

The ICAI directive has been negative for the market, although its a good move that will bring in transparency, Mr Ajay Bagga, CEO of Lotus India Mutual Fund said. The market is worried about the derivative losses of companies; now that they have to disclose it as well adds to the anxiety. Also reports of a slow down in the US technology sector have affected market sentiment, said Mr Satish Ramanathan, Head of Equities, Sundaram BNP Paribas Mutual Fund.

As for the high inflation figure, it has been confirmed that price rise is an issue and growth may have to be contained, said Mr Bagga. Quite a few foreign brokerages have lowered their estimate of the Indian growth rate to less than 8 per cent. There could be some strong monetary measures too in the offing.

Monday was also the last trading day of the fiscal for mutual funds to shore up the net asset value (NAV) of their schemes. There was evidence of this as domestic institutional investors were net buyers for Rs 566.03 crore. FIIs were net sellers by Rs 865.79 crore as per the provisional data from the stock exchanges.

The Sensex tripped 808 points intra-day, finally closing at 15,644 points, down 4.44 per cent or 727 points. The Nifty closed at 4,734, lower by 4.20 per cent. However, the Sensex gained close to 20 per cent in FY08 with a gain of 2,572 points from its March 30, 2007 close of 13,072. There were positives in Mondays bearish market too as overall market breadth was in favour of the gainers, 1,365 stocks advancing against 1,291 scrips declining.

The banking and financial services stocks were worst affected, the BSE Bankex index dipped 5.89 per cent. The BSE IT index was the second highest loser, falling 5.60 per cent. All the other industry indices too closed in the red. Healthcare, automobile and FMCG were the least hurt.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions