MARKET 0UTLOOK 2 July 2012 by marketmagnify.com |
For the week, The Sensex was up 2.69% while the Nifty up 2.58% during the week. |
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The markets lost moderately during the week. The Sensex was up 2.69% while the Nifty was up 2.56% during the week. We can see good support of 5180 in Nifty. I think the Nifty is getting into a range between 5200 and 5374.
From the global perspective. Manmohan Singh to boost investor confidence by softening the impact of controversial budget proposals on retrospective taxation & GAAR.Rethink on operationalising retrospective taxation proposal & GAAR, on the day when the prime minister's office issued a clarification distancing Singh from draft GAAR guidelines issued by the finance ministry the previous night.controversial proposals may be kept in abeyance until the economy shows some signs of a revival.In its statement, which appeared to be aimed at foreign investors & leading economies such as the US & the UK, the PMO clarified that the draft GAAR rules had not been seen by the prime minister & that these would be finalised only in consultation with the stakeholders.Though retrospective tax dem & was also made on ITC by P Chidambaram during his stint as finance ministry, the move passed muster because the economy was growing at about 9% at the time. "With 5.3% growth in the previous quarter, one has to be mindful of how retrospective taxation could further sap investors' confidence. Also, Vodafone has far more clout than ITC.GAAR is very harsh on investors in the times of economic downturn. Though a review of GAAR & retrospective tax law will require the government to go back to Parliament, given that the budget has already been passed, the leader said that these could always be kept in abeyance until 2014.
For the week, The Sensex was up 2.69% while the Nifty up 2.58% during the week.
NEWS AFFECTING INDIAN MARKETS
TCS gets 1860% dividend from TCS America International Corp.
L&T Construction bags projects woth Rs. 3,042 crore
HSBC FY12 net jumps 30 pc to Rs. 1988 crore.
Rupee ends at 55.60 gains most in 3 years as risk assets rally.
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