National Stock Exchange of India said it received approval from market regulator Securities Exchange Board of India (SEBI) to launch derivatives based on the Nifty Midcap Select Index. The Exchange will launch these index derivatives from January 24, 2022. “The current availability of index derivatives on the exchange is largely focused on either the large […]
With the Indian stock markets, along with indices like the Nifty and Sensex, seeing ferocious correction today, the general advice from market experts to retail investors have been to ‘cherry pick’ stocks and rebuild one’s portfolio at these lowered valuations. However, there are also those who go against this ‘mainstream narrative’ and urge a heightened […]
Vakrangee Ltd, which runs over 13,200 digital kiosks across the country, said its franchisees will now be able to offer share trading and demat account opening services thanks to a tie-up with stock trading app Upstox. Vakrangee Kendras already offer a variety of internet-enabled services, such as bank account opening, issue of government certificates, money […]
Stock markets extended their losses on today, with the Nifty 50 falling by around 2.5% to 8,967. Among the biggest drags were ICICI Bank, which fell nearly 9%, indicating that large, foreign portfolio investors are exiting their long positions in the market. With this, the Nifty 50 index is now down 27.5% from its all-time […]
Stock market indices, including India’s Sensex and Nifty 50, are likely to find their short-term bottom today, after a savage correction on Monday in both the Indian markets as well as US markets. The Dow Jones Industrial Average suffered another massive setback on Monday, dropping by a massive 13% to 20,188. With this, 30-stock US […]
Major Indian stock market indices fell by 8-9% today in the biggest single-day fall since the global financial crisis of 2008. The Sensex fell 2,919 points (8.2%), while the Nifty 50 fell 868 points (8.3%) — by far the biggest single-day points correction in the history of these two indices. GOOD TIME TO INVEST? The […]
Edelweiss Financial Services Ltd said its subsidiary Edelweiss Retail Finance is offering interest rates of 8.75% to 9.25% to retail investors who want to put in Rs 1,000 or more in the company’s debentures. Debentures are like bonds, and are issued by a company with a fixed tenure, after which they are redeemed. The interest […]
State Bank of India has opened the largest number of accounts under India’s universal pension scheme for the unorganized sector, the government said today. State Bank of India has opened 51,000 out of the total 3.07 lakh pension accounts opened by banks under the scheme, which guarantees a rate of return of at least 8%. […]
State Bank of India, India’s largest commercial bank, has waived processing charges on car loans till the end of the year, while halving the charge on some personal loans till Sep 30. The bank did not specify the new rates. It already has zero processing fees when someone transfers a home loan from another bank […]
After keeping the move on hold for three months due to the elections, the Employees’ Provident Fund Organization has cut its administrative charges on the funds it manages to 0.65% from 0.85%, according to labor ministry sources. The cut in administrative charges — which was notified on Mar 15 — is to reflect the lower […]
The government has cleared 98% of income tax refunds below Rs 50,000 in the current financial year, the finance ministry said. 67% of the refunds were issued within one month of filing the return, and 90% were issued within 60 days, the ministry said in a statement. Typically, tax refunds used to take several months […]
Global financial services major Morgan Stanley said India seemed poised for a five-year growth cycle for equities due to favorable macro-economic factors. “India’s macro stability remains in its best shape in several years and policy momentum is the best since 2007. Financial conditions look easy and the inflation trajectory suggests more rate cuts are in […]
Karnataka-based public sector bank Canara Bank said 75% of its ATMs have been supplied with cash and are up and working. The statement comes in the wake of widespread difficulty for people to access money via ATMs under the ongoing currency swap. India derecognized 500 and 1000 rupee notes in an effort to get everyone […]
Many bank branches are seeing unprecedented queues of people waiting to exchange their currency notes on Day 1 of the program, despite clear instructions that they can do so at any time over the next 50 days. Many people are waiting outside bank branches worried that if they don’t exchange their old notes today, it […]
State Bank of India, the public sector bank, announced a new scheme under which government and defence employees can get several concessions on home loans including a slower interest rate. Under the scheme, government employees will get an interest rate concession of 5 basis points (0.05%) over the Home Loan Card Interest Rate is available […]
The government today issued clarifications on the imposition of income tax when a salaried employee claims his provident fund benefit from his Employees Provident Fund or EPF. It said the new tax has been imposed to discourage people from withdrawing and spending their pension funds Under previous rules, money invested in EPF is not taxed, […]
United Bank of India has cut its fixed deposit rates by 0.25 percentage points from July 6 onwards. With this, the Bank now offers rates of 7.25% interest for deposits up to 269 days (from 180 days) and up to 7.75% for 270-365 days. Above one year, United Bank of India offers interest rates of […]
India’s working population relies heavily on cash deposits and second domestic property to generate post-retirement income, according to HSBC’s latest report – The Future of Retirement A balancing act. The report also shows, working people in India believe that buying a house and paying for children’s education were the top two factors, which have significantly […]
Demand for gold, real estate and other physical forms of savings in India could decline in the coming months due to an expected fall in inflation, Morgan Stanley said. Gold, oil and real estate prices have risen many fold in the last one to two decades. They have risen faster in the last ten years […]
