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Sunday, December 10, 2023

Canada's surging cost of living fuels reverse immigration :-The Economic Times Dec 10,2023

 

The dream of making it big in Canada is turning into a battle for survival for many immigrants due to the high cost of living and rental shortages, as rising emigration numbers hint at newcomers being forced to turn their back on a country that they chose to make their adopted home.

Prime Minister Justin Trudeau has made immigration his main weapon to blunt Canada's big challenge of an aging and slowing population, and it has also helped fuel economic growth. That drove Canada's population up at its fastest clip in more than six decades this year, Statistics Canada said.

Want to know if you qualify for immigration? Click here

But now a reversal of that trend is gradually taking hold. In the first six months of 2023 some 42,000 individuals departed Canada, adding to 93,818 people who left in 2022 and 85,927 exits in 2021, official data show.

The rate of immigrants leaving Canada hit a two-decade high in 2019, according to a recent report from the Institute for Canadian Citizenship (ICC), an immigration advocacy group. While the numbers went down during pandemic lockdowns, Statistics Canada data shows it is once again rising.

While that is a fraction of the 263,000 who came to the country over the same period, a steady rise in emigration is making some observers wary.For a nation built on immigrants, a rising trend of people leaving Canada risks undermining one of Prime Minister Justin Trudeau government's signature policies, which granted permanent residency to a record 2.5 million people in just eight years.

Reuters spoke with a half a dozen people who have either left the country or are preparing to do so, because of the high cost of living.

Cara, 25, who came to Canada in 2022 as a refugee from Hong Kong, now pays C$650 ($474) in monthly rent for a single-room basement apartment in Scarborough in eastern Toronto, which is about 30% of her monthly take-home salary.

"I never realized that living in a Western country, you can only afford renting a room in the basement," she said. She declined to give her real name because she fled Hong Kong after participating in the 2019 protests triggered by a now-abandoned extradition bill.

Cara works three part-time jobs, making Ontario's minimum wage of C$16.55 per hour, and goes to an adult learning school to earn university credits.

"I almost use every single penny," she said, while in Hong Kong she was able to save about a third of her monthly salary.

To be sure, emigration as a percentage of Canada's overall population touched a high of 0.2% in the mid 1990s, and currently stands at about 0.09%, according to official government data.While the numbers are small now, lawyers and immigration consultants warn that a pick-up could cast a shroud over Canada's appeal as the one of the favoured destinations for newcomers.

"There's a real importance in creating positive experiences in those early years" so that people decide to stay, said Daniel Bernhard, CEO of ICC.

Immigrants blame the sky-rocketing housing costs as the biggest reason for their decision to consider a new country.

On average in Canada about 60% of household income would be needed to cover home ownership costs, a figure that rises to about 98% for Vancouver and 80% for Toronto, RBC said in a September report.

Myo Maung, 55, migrated to Canada from Myanmar over three decades ago and made a successful career as a real estate agent and a restaurateur. But he plans to retire in a country like Thailand since he cannot see himself maintaining his living standard in Canada on his retirement income.

Phil Triadafilopoulos, a political science professor specializing in immigration at the University of Toronto (UofT), said rapid immigration is exacerbating the housing shortage."It's not surprising then that people who have options... either go to another country or go back home having had a taste of the situation in Canada," Triadafilopoulos said.

Last month Trudeau's government capped its target for new residents at a half million per year from 2025 onwards to ease pressure on the housing market.

But for some it is too little too late.

Justinas Stankus, 38, who came to Canada from Lithuania in 2019 to pursue a doctorate in political science at the UofT is considering relocating to Southeast Asia where the cost of living is lower and where he could still pursue his research.

Stankus, who pays C$2,000, including utilities, for a one-bedroom apartment, said increasing living expenses has made it difficult to afford basic necessities.

"With a graduate student's budget, it is not sustainable," Stankus said.

Cara from Hong Kong says she feels trapped and wants to go. "Whenever I get a chance to leave, I will take the chance."

Saturday, December 9, 2023

WHAT IS MONETARY POLICY-BY AFCO GROUP AND USED HERE FOR THE KNOWLEDGE OF COMMERCE STUDENTS

 


What is monetary Policy?

Monetary policy is a set of tools used by a nation’s central bank to control the overall money supply and promote economic growth and employ strategies such as revising interest rates and changing bank reserve requirements.

  • Monetary policy is a set of actions to control a nation’s overall money supply and achieve economic growth.
  • Monetary policy strategies include revising interest rates and changing bank reserve requirements.
  • Monetary policy is commonly classified as either expansionary or contractionary.
  • The Federal Reserve commonly uses three strategies for monetary policy including reserve requirements, the discount rate, and open market operations.

Instruments of Monetary Policy

There are several direct and indirect instruments that are used for implementing monetary policy.
  • Repo Rate:The interest rate at which the Reserve Bank provides liquidity under the liquidity adjustment facility (LAF) to all LAF participants against the collateral of government and other approved securities.
  • Standing Deposit Facility (SDF) Rate: The rate at which the Reserve Bank accepts uncollateralised deposits, on an overnight basis, from all LAF participants. The SDF is also a financial stability tool in addition to its role in liquidity management. The SDF rate is placed at 25 basis points below the policy repo rate. With introduction of SDF in April 2022, the SDF rate replaced the fixed reverse repo rate as the floor of the LAF corridor.
  • Marginal Standing Facility (MSF) Rate: The penal rate at which banks can borrow, on an overnight basis, from the Reserve Bank by dipping into their Statutory Liquidity Ratio (SLR) portfolio up to a predefined limit (2 per cent). This provides a safety valve against unanticipated liquidity shocks to the banking system. The MSF rate is placed at 25 basis points above the policy repo rate.
  • Liquidity Adjustment Facility (LAF):The LAF refers to the Reserve Bank’s operations through which it injects/absorbs liquidity into/from the banking system. It consists of overnight as well as term repo/reverse repos (fixed as well as variable rates), SDF and MSF. Apart from LAF, instruments of liquidity management include outright open market operations (OMOs), forex swaps and market stabilisation scheme (MSS).
  • LAF Corridor:The LAF corridor has the marginal standing facility (MSF) rate as its upper bound (ceiling) and the standing deposit facility (SDF) rate as the lower bound (floor), with the policy repo rate in the middle of the corridor.
  • Main Liquidity Management Tool:A 14-day term repo/reverse repo auction operation at a variable rate conducted to coincide with the cash reserve ratio (CRR) maintenance cycle is the main liquidity management tool for managing frictional liquidity requirements.
  • Fine Tuning Operations:The main liquidity operation is supported by fine-tuning operations, overnight and/or longer tenor, to tide over any unanticipated liquidity changes during the reserve maintenance period. In addition, the Reserve Bank conducts, if needed, longer-term variable rate repo/reverse repo auctions of more than 14 days.
  • Reverse Repo Rate:The interest rate at which the Reserve Bank absorbs liquidity from banks against the collateral of eligible government securities under the LAF. Following the introduction of SDF, the fixed rate reverse repo operations will be at the discretion of the RBI for purposes specified from time to time.
  • Bank Rate:The rate at which the Reserve Bank is ready to buy or rediscount bills of exchange or other commercial papers. The Bank Rate acts as the penal rate charged on banks for shortfalls in meeting their reserve requirements (cash reserve ratio and statutory liquidity ratio). The Bank Rate is published under Section 49 of the RBI Act, 1934. This rate has been aligned with the MSF rate and, changes automatically as and when the MSF rate changes alongside policy repo rate changes.
  • Cash Reserve Ratio (CRR):The average daily balance that a bank is required to maintain with the Reserve Bank as a per cent of its net demand and time liabilities (NDTL) as on the last Friday of the second preceding fortnight that the Reserve Bank may notify from time to time in the Official Gazette.
  • Statutory Liquidity Ratio (SLR):Every bank shall maintain in India assets, the value of which shall not be less than such percentage of the total of its demand and time liabilities in India as on the last Friday of the second preceding fortnight, as the Reserve Bank may, by notification in the Official Gazette, specify from time to time and such assets shall be maintained as may be specified in such notification (typically in unencumbered government securities, cash and gold).
  • Open Market Operations (OMOs):These include outright purchase/sale of government securities by the Reserve Bank for injection/absorption of durable liquidity in the banking system.

South Korean Ambassador Expresses Interest In Participation For Ayodhya'...

Friday, December 8, 2023

RBI MPC: Repo rate kept unchanged at 6.5%, FY24 GDP estimate hiked to 7% RBI MPC: Reserve Bank's Monetary Policy Committee decides to keep the repo rate unchanged at 6.5% and also keeps the FY24 inflation forecast unchanged at 5.4% :-Business Standard Dec 8,2023

 

RBI monetary policy announcement: The Reserve Bank of India's Monetary Policy Committee (RBI MPC) kept the repo rate unchanged at 6.5 per cent for the fifth time in a row on Friday. In its bi-annual policy announcement, RBI Governor Shaktikanta Das said the decision was unanimous.
Das also said that with a majority of 5-1, the RBI MPC has decided to maintain the "withdrawal of accommodation" stance. He, however, cautioned that the near-term forecast remains uncertain owing to food inflation, which may lead to an uptick in headline inflation figures in November and December.
The RBI MPC has now kept the repo rate unchanged since April. It raised the repo rate by a total of 250 basis points (bps) between May 2022 and February 2023 in a bid to cool surging inflation, which dropped to a four-month low of 4.87 per cent in October this year.

RBI monetary policy announcement: FY24 GDP estimate hiked to 7%

Governor Das hiked the gross domestic product (GDP) forecast for 2023-24 (FY24) to 7 per cent from 6.5 per cent earlier. For the third quarter of the current financial year (Q3FY24), the projection has been hiked to 6.5 per cent from 6 per cent. For Q4FY24, the GDP projection has been hiked to 6 per cent from 5.7 per cent earlier.
For Q1FY25, the projection has also been hiked to 6.7 per cent from 6.6 per cent earlier. In Q2FY25 and Q3FY25, the GDP projections have been kept at 6.5 per cent and 6.4 per cent, respectively.

RBI monetary policy announcement: Inflation projections unchaged

On inflation, the monetary policy committee kept the forecast unchanged. In FY24, India's retail inflation forecast has been kept at 5.4 per cent. In Q3FY25, the inflation forecast has been kept at 5.6 per cent and 5.2 per cent in Q4FY24.
In the first quarter of the next financial year (Q1FY25), retail inflation has been projected at 5.2 per cent. In Q2FY25 and Q3FY25, the inflation has been predicted to be 4 per cent and 4.7 per cent respectively. 


Junior Mehmood Demise News Live Updates: Bollywood actor Junior Mehmood dies at 67 after long battle with cancer

 



Junior Mehmood Demise Live News Updates: Renowned actor Junior Mehmood, who had been courageously battling cancer, passed away at the age of 67 in Mumbai last night.

With a career spanning over five decades, he contributed to more than 250 films. His health had deteriorated over the past two weeks, especially since the revelation of his stage 4 cancer.

Junior Mehmood, whose real name was Naeem Sayyed, left an indelible mark in successful films like Kati Patang, Mera Naam Joker, Parvarish, and Do Aur Do Paanch. He breathed his last at his residence in Mumbai.



Source:-The Economic Times 

Thursday, December 7, 2023

Good news for Umrah pilgrims! Saudi Arabia revises visa regulations for Indian Muslims :- 06 Dec 2023, 08:45 PM IST Livemint

 

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For the convenience of Indian “Umrah" pilgrims, Saudi Arabia has revised visa regulations and increased dedicated flights to India. As per the new regulations, Indian Muslims would not require a specific visa for the pilgrimage, and they can perform the pilgrimage with a work or tourism visa, Saudi Hajj and Umrah minister Tawfig Bin Fawzan Al-Rabiah told Hindustan Times in an interview. 

The revision of visa regulations would let more Indians perform “Umrah", the pilgrimage to Makkah done outside the month of Ramzan.

In 2024, around 1.37 million Indian Muslims are expected to perform Umrah. More than 1.2 million pilgrims have already performed Umrah in 2023 so far.

During his visit to India, Tawfig Bin Fawzan Al-Rabiah also applauded the contribution of Indian expatriates to the economic and cultural enrichment of Saudi Arabia.

Measures taken by Saudi Arabia to facilitate the arrival of more Indian pilgrims

There has been an increment in the number of direct flights from multiple Indian airports to Jeddah and Madinah. In addition to this, the Saudi government has brokered several agreements to augment the number of dedicated flights from India, the Saudi Hajj and Umrah minister told HT's Rezaul H Laskar.

Apart from increasing the frequency of flights between the two nations, there has been a strategic increase in seat capacity on Saudi Airlines. These efforts have been made to cater to the increasing demand for Umrah pilgrimage.

The revision to Umrah visa regulations for Indian Muslims has eliminated restrictions based on their previous visa status. They can also take the help of a user-friendly e-visa system. Other important adaptations include an extension of the Umrah visa to 90 days, the Saudi Hajj and Umrah minister told HT. In addition to this, Indians who are willing to perform Umrah can obtain a stopover visa.

These measures will help Indian pilgrims by enhancing flexibility throughout their journey. This would mainly benefit women who are planning the pilgrimage by themselves. The move would promote gender equality and cultivate a safer, more embracing environment.




NFRA bans two auditors for up to 10 years for lapses in DHFL’s FY18 audits Read more at: https://economictimes.indiatimes.com Dec 7,2023

 

NEW DELHI: The National Financial Reporting Authority (NFRA) has barred two partners of Mumbai-based Chaturvedi & Shah LLP (C&S) and slapped penalties on them for alleged professional lapses in auditing erstwhile Dewan Housing Finance Corporation Ltd’s (DHFL’s) FY18 accounts, in the latest crackdown against the then auditors of the crisis-hit housing finance company.

In two separate orders, made public on Wednesday, the regulator has banned Jignesh Mehta for taking up audits for 10 years and Amit Vinay Chaturvedi for five years. A penalty of Rs 5 lakh has also been imposed on each of them. These are among the severest punishments, extended by the NFRA, to scores of DHFL auditors in various cases of misconduct.

Mehta acted as the engagement partner for the statutory audit of DHFL in FY18, while Chaturvedi took up the job of an engagement quality control review partner.

The fresh directives come within a week of the National Company Law Appellate Tribunal (NCLAT) upholding on December 1 the NFRA’s orders against four partners of Kerala-based firm K Varghese & Co for their FY18 audits of DHFL. It also ruled that the NFRA has power to probe cases of professional misconduct that had occurred before the watchdog was set up in 2018.

In its orders against Mehta and Chaturvedi, the NFRA alleged that they "failed to meet" relevant accounting standards and violated the law "in respect of several significant areas". Both were found to be “grossly negligent” and they “failed to apply professional skepticism and due diligence sufficiently and adequately” while discharging their duties.

Scandal-hit DHFL was in 2021 acquired by the Piramal Group through a resolution plan under the Insolvency and Bankruptcy Code, which was endorsed by the National Company Law Tribunal.

The NFRA said it suo-motu initiated an audit quality review to probe the role of the statutory auditors of DHFL for FY18 in the wake of media reports on the alleged siphoning of public money of around Rs 31,000 crore and the Enforcement Directorate's reported action in April 2020 on an alleged banking fraud of about Rs 3,700 crore by the promoter/directors of DHFL.

In October 2023, the NFRA had debarred 18 other auditors for up to a year and also imposed penalties on them, citing professional misconduct in the audits of various branches of the crisis-hit DHFL.Among other lapses, the NFRA had found that 33 branch auditors had signed the so-called “Independent Branch Auditors' Report" for nearly 250 branches but none of their appointments was approved at the company's annual general meeting.

Wednesday, December 6, 2023

Surprise credits: Thousands of UCO Bank accounts opened around transfer dates under CBI scanner Read more at: https://economictimes.indiatimes.com//Dec 6,2023

 

New Delhi: The CBI investigation into surprise credits totalling Rs 820 crore in the accounts of UCO Bank customers has brought under the agency's scanner thousands of recipient accounts which were opened around the dates the transfers took place, officials said Wednesday. The CBI is probing a case where over 41,000 UCO Bank customers received surprise credits of varied amounts in their accounts during November 10-13 without any corresponding debits in the originating accounts, they said.


Among various leads, the agency's needle of suspicion has also gone on "thousands of accounts" which were opened around the time the transactions started and received the transfers, the officials said.


The Central Bureau of Investigation (CBI) had earlier said in a statement that several account holders allegedly exploited this situation, illicitly withdrawing funds from UCO Bank through various banking channels, thereby benefiting wrongfully from the transaction.

"No one who received the funds without criminal intent needs to worry about our investigation. We focus only on those who conspired and orchestrated the massive scheme. It is an early stage of investigation, and all angles are being looked into," an official said.

He added that people must beware of fraudsters who may want to exploit the situation by posing as investigators. The CBI does not make phone calls to get details in the case, hence, he said in cases of such calls, people may approach the agency directly.

The agency has noted that Rajasthan was the most affected state in the money transfer case, recording 7.50 lakh transactions in three days spread across 230 branches and 28,000 accounts in which Rs 760 crore were transferred.

The officials said it was followed by Karnataka and West Bengal, where Rs 3.40 crore and Rs 2.60 crore were transferred.

They said the money landed in accounts of UCO Bank customers through 8.53 lakh Immediate Payment Service (IMPS) transactions originating from 14,000 account holders of private banks in three days.

Surprisingly, they said no corresponding amount was debited from the originating bank accounts. Several account holders withdrew the surprise credits from their accounts, the officials said.

The countrywide transactions resulted in a CBI FIR after UCO Bank approached the central agency with a complaint against two support engineers working with it and other unknown persons on allegations of "suspicious" IMPS transactions amounting to approximately Rs 820 crore, they said.

"During the searches, electronic evidence, including mobile phones, laptops, computer systems, email archives, and debit or credit cards were recovered," a CBI spokesperson had said earlier.

He had said that between November 10 and November 13, IMPS inward transactions from 14,000 account holders across seven private banks were directed to 41,000 UCO Bank account holders."It was further alleged that this intricate network involved a staggering 8,53,049 transactions, and these transactions were mistakenly posted in UCO Bank account-holders records, despite the originating banks registering failed transactions," the spokesperson had said.


Why? Because there are zero terrorist attacks in Poland - MEP Tarczynski...

Khalistani terrorist Lakhbir Singh Rode dies of heart attack in Pakistan The 72-year-old was among the 20 most wanted terrorists whose extradition India has sought from Pakistan PTI Last Updated 05 December 2023, 14:41 IST Read more at: https://www.deccanherald.com

 

New Delhi: Khalistani separatist Lakhbir Singh alias Rode, among India's 'most wanted' terrorists, has died in Pakistan where he had fled after his uncle Jarnail Singh Bhindranwale was killed in 1984, authorities said on Tuesday.

The 72-year-old Khalistani terrorist, whose ancestral village was at Rode in Moga district in Punjab, died at a hospital in Rawalpindi following a massive heart attack, the officials confirmed. 
Some reports also suggest that he died on Monday while others indicate that he breathed his last on Saturday. The self-styled chief of banned Khalistan Liberation Front (KLF) was an accused in various cases and had a Red Corner notice issued by by the Interpol on India's request. He was actively engaged in ferrying weapons and explosives to India from across the border to carry out terrorist activities in Punjab. The dossier prepared by the security agencies read that various accused arrested by Punjab Police had confirmed during interrogation that they were in contact with Rode and had carried consignments of arms, ammunition and explosives to India at Rode's instance for subversive activities for Khalistan movement.

Read more at: https://www.deccanherald.com/world/khalistani-terrorist-lakhbir-singh-rode-dies-of-heart-attack-in-pakistan-2797461?utm_referrer=taboola

Sunday, December 3, 2023

Assembly poll results show 'Modi magic' remains strong in Hindi heartland :-The Economic Times Dec 3,2023

 


The assembly poll results on Sunday have delivered a ringing endorsement of the BJP's strategy centred on Prime Minister Narendra Modi's appeal and governance plank, quashing the Congress' hopes of revival in the Hindi heartland and boosting the impression that the ruling party is favourite to retain power for a third straight term in 2024. The BJP had taken the gambit of not projecting any chief ministerial face and built its campaign around grander narratives involving the Modi government's works despite misgivings in some quarters, as the five state polls came months after the Karnataka elections where a similar strategy came unstuck.

A big win in Karnataka had fuelled the Congress' hopes that it had finally found a counter-punch powered by local leadership and welfare guarantees to put the BJP on the defensive but Sunday's verdict makes it clear that the 'Modi magic' remains strong and can turn the tide in the states where it enjoys strong organisational presence.

If anything, the BJP amplified its pitch around the prime minister during these polls as its manifestoes featured his guarantees, with Modi crisscrossing the poll-bound states, except for Mizoram, to seek popular support to deliver on his welfare and development promises.

He addressed 14 rallies each in Rajasthan and Madhya Pradesh and five in Chhattisgarh after the polls were announced. He held two massive roadshows in Rajasthan and one in Madhya Pradesh and his entries in many of rally venues were marked by a drive through cheering supporters.

The extent of the party's win in Chhattisgarh and Madhya Pradesh has taken even some of its leaders by surprise, as most exit polls gave the Congress an edge in the former and were mixed in their forecast for the latter.A campaign devised by its central leadership with Home Minister Amit Shah focussing more on Madhya Pradesh and Chhattisgarh worked like a magic, party leaders said.

It tapped into anti-incumbency against Chief Minister Bhupesh Baghel-led government and countered the perceived indifference in some segments of voters with Chief Minister Shivraj Singh Chouhan-led dispensation, with intensive ground work and having many regional satraps and MPs, including Union ministers, contest the polls.

However, Chouhan has succeeded in making a point against detractors by spearheading his campaign around his government's schemes, especially 'ladli bahna' scheme, and making an emotional connect with voters.

He has fashioned himself as people's avuncular 'mama' and, by most accounts, the strategy worked, more so as his image of an affable and everyday man contrasted nicely for him against Congress' chief ministerial face Kamal Nath, termed by critics as someone who is arrogant and not a team man.

It will draw particular satisfaction from the Congress' decimation in the three Hindi-speaking states as the opposition party, especially its leader Rahul Gandhi, had made a big issue around the demand of caste census to reach out to Other Backward Classes voters.

The BJP also joined the Congress in amping up the welfare pitch and it will be interesting to see if the party will continue to go down the path it has taken to counter opposition parties after initially questioning such populist tactics.

With the win, the BJP is now in power in most of the north and west India, two regions which have powered its back-to-back Lok Sabha majority in 2014 and 2019.

The party had swept the three Hindi-speaking states in 2019 even after losing them in the assembly polls in 2018 and, therefore, the win now indicates that its ideological and governance planks have only taken deeper roots since then.

The only jarring note for the BJP in these elections have come from Telangana, where the Congress scored a stunning win by successfully riding an anti-incumbency wave against the ruling Bharat Rashtra Samithi, relegating the saffron party to the third position.

The party has drawn heart from its highest-ever assembly vote share tally. It has won six and was leading in two seats in the 119-member assembly.

Already out of power from Karnataka, the only southern state it has ever run a government, the BJP brass will have to mull over its strategy in a region of five states where it has not been able to replicate the success seen in the rest of the country.


Markets likely to gain further as BJP sweeps MP, Rajasthan, Chhattisgarh; Nifty may test 20,620-20,810 Analysts says a decisive win for the BJP in key states would send a strong message to investors betting on India’s rising growth potential YASH SADHAK SHRIVASTAVA DECEMBER 03, 2023 / 06:49 PM IST moneycontrol news

 

If Nifty 50 sustains above 20,430, it can test 20,620-20,810 within the next week

The market is expected to react positively to the outcome of the state elections, with the BJP's massive victory in Madhya Pradesh, Rajasthan and Chhattisgarh on December 3, analysts said. While the BJP is set to form the government in three Hindi heartland states, the Congress could only manage to win in Telangana.

“If the final results of the state elections are in BJP’s favour, we expect markets to further cement gains. The image of the BJP as a pro-reformist and the performance of the economy on various fronts, especially during the COVID period and gloomy global economic situation, have provided market participants confidence that a dual-aided right-wing government is beneficial in the longer term,” Swapnil Shah, Director - Research, StoxBox.

Ahead of the 2024 general elections, a decisive win for the BJP in key states would send a strong message to investors betting on India’s rising growth potential and position the country on a stronger footing as compared to its peers, Shah said.

“Results favour BJP, boost market’s confidence of political continuity post 2024 Lok Sabha Elections. It augurs well for India’s macro & policy momentum. Expect the market to get into pre-election rally mode,” reported CNBCTV-18 citing Motilal Oswal Financial Services.

The Nifty hit a new high on December 1. The 50-stock index closed 134.75 points or 0.67 percent higher at 20,267.90 after zooming to a record high of 20,285.15. The Sensex which settled 492.75 points or 0.74 percent higher at 67,481.19 was about 400 points shy of its record high of 67,927.

Deepak Jasani, Head of Retail Research at HDFC Securities, expects a 1-1.5 percent surge in the market when it resumes trading on December 4. The benchmark indices are unlikely to see big gains of 3-4 percent, as the BJP's performance was already factored in the previous week's gains.

“Investors might take profits after recent gains. Watching how foreign investors react to election results; if they keep buying, market momentum should stay. After the election, focus shifts to RBI, Fed actions, global tensions, and the May general election,” Jasani added.

If Nifty 50 sustains above 20,430, it can test 20,620-20,810 during the week, Amit Kumar Gupta, Research Analyst at Fintrekk said. “Bank Nifty can also test 46,120 as immediate resistance with a 5-7 percent rally immediately if that level breaks out on the upside. Valuation comfort is less in small and mid-caps though stock-specific returns may continue,” said Gupta.

Rajesh Palviya, Head - of Technical & Derivative Research, at Axis Securities expect a gap-up opening on December 4. "Monday might be bullish with Nifty potentially hitting 20,500 and Bank Nifty reaching 45,600-45,800 levels," Palviya said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Yash Sadhak Shrivastava
 
YASH SADHAK SHRIVASTAVA is an aspiring voice in the Journalistic forefront with experience in covering financial markets & geopolitics.
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Friday, December 1, 2023

NICAI UPDATES



1. Income tax department has introduced a crucial functionality on its website allowing taxpayers to discard their previously filed but unverified Income Tax Returns (ITR). Earlier, taxpayers were allowed to revise the ITR only in case of error or omission.

2. Delhi High Court Set-Aside Order with Unspecified GST Registration Cancellation Reasons. Case Name : VAB Apparel LLP Vs Commissioner (Delhi High Court)

3. GST Council, in its 52nd meeting, recommended granting amnesty to taxpayers who could not file an appeal under section 107 of the CGST Act, 2017, against the demand order under section 73 or 74 of the CGST Act, 2017, passed on or before March 31, 2023, or whose appeal against the said order. 

4. Finance ministry is aiming to roll out pre-filled GST return forms before the next fiscal year, which is expected to resolve the issue of huge data mismatches leading to tax notices. The department is currently analysing the additional cost of augmenting the digital infrastructure to prevent the system from slowing down or crashing due to culling data from different databases.

5. India joined an exclusive group of countries that includes the likes of the US, China, and Japan after its market capitalisation hit the $4 trillion mark. Total market value of all companies listed on the BSE during the day increased by Rs 2.24 trillion, or 0.7 per cent, to Rs 333.3 trillion (or $4 trillion at a conversion rate of 83.31).



CA-RAJ CHAWLA