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Rate easing and rupee buoy markets; Sensex up 206 points

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Mumbai: A day after a massive easing of key lending rates by India’s central bank, a barometer of the Indian equity markets rose 206 points or 0.80 percent during mid-afternoon trade on Wednesday.

The Indian equity markets continued their upward trajectory after the Reserve Bank of India (RBI) on Tuesday cut key lending rates by 50 basis points. The markets were anticipating an easing of only 25 basis points.

The barometer 30-scrip sensitive index (S&P Sensex) of the Bombay Stock Exchange on Tuesday closed with gains of 161.82 points or 0.63 percent.

Monetary easing coupled with a dovish outlook by the central bank, strengthening rupee value and stable Asian markets also supported the markets.

Furthermore, the Supreme Court’s verdict in favour of Mauritius-based foreign fund Castleton Investment, has shed more clarity over the applicability of minimum alternate tax (MAT) on foreign portfolio investors (FPIs).

The government on Wednesday told the Supreme Court that it will abide by its earlier circular– which proclaims that MAT levy will not be applicable on companies investing through the Double Tax Avoidance Agreement (DTAA) route, and for those which are not required to be registered under the “Companies Act”.

The government has already accepted the Justice A.P. Shah committee’s report on MAT that says that the levy should not be applicable on FPIs.

On Wednesday, the wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading with gains of 55.60 points or 0.71 percent at 7,898.90 points.

The S&P BSE Sensex which opened at 25,986.52 points, was trading at 25,984.30 points (at 1.30 p.m.) — 205.64 points or 0.80 percent up from the previous day’s close at 25,778.66 points.

The Sensex had so far touched a high of 26,079.07 points and a low of 25,918.21 points in the intra-day trade.

Market observers said the markets continued their upward trajectory on the back of 50 basis points “booster dosage” that they received on Tuesday which was coupled with a dovish outlook given by the apex bank.

“The markets and the rate sensitive stocks like automobile, capital goods, real estate and banks continue to react very positively to the yesterday’s rate cut decision,” Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.

“The clarity on the MAT issues coming via the Supreme Court judgment has also supported the markets. The verdict should smoothen the nerves of foreign investors and restore their confidence in the Indian markets.”

Vaibhav Agrawal, vice president, research, Angel Broking, told IANS: “The Indian market opened in the positive today, tracking Asian peers. The rupee too is trading strong, thus lending further support to the equity market.”

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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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