Modi government aims to improve public perception

In what seems to be an attempt at improving public perception, all Union ministries and departments have been instructed to focus on issues affecting the "masses at large in their day-to-day affairs" amidst media reports that much of the euphoria around Modi government has started to dissipate.

In a meeting of secretaries held on May 15, just days ahead of the government's one-year anniversary, the Cabinet Secretariat identified broad areas, services and sectors which warrant immedi ..

Illustrating the logic behind the latest directive, a circular issued by the Cabinet Secretariat states: "Rule of law needs not only be followed but should also be perceived to be priority of the government. The government may take ministry/department against identified areas across regions service, sectors, especially in spheres which impact the masses."

"The idea is to produce immediate tangible results of minimum government, maximum governance for the people. The impact is greater wh ..

According to sources, the circular, a copy of which is with ET, carries an "illustrative list of action points". "Each ministry is now expected to identify more actionable areas and also send back a time bound action plan for the areas," said another government official, who did not wish to be identified.

Focus on masses focus areas for government enlisted by cabinet secretariat

1. Clear pending vigilance cases

2. Clear all cases pending for sanction of prosecution

3. Complete all pending disciplinary cases

4. Dispose of pending licence application in offices of public interface in time bound manner

5. Prompt action in places prone to crime a .. 

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DBS seeks RBI nod to set up local subsidiary

The Singaporean lender DBS on Tuesday became the first foreign bank to seek the Reserve Bank's permission to set up a local subsidiary.

"We have applied for Reserve Bank permission to bring our branches under a locally registered subsidiary," DBS group chief executive and managing director Piyush Gupta said here.

Last year, RBI had made it mandatory for all foreign lenders with over 20 branches to gradually go the wholly-owned subsidiary route, and those coming after August last year to do so immediately.

Since the new rules were issued, only Doha Bank entered the country last month and the existing rule applies only to three overseas lenders like StanChart, HSBC and Citi, which have over 50 branches each now.

At present DBS has 12 branches.

The central bank has been goading overseas lenders to adopt the subsidiarisation route as it believes that such a model can give it better control over them, as in the branch model, anything happening to the parent can also cripple the system back here.

Nifty hovers around 8250, Sensex strong

Bharat Iyer of JP Morgan believes India hasn’t lost its star status permanently and FII money is just being rotated into other countries. Iyer’s views come on the back of brokerage house HSBC downgrading India over poor earnings growth and little room for rate cuts. In an interview to CNBC-TV18, Iyer says the equity market may correct further from its current levels but caps the fall to 5 percent. Iyer believes the central bank Reserve Bank of India (RBI) can cut policy rate one more time this year.

The market continues to gain strength bit by bit. The Sensex is up 374.17 points or 1.4 percent at 27251.65 and the Nifty is  up 112.35 points or 1.4 percent at 8239.30. About 1223 shares have advanced, 393 shares declined, and 106 shares are unchanged.

GAIl, M&M, HDFC, SBI and Hero are top gainers in the Sensex. Among the losers are Hindalco, NTPC and Vedanta.

Oil prices extended gains in Asia on a weaker dollar and amid expectations the latest US crude-oil inventories report will show a decline, easing a global supply glut, analysts said.

US benchmark West Texas Intermediate (WTI) for June delivery gained 46 cents to USD 61.21 while Brent crude for June rose 20 cents to USD 67.06 in mid-morning trade. WTI surged USD 1.50 in New York while Brent closed up USD 1.95 in London, gaining support from a weaker US dollar.

The greenback bought 119.78 yen in Asia today, down from 119.90 in New York on Tuesday and 120.11 on Monday. A weaker greenback makes dollar-priced oil cheaper for buyers using weaker currencies, boosting demand and pushing global prices higher. 

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Sensex ends 118 points down; time to buy into fear?

After falling over 700 points in the previous session, the S&P BSE Sensex extended its fall and closed 118 points lower on Thursday. Notably, the index has lost over 11% or 3,300 points from its life-time high of 30,024.74 in early March this year.

The BSE Sensex fell for the third straight session, closing at its lowest level in near 6-1/2 months on continued selling by foreign investors. The Sensex closed at its lowest level since October 21, 2014, while the NSE index finished at ..

The S&P BSE Sensex closed down 0.44 per cent at 26,599.11, while the broader Nifty fell 0.49 per cent to 8,057.30.

Well, experts across Dalal Street are of the view that the benchmark indices can correct anywhere between 4 and 5 per cent before finding a bottom, and this weakness should be used by traders to go short on the market.

Well, at a time when the Indian markets are falling as if there is no tomorrow, investors should not  ..

Warren Buffett once said, "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."

Well, now is the time. The Indian markets are trading below their peak valuation and most of the quality stocks have corrected quite a bit from their record highs.

The short-term weakness in the stock market is likely to remain, but that should not deter investors from picking stocks on every decline, say experts. The benchmark index could fall by ano ..

"The weakness in the market could continue for some more time with the possibility of the Sensex correcting by another 500-700 points, considering the absence of immediate positive triggers," says Hitesh Agarwal, Head Research at Reliance Securities.

"Nonetheless, the ongoing correction provides an opportunity for investors to accumulate stocks of companies whose business models are well-geared to face the macro challenges and dish out respectable growth," he adds.

Agarwal is of the view that this is not the time to panic, especially if the stocks in your portfolio are of good pedigree.

One of the most important factors troubling the markets is the muted earnings growth showed by India Inc for the quarter ended March 31. But analysts expect earnings growth to bounce back from 2016.