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Key Indian equity index ends tad higher amid volatile trading

Published

10 years ago

on

Sensexequities

Mumbai: A key Indian equity markets index that had slipped to a 28-week low during the week managed to end marginally higher after three straight days of fall with the mood lifted on the last session over government assurances on retrospective taxation.

The Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) began the week on a positive note opening at 27,204.63 points, against the previous close at 27011.31 points. But on Thursday, the 30-share index closed at its lowest level since Oct 21, 2014 on tax worries.

The fall on that day, for the third successive trading session, came over and above the crash of 722.77 points, or 2.63 percent, the day before as the mood the mood turned negative over factors such as lack of clarity on retrospective taxation and muted corporate results.

The index had closed 50.45 points, or 0.18 percent, down on Tuesday and 479.28 points, or 1.77 percent, up on Monday. After three days of fall, it appeared as though the Sensex will end in the red for the fourth straight week. But Friday’s session came as a saviour.

“The Indian markets remained in a consolidation mode this week and traded in a tight range. The key indices, too, traded in a narrow range through the week. Indian equities closed with small gains during the week ended May 08, 2015,” said brokerage Sharekhan.

Through the week, save the last trading session on Friday, the market mood remained subdued due to continuing uncertainties over tax policies, rising coil prices and falling value of the rupee that had taken it to a 20-month low against the dollar.

Analysts said there was also persistent selling by foreign institutional investors, as concerns regarding the minimum alternate tax regime continue to float with the weakening of the rupee and a re-bound in the global crude oil prices adding to the bearish fuel.

Foreign funds were net sellers in the equities market to the tune of Rs.6,553.44 crore.

The mood was lifted by government assurances to remedy its tax policy. Finance Minister Arun Jaitley told parliament that the issue of minimum alternate tax dispute with foreign funds was now with a panel led by Law Commission chairman A.P. Shah with a request for early suggestions.

“The decline in crude oil prices overnight on Thursday-Friday and rupee`s recovery against the dollar after the recent steep slide also helped boost sentiment on the domestic bourses,” said another leading brokerage HDFC Securities.

During the week, 10 out of the 30 shares, which make up the Sensex basket, ended in the red, while 20 others closed with gains.

The gainers were led by Bajaj Auto, up 9.23 percent at Rs.2129.35, Hindalco, up 7.71 percent at Rs.139.00, Hindustan Unilever, up 5.31 percent at Rs.894.60, Bharti Airtel, up 4.27 percent at Rs.397.95 and Vedanta, up 3.90 percent at Rs.218.20.

The losers were led by NTPC, down 5.49 percent at Rs.142.05, Axis Bank, down 4.49 percent at Rs.542.35, ICICI Bank, down 4.32 percent at Rs.316.95, Tata Power, down 3.56 percent at Rs.73.15 and Maruti Suzuli, down 3.41 percent at Rs.3,604.85.

Looking ahead, analysts said much depended on the government and related action.

“In the coming week, next batch of fourth quarter results, macro-economic data and proceedings in parliament will dictate near term trend on the bourses. Trend in investment by foreign and domestic institutional investors will be keenly watched,” said Sharekhan.

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Entertainment

Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists

Published

2 years ago

on

June 25, 2022

By

PureWin Online Betting

The State Scores Extra High on Gaming-Friendly Industry Index

Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.

The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports

Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.

All for the Tourists

The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.

“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.

To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.

Meghalaya Reaches Out to a Vast Market

With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.

Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).

Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.

Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.

Local Citizens will Still have Their Teer Betting

Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.

Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.

The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.

If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.

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