Sensex News Today:
Before the RBI governor takes centre stage on Tuesday,our market has to deal with the global cues arise from euro zone.Immediately no solutions are in sight.Cyprus an island country east of Greece is in the headlines for the wrong reasons.Cyprus is almost forced to agree to Euro zone leaders on taxing depositors around 10 % to 6.7% on amounts below 100000 euros and 9.9 % on figures above that to raise 5.8bn euros to enable Cyprus be eligible for an international bailout. Fears are a bank-run could take place in other regions too.The Indian market is expected to open negative given the global risk off trade.some amount of caution would anyway set in before the RBI’s mid-quarter monetary policy on tuesday March 19. The head of the PM's Economic Advisory Council sees room for monetary policy to act in the direction of stimulating growth.Indian Corporate and banks have been seeking a rate cut.
The Asian markets are negative per day.The Nikkei fell around 2% while South Korea’s Kospi Index is 1/2% lower. Hong Kong’s Hang Seng Index fell 1.6% while the Shanghai Composite Index is down 0.4%.
While,advance tax numbers are higher than the previous year.Investors tend to associate the same with better performance by corporate India.The target of collecting Rs.1.78 lakh crore corporate tax from Mumbai 2012-13,13% growth over the previous year seems achievable.ICICI Bank has suspended 18 employees.HDFC Bank appointed Deloitte Touche Tohmatsu India to carry out an independent forensic enquiry into allegations of some of its officials facilitating money laundering activities.Axis Bank has said it has systems and processes that are robust and fully compliant with extant regulations.The market will keep a close watch on the developments in the money laundering issue.
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