Cardamom futures flat on muted physical demand

21-Amazing-Health-Benefits-Of-CardamomCardamom futures were flat during morning trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the agri-commodity amid subdued physical demand for cardamom in the domestic spot market.

Further, sufficient supplies on higher physical arrivals from the major cardamom producing regions, influenced the domestic cardamom prices. At the MCX, cardamom futures for April 2017 contract is trading flat at Rs 1381 per kg after opening at Rs 1371.30, against a previous close of Rs 1381. It touched the intra-day low of Rs 1371.30.
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Markets open on a higher note

UBI
The 30-scrip Sensitive Index (Sensex) opened on a higher note during the morning session of the trade on Wednesday.

The Sensex of the BSE after opening at 29,463.01 points, touched a high of 29,494.44 and a low of 29,461.18 points.

On Tuesday, the Sensex closed at 29,409.52 points.The Sensex is trading at 29,481.07 points up by 71.55 points or 0.24 %.

On the other hand, the broader 51-scrip Nifty at National Stock Exchange (NSE) opened at 9,128.70 points after closing at 9,100.80 points.The Nifty is trading at 9,127.45 points in the morning.
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SBI to raise stake in SBI Card to 74% by June-end

SBI-Building-nat2
State Bank of India (SBI) said it will increase its stake in SBI Card to 74 % by June end, reported PTI. “Stake will be increased by first quarter of next financial year.There are few regulatory issue that is being sorted out,” SBI chairperson Arundhati Bhattacharya said at the launch of SBI Card Unnati.

The board of SBI has already given approval for hike of the bank’s stake in its two credit card joint ventures with General Electric Company to 74 %. The bank has approval to infuse Rs 1,160 crore in the two JVs SBI Cards and Payment Services Pvt Ltd (SBICPSL) and GE Capital Business Processes Management Services Ltd (GECBPMSL)– through purchase of equity shares from GE Capital so as to increase the bank’s stake in both the companies to 74 %. Asked about remaining 26 % stake, she said, the decision has to be taken by GE. “Within next one month there should be finality on the remaining stake sale,” it said. The American company seeks to exit SBI Cards. SBI currently holds 60 % stake in SBICPSL and 40 % in GECBPMSL.
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Market Magnify Turmeric News Update

Turmeric on NCDEX settled up by 0.5% at 6384 on short covering after prices dropped on expectations of higher output and increasing supplies of new crop. The demand for the new season turmeric in recent weeks is lower from the up country traders. The turmeric arrivals in the country slow down last week (20-25 Mar) to 21,220 tonnes compared to 621,061 tonnes during previous week, as per the data. On the export front, country exported about 82,115 tonnes during April-Dec period; up by 28% compared to last year exports of 64,105 tonnes, as per government data.

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                          Trading Ideas

*Turmeric trading range for the day is 6244-6520.

*Turmeric prices gained on short covering after prices dropped on expectations of higher output and increasing supplies of new crop.

*urmeric output is expected to be bumper as not only the acreage was higher but weather remained favourable.

*NCDEX accredited warehouses turmeric stocks gained by 249 tonnes to 1657 tonnes.

*In Nizamabad, a major spot market in AP, the price ended at 6173.1 Rupees dropped -6.9 Rupees.

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कच्चे तेल की कीमत 49.49 डॉलर प्रति बैरल

 भारतीय बास्केट के कच्चे तेल की अंतर्राष्ट्रीय कीमत शुक्रवार को 49.49 डॉलर प्रति बैरल दर्ज की गई। यह गुरुवार को दर्ज कीमत 49.64 डॉलर प्रति बैरल से कम है। पेट्रोलियम एवं प्राकृतिक गैस मंत्रालय के अधीनस्थ पेट्रोलियम नियोजन एवं विश्लेषण प्रकोष्ठ (पीपीएसी) ने सोमवार को यह जानकारी दी। रुपये के संदर्भ में भारतीय बास्केट के कच्चे तेल की कीमत शुक्रवार को घटकर 3239.41 रुपये प्रति बैरल हो गई, जबकि गुरुवार को यह 3247.61 रुपये प्रति बैरल था। रुपया शुक्रवार को कमजोर होकर 65.46 रुपये प्रति डॉलर के स्तर पर बंद हुआ। जबकि गुरुवार को यह 65.42 रुपये प्रति डॉलर था।

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New board for indirect taxes to become operational from June 1

The Central Board of Indirect Taxes and Customs (CBIC), which will replace the current CBEC, will become operational from June 1 in preparation for the Goods and Services Tax (GST) regime, an official source said.

The Central Board of Excise and Customs (CBEC) is presently the top policy-making forum for indirect taxes in the country. “The CBIC will become operational from June 1. There will be no need for different commissionerates for service tax, central excise and others. There will be only one body Commissionerate for GST,” a CBEC source told IANS.

 

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An internal letter from the Directorate General of Human Resource Development said the notification on the CBIC will be issued in the first week of May, ahead of the July 1 rollout date for GST. The CBIC will have 21 zones, 101 GST taxpayer services commissionerates comprising 15 sub-commissionerates, 768 divisions, 3,969 ranges, 49 audit commissionerates and 50 appeals commissionerates.

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Market Magnify Silver Market Update News

Silver trading range for the day is 41045-41861.Silver gained buoyed by a dip in the dollar, as weaker than expected economic data weighed on the greenback.Feds delicate interest-rate hikes are necessary given the economy is stable and any further fall in unemployment could lead to an inflation run-up.The Commerce Department said, orders for core durable goods, a category that excludes aircraft and military goods rose 0.4% in February.

 https://www.marketmagnify.com/freetrial.php Silver on MCX settled up 0.56% at 41530 buoyed by a dip in the dollar, as weaker than expected economic data and fears that President Trump failed to secure enough Republican votes to push a key healthcare bill through congress weighed on the greenback.

 

Technically market is under short covering as market has witnessed drop in open interest by -5.76% to settled at 12636, now Silver is getting support at 41288 and below same could see a test of 41045 level, And resistance is now likely to be seen at 41696, a move above could see prices testing 41861.

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