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Taking note of the Ansal Group case in Lucknow, Chief Minister Yogi Adityanath has ordered an FIR against the company and assured homebuyers that their interests will be safeguarded, according to an official statement. This follows the National Company Law Appellate Tribunal (NCLAT) initiating insolvency proceedings against the firm.During a review meeting of the Housing and Urban Planning Department on Monday, Adityanath stressed that Ansal Group’s "fraudulent practices" against homebuyers would not be tolerated. He directed officials to take strict action against all responsible company officers. "To ensure justice for those affected, CM Adityanath directed that FIRs be filed in all districts where similar cases against the Ansal Group have surfaced, following the pattern observed in Lucknow," the statement said. "Additionally, he instructed the formation of a committee comprising the Lucknow Development Authority (LDA) and aggrieved buyers, ensuring that strong evidence is presented in court. This, he noted, will facilitate strict legal action and make it easier for the court to hold the Ansal Group accountable," it said. During the meeting, officials apprised the chief minister that the National Company Law Appellate Tribunal (NCLAT) had issued a unilateral order without informing the Lucknow Development Authority or the Housing Department. "Expressing strong displeasure, CM Adityanath directed the authorities to file an appeal in the wider public interest against the decision," it said. While reviewing the Housing and Urban Planning Department's progress, the chief minister directed officials to take immediate action on all pending cases and expedite their resolution, it said.With inputs from PTI

Benchmark BSE Sensex declined by 112 points while Nifty fell for the ninth straight session on Monday following selling in blue-chips HDFC Bank and Reliance Industries.Stocks that were in focus include names like RIL, which fell 2% and Polycab, which gained 3.4% and Pfizer India, whose shares dropped 9% on Monday.Here's what Ameya Ranadive, Sr Technical Analyst at Stoxbox, recommends investors should do with these stocks when the market resumes trading today.PolycabPolycab India Ltd has staged a strong rebound from its recent lows, currently trading at Rs 4,870. The stock found solid support near Rs 4,500, a critical level that must hold to sustain the ongoing recovery. Notably, recent sessions have witnessed a surge in trading volumes, indicating renewed buying interest.From a technical perspective, the Relative Strength Index (RSI) had entered oversold territory but is now showing signs of an upward reversal. Additionally, a bullish crossover in momentum indicators strengthens the case for continued recovery. If the stock sustains above Rs 4,500, the upside potential remains intact, with mid-term targets set at Rs 5,500–5,650. A breakout above Rs 5,528 would further reinforce bullish sentiment and open doors for additional gains.However, a decisive breakdown below Rs 4,500 could negate the current recovery, potentially triggering further downside pressure. Traders may consider accumulating near current levels while maintaining a strict stop-loss below Rs 4,500 for an optimal risk-reward setup.RILReliance Industries Ltd (RIL) has witnessed a fresh breakdown at Rs 1,200 after three months of consolidation, signaling renewed bearish pressure. The price has slipped below key support levels, with the 50-day EMA sloping downward, reinforcing the weakening trend.The increasing slope of the ADX indicates strengthening downside momentum, while the RSI remains below 30, suggesting oversold conditions but lacking a clear reversal signal. The MACD continues to trade in the negative zone, with a widening histogram reflecting persistent bearish sentiment.The breakdown is accompanied by increased volumes, further confirming selling pressure and indicating a shift in market dynamics. The failure to hold above previous support levels suggests that sellers remain in control, making it crucial to track how the stock behaves around these levels in the coming sessions. While oversold conditions could lead to occasional pullbacks, the broader trend remains weak unless there is a decisive recovery above previous support-turned-resistance levels.A sustained move above these resistance zones above 1200, along with improving momentum indicators, would be necessary to signal any potential reversal. Until then, price action needs to be closely monitored for signs of stabilization before considering any directional bias.Angel OneAngel One has witnessed a decisive breakdown below the October 2024 lows, plunging 8% to Rs 1,978. The stock broke the critical Rs 2,076 support with significantly higher-than-average volumes, confirming strong bearish sentiment. This steep decline, coupled with its position below all key EMAs, signals persistent selling pressure and a structural weakness in the trend.Technical indicators paint a grim picture—momentum oscillators remain in the bearish zone, and the RSI continues to trend lower without any sign of recovery. The breakdown suggests that the stock is now a "sell on rise" candidate, with any upward move likely to face strong resistance at Rs 2,076–2,275 levels.If selling pressure persists, the next key support is seen around Rs 1,750, with further downside risks if broader market sentiment weakens.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Mumbai: Amid a sharp decline in Indian equities driven by aggressive selling by foreign investors, there is a growing clamour among a section of market participants seeking easing of rules on taxing their long-term capital gains from stocks. As India remains one of the few countries that taxes foreign portfolio investors on the gains made in the country's equities, some market participants said reduction in these taxes could make Indian equities more lucrative for these investors."Globally, very few countries impose capital gains tax on listed securities. There has always been a demand to remove it," said Uday Ved, partner - tax services at KNAV, an accounting and consultancy firm.The renewed calls for removal of long-term capital gains tax on equities for foreigners come against the backdrop of record outflows. In the past five months, overseas investors have sold Indian equities to the tune of ₹2.8 lakh crore, causing the Nifty to drop over 15%."We need to be globally competitive in taxation. In my view, this should be revisited, if not entirely waived, because many FIIs are not taxed globally," said Gurmeet Chadha, CIO of Complete Circle Wealth Solutions. "Rolling back some of it or tweaking it could be beneficial. The cost of investing in Indian markets should be reviewed."In Budget 2024, finance minister Nirmala Sitharaman increased taxes on capital gains. Short-term capital gains (STCG) tax - profits booked within one year of purchase - was raised from 15% to 20%, while long-term capital gains tax - profits booked after one year - on equities increased from 10% to 12.5%. The LTCG exemption limit was raised to ₹1.25 lakh per year.FPIs argue that India is among the few larger markets that tax foreign capital, unlike the US, Europe, the UK, Hong Kong, China, Japan, and Singapore, which do not impose such taxes on foreign investors.Singapore-based Helios Capital's founder and chief investment officer Samir Arora has been the most vocal on the issue of late."Eliminating capital gains tax for foreign investors would boost liquidity and make Indian capital markets more dynamic," said Arora during a recent media event. He argued weighing the benefits of lower capital gains tax on flows against tax collections by the government."In 2022-23, the government collected ₹99,000 crore (around $10 billion) in capital gains tax," said Arora. However, this was during a peak market cycle. Over a typical five-to-seven-year cycle, such collections occur in just one year, while in other years, tax revenue from capital gains is significantly lower, around $2-3 billion."According to Rajesh Gandhi, partner, Deloitte India , "For FPIs which are tax exempt in their home country such as sovereign funds, university funds and certain kinds of pension funds, Indian taxes become additional cost since they generally don't pay taxes in their home country."This means these funds, which pay capital gains in India, do not get to set off or claim relief in their home country under Double Taxation Avoidance Agreements (DTAAs)."When you invest in India they take 20% tax and it cannot be recovered," said Arora. "You can't set it off as they don't have tax in their home country."118694751Timing of the DemandSome market participants question the timing of these calls to ease tax rules on capital gains of foreigners."Should we go out of our way to please foreign investors?," asked Nilesh Shah, MD, Kotak AMC. "The answer is probably no. Those advocating for lower LTCG tax believe that most of the world operates this way.""As long as India delivers strong earnings growth and governance, potential returns will remain high, and FPIs will adjust," said Shah. "If we are confident about delivering better growth and governance, there is no urgent need to alter LTCG tax."Capital Gains Tax Relief For AllIt may not be possible to provide tax benefits for only a section of foreign investors in India."Even if the government rolls it back, it should be done uniformly for all investors, not just FPIs," said Ved. "Rolling back LTCG will certainly provide all of them relief."