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Suprajit Engineering Ltd Q1 FY23 Result Updates.

Market update 27th May 2020. Nifty, Sensex witness the best trading day of May.

Market update 27th May 2020. Nifty, Sensex witness the best trading day of May.

 

Overall performance:

Today, Indian indices ended on strong note with NIFTY above 9,300 and SENSEX crossed 31,000 mark supported by banking stocks. When market closed, SENSEX was up by 995.92 points or 3.25%, closing at 31,605.22 and NIFTY was up by 285.90 points or 3.17%, closing at 9,314.95. The S&P BSE midcap index was up by 61.25 points or 0.54%, closing at 11,467.83 and S&P BSE Small cap increased by 28.59 points or 0.27%, closing at 10,619.01. NIFTY Midcap 100 closed at 12,911.25, up by 75.60 points or 0.59%, closing at 12,911.25 and NIFTY Small cap 100 closed at 3,905.60, up by 25.40 points or 0.65%.

 

Global indices and commodities:

When Indian market closed, DAX was trading at 11,694.73 up by 190.08 points or 1.65%. NASDAQ was trading at 9,340.22 up by 15.63 points or 0.17% and CAC was trading at 4,685.20, up by 1.71% or 4,687.35 points. While, SGX Nifty was up by 275.50 points or 3.05% and trading at 9,297. Currently, Gold is trading at 46,105 down by 217 points and 0.47%, Silver is trading at 47,900 up by 79 points and 0.17% and Crude oil is trading at 2,574.

 

Currency:

At the closing time of Indian indices, almost all the currencies were trading on a high note. USD was trading at Rs 75.72, up by 0.07% or 0.05 points. EURO was trading at 83.34, up by 0.63% or 0.52 points and GBP was trading at Rs 93.22, up by 0.22% or 0.21 points.

 

Sector:

Today, almost all other sectors ended on higher note, expect for Pharma sector. The S&P BSE Auto index increased by 110.43 points or by 0.83%, closing at 13,390.53 and BSE Bankex gained 1,465.45 points or 7.31%. While, S&P BSE Health care fell by 129.96 points or 0.84%. When market closed, NIFTY BANK was up by 1,270.20 points or 7.28%, closing at 18,710.55. NIFTY IT increased by 377.95 points or 2.78%, closing at 13,952.90 and NIFTY Auto increased by 42.65 points, closing at 5,896.95. While, NIFTY Pharma fell by 19.80 points and closed at 9,463.70.

 

Top 5 gainers:

Today, banking and financial sector performed well as most of the gainers are from banking sector. Share price of Axis bank increased by 45.70 points or 13.39%, closing at Rs 387, ICICI Bank gained 26.15 points or 8.93% and closed at Rs 318.85. Wipro shares increased by 12.45 points or 6.59%, closing at Rs 201.25. Share price of Grasim gained 34 points or 6.38%, closing at Rs 566.65, HDFC Bank was up by 51.25 points or 6.01% and closed at Rs 903.65 and Bajaj Finance increased by 107.45 points, closing at Rs 1936.45.

 

Top 5 losers:

Today, Sun Pharma declined by 8.25 points or 1.80%, closing at Rs 450.90. Ultra tech cement which is increasing from last few days, today declined by 1.55% or 58.60 points, closing at Rs 3,727.40, Shree Cements decreased by 189.75 points or by 0.92%, closing at Rs 20,477.55. Share price of Titan Company fell by 6.90 points or 0.77%, closing at Rs 885.85 and Asian Paints shares declined by 10.40 points or 0.64%, closing at Rs 1,619.45.

 

Stock in news:

Most active stock by volume were stocks such as Vodafone Idea, ICICI Bank, IDFC First Bank, Axis Bank, ITC, Adani power, Tata power, BHEL and SBI. Today most of the stocks of banking sectors were in news as their stocks hiked over 8%, which includes stocks such as Axis bank which increased by 13.39%, closing at Rs 387. ICICI Bank increased by 8.93% and closed at Rs 318.85.

 

 

Market Update 26th May 2020. Pharma and IT stocks decline.

Market Update 26th May 2020. Pharma and IT stocks decline.

Market Update 26th May 2020. Pharma and IT stocks decline.

 

Overall performance:

Today, Indian indices ended on low note, dragged by IT and Pharma sector stocks. While market closed, SENSEX was down by 63.29 points or 0.21%, closing at 30,609.30 and NIFTY was down by 10.20 points or 0.11%, closing at 9,029.05. The S&P BSE midcap index was up by 136.56 points or 1.21%, closing at 11,406.58 and S&P BSE Small cap increased by 66.19 points or 0.63%, closing at 10,590.42. NIFTY Midcap 100 closed at 12,835.65, up by 167.60 points or 1.32%, closing at 12,835.65 and NIFTY Small cap 100 closed at 3,880.20, up by 29.35 points or 0.76%.

 

Global indices and commodiies:

When Indian market closed, DAX was trading at 11,462.39 up by 71.11 points or 0.62%. NASDAQ was trading at 9,324.59 up by 39.71 points or 0.43%. CAC was trading at 4,594.76, up by 1.21% or 54.85 points. While, SGX Nifty was down by 60.50 points or 0.67% and trading at 9,021.50. Currently, Gold is trading at 46,760 down by 218 points and 0.46%, Silver is trading at 48,525 up by 268 points and 0.56% and Crude oil is trading at 2,582 which is up by 5.00 points or by 0.19%.

 

Currency:

At the closing time of Indian indices, almost all the currencies were trading at a higher note except USD. USD was trading at Rs 75.66, down by 0.38% or 0.29 points. EURO was trading at Rs 82.91, up by 0.17% or 0.14 points and GBP was trading at Rs 93.09, up by 0.76% or 0.71 points.

 

Sector:

Today, almost all other sectors ended on higher note, expect for the energy, IT and healthcare sector. The S&P BSE Auto index increased by 210.00 points or by 1.61%, closing at 13,280.10 and S&P BSE Metal gained 175.86 points or 2.84%. While, S&P BSE Health care fell by 100.26 points and BSE IT fell by 294.31 points. At closing, NIFTY BANK increased by 161.45 points or 0.93%, closed at 17,440.35 and NIFTY Auto increased by 87.30 points, closing at 5,854.30. While, NIFTY IT and Pharma fell by 267.70 points and 117.15 points respectively.

 

Top 5 gainers:

Share price of Eicher Motors increased by 882.70 points or 6.34%, closing at Rs 14,805.10. JSW Steel gained 10.10 points or 6.08% and closed at Rs 176.25. Titan company’s shares increased by 43.10 points or 5.07%, closing at Rs 892.75. Share price of Ultra tech cement increased by 147.05 points or 4.04%, closing at Rs 3786.00 and Shree cements was up by 757.05 points or 3.80% and closed at Rs 20667.30.

 

Top 5 losers:

Today, Bharti Airtel declined by 33.95 points or 5.72%, closing at Rs 559.25. Bajaj finance which is decreasing from last few days, today declined by 3.50% or 66.30 points, closing at Rs 1829.00. Bajaj Finserv decreased by 218.30 points or by 5.06%, closing at Rs 4097.25. Share price of TCS fell by 77.35 points or 3.83%, closing at Rs 1,943. Sun Pharma declined by 10.25 points or 2.18%, closing at Rs 459.15 and Cipla decreased by 11.65 points or 1.82%, closing at Rs 627.70.

 

Stock in news:

Most active stock by volume were stocks such as Vodafone Idea, Bharti Airtel, IDFC First Bank, Jindal Steel, ITC, Adani power, Tata power and SBI. Eicher Motors was in news as share price of the company increased by 882.70 points and closed at Rs 14,805.10. Also, shares of Ruchi Soya locked in 5% lower circuit today due to the profit bookings and closed at Rs 547.15, down by 28.75 points. Avenue super marts was also in news as they posted 41.6% YoY increase in their consolidated profit, closing at Rs 2,283.25.

 

 

Weekly market update (18th May – 22th May).

Krishna Institute reported a net profit of Rs. 79 Cr.

Weekly market update (18th May - 22th May).

Weekly market update (18th May – 22th May).

Overall performance:

 Fluctuation was seen in market due to many reasons such as resurgence trade tensions between China and US, rate cut by RBI and disappointing reaction for stimulus packages. On  18th May, SENSEX opened at 31,097.73 and closed at 30,028.98 (down by 1,068.75) while, on Friday market closed at 30,672.59 down by 425.14 points or 1.367 percent compared to opening price on Monday. On the other hand, NIFTY touched low at 8,800 during mid-week.

On Monday, NIFTY opened at 9,136.85 and closed at 9,039.25 on Friday lower by 97.6 points or 1.06 percent. However, the S&P BSE small-cap index increased by 10% to 30%. Around 30 stocks increased in small cap which includes Zen Technologies, Alok industries, Sintex Industries, Prozone Intu Properties Ltd and India cements. While, NIFTYBANK declined by more than 8%.

 

Global indices, currencies and commodities:

DAX was trading at 10,749.56, up by 287.16 points or 2.74%, on Monday while today it is trading at 11,073.87 up by 7.94 points and NASDAQ was trading at 9,014.56 up by 70.84 points or 0.79% while now it is trading at 9,324.59, up by 39.71. CAC was trading at 4,366.26, up by 2.07% or 88.63 points, now trading at 4,444.56, down by 0.89 points.

When market closed on Monday, Gold was trading at 47,858 up by 489 points and is now trading at 47,056. Silver was trading at 48,552 and is currently trading at 48,338, up by 1,003 points. On Monday, at the time of closing of Indian indices, USD was trading at Rs 75.91 which is now trading at Rs 75.95. EURO was trading at Rs 82.20, currently trading at Rs 82.79 and GBP was trading at Rs 92.19 which is now trading at Rs 92.58.

 

Sector wise update:

On Friday, NIFTY BANK decreased by 456.20 points or 2.57%, closing at 17,278.90 which was trading around 18,529 on Monday. While other sectors like Pharma and Auto sectors increased around 2%-5%.

 

Top 5 gainers:

This week, share price of ITC increased by 13.18% or by 21.70 points, closing at Rs 186.35, Cipla gained 69.05 points or by 12.11%, closing at Rs 639.3. Shares of Mahindra and Mahindra jumped by 11.81 percent or 45.05 points, closing at Rs 426.35. Bharti Airtel’s share price increased by 39.10 points or 7.06 percent, closing at Rs 593.20 this week, and share price of TCS gained 127.45 points or 11 percent this week and closed at Rs 2,020.35.

 

Top 5 losers:

Mahindra & Mahindra Financial Services share price fell by 6.31 percent or by 8.60 points and closed at Rs 127.60. This week, share price of Shriram Transport Finance decreased by 5.78 percent or 33.20 points, closing at Rs 541.40. Axis Bank fell by 5.65 % or 20.20 points, closing at Rs 337.10. Ashok Leyland shares declined by 5.42 percent or 2.50 points, closing at Rs 43.60 and share price of Power Finance Corp declined by 5.31% or 4.20 points and closed at Rs 74.90 on Friday.

 

Which stocks were in news?

This week, various companies were scheduled to announce their March quarter earnings. This is includes companies such as D-mart (Avenue Supermart), JSW steel, DCB Bank, Alembic Pharma, Bosch, Colgate, Bayer cropscein, UPL, Birla Corp, IDFC first Bank, JSW steel, Bajaj Auto, Cipla and Bharti Airtel. Among these companies, many posted loss for Q4 FY20 which affected their shares. Many stocks from Pharma and Auto sector were also in news as share prices of auto companies such as M&M and Hero MotoCorp increased by 2% to 6%. While, Pharma companies stocks such as Cipla and Dr Reddys labs increased by 4%-10%.

Most active stock by volume were Vodafone Idea, SBI, HUL and Maruti Suzuki, Reliance Power, Axis bank, Yes bank, Tata Power, India Bulls and Bharat Electronics. On Friday, around 31 stocks touched their 52 week low which includes Bajaj Finance, Chennai Petroleum Corporation, SBI, ABB, India Bulls, Cyient, The Karnataka Bank and Power Finance Corporation. IRCTC was in news as bookings for passenger trains started and their shares are increasing and again locked in 5% upper circuit (for 2nd time). On Friday their shares gained 22.70 points, closing at Rs 1,422.70.

 

 

Airport Authority of India provides new air travel guidelines.

Dalmia Bharat posted a net profit of Rs. 280 Cr. in the June quarter.

Market update 22nd May 2020. Financials dip after RBI's announcement.

Market update 22nd May 2020. Financials dip after RBI’s announcement.

 

Overall performance:

Indian indices ended on low note today, mostly dragged by banking and financial sector stocks. When market closed, SENSEX was down by 260.31 points or 0.84%, closing at 30,672.59 and NIFTY was down by 67 points or 0.74%, closing at 9,039.25. While, the S&P BSE midcap index was down by 93.82 points or 0.83%, closing at 11,270.02. S&P BSE Small cap decreased by 23.90 points or 0.23%, closing at 10,524.23. NIFTY Midcap 100 closed at 12,668.05, down by 94.60 points or 0.74%, closing at 12,668.05 and NIFTY Small cap 100 closed at 3,850.85, down by 24.35 points or 0.63%.

 

Global indices and commodities:

When Indian market closed, DAX was trading at 11,016.77 down by 49.16 points or 0.44%. NASDAQ was trading at 9,284.88 down by 90.90 points or 0.97% and CAC was trading at 4,435.93, down by 0.21% or 9.52 points. While, SGX Nifty was down by 45.50 points or 0.50% and trading at 9,035.50. Currently, Gold is trading at 46,965 up by 577 points and 1.24%. Silver is trading at 47,719 up by 415 points and 0.88%. Crude oil is trading at 2,424 which is declined by 139 points and 5.42%.

 

Currency:

At the closing time of Indian indices, USD was trading at Rs 75.95, up by 0.34%. EURO was trading at Rs 82.69, down by 0.11% and GBP was trading at Rs 92.32, down by 0.10%.

 

Sector:

Among the sectors, IT, Auto, Pharma and media sector ended on high note but banking and financial sector ended on low note. The S&P BSE Auto index increased by 48.79 points while, S&P BSE Energy declined by 18.29 points or 0.41%,.BSE BANKEX fell by 497.17 points or 2.44%. At closing, NIFTY BANK decreased by 456.20 points or 2.57%, closing at 17,278.90 while, NIFTY IT increased by 194.75 points or 1.43%, closing at 13,842.65.

 

Top 5 gainers:

Today, share price of Zee Entertainment increased by 9.30 points or 6.04%, closing at Rs 163.25. Mahindra & Mahindra which is increasing from the last few days, gained 18.05 points or 4.42% and closed at Rs 426.35. Shares of Cipla increased by 22.75 points or 3.69%, closing at Rs 639.35. Shree Cements increased by 659.10 points or 3.42%, closing at Rs 19,910.25 and Infosys was up by 20.15 points or 3% and closed at Rs 692.35.

 

Top 5 losers:

Today, shares which declined the most were from the banking or finance sector. Axis bank declined by 20.25 points or 5.67%, closing at Rs 336.95. HDFC shares declined by 5.08% or 81.15 points, closing at Rs 1,516.15. Bajaj Finserv decreased by 223.65 points or by 4.93%, closing at Rs 4,315.55. Share price of Bajaj finance fell by 94.90 points or 4.77%, closing at Rs 1,895.30 and ICICI Bank declined by 13.35 points or 4.39%, closing at Rs 291.05.

 

Stock in news:

Shares of Pharma and Auto sectors ended on high note. IRCTC was in news after booking for passenger trains started their shares are increasing. Today it increased by 22.70 points, closing at Rs 1422.70. Today, around 31 stocks touched their 52 week low which includes Bajaj Finance, Chennai Petroleum Corporation, SBI, ABB, India bulls, Cyient, The Karnataka Bank and Power Finance Corporation.

Zee entertainment was in news as share price of the company increased by 6.04 percent and closed at Rs 163.25. Also, Mahindra & Mahindra gained 4.42%, closing at Rs 426.35 . Other than these stocks, most active stocks in terms of volume were Vodafone idea, SBI, ICICI Bank, BHEL, Bank of Baroda, Axis Bank and IDFC First Bank in terms of volume.

 

 

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Aarti Industries Ltd Q1 FY23 Result Updates.

Market update 21st May 2020. ITC record biggest one-day gain in nearly 2 months.

Market update 21st May 2020. ITC record biggest one-day gain in nearly 2 months.

 

Overall performance:

Indian indices ended on high note. While market closed, SENSEX was up by 114.29 points or 0.37%, closing at 30,932.90 and NIFTY was up by 39.70 points or 0.44%, closing at 9,106.25. While, the S&P BSE midcap index was up by 85.62 points or 0.76%, closing at 11,363.84 and S&P BSE Small cap increased by 75.76 points or 0.72%, closing at 10,548.13 NIFTY Midcap 100 closed at 12,762.65, up by 98.45 points or 0.78% and NIFTY Small cap 100 closed at 3,875.20, up by 23.45 points or 0.61%.

 

Global indices and commodities:

When Indian market closed, DAX was trading at 11,067.85 down by 155.86 points or 1.39%. NASDAQ was trading at 9,375.78 up by 190.68 points or 2.08% and CAC was trading at 4,452.40, down by 0.99% or 44.58 points. While, SGX Nifty was down by 18.50 points or 0.20% and trading at 9,064.50. Currently, Gold is trading at 46,692 down by 451 points and 0.96%. Silver is trading at 48,101 down by 957 points and 1.95%. Crude oil is trading at 2,604 which is up by 84 points and 3.33%.

 

Currency:

At the closing time of Indian indices, almost all the currencies were trading at a lower note. USD was trading at Rs 75.60, down by 0.25%. EURO was trading at Rs 82.84, down by 0.11% and GBP was trading at Rs 92.38, down by 0.10%.

 

Sector:

Today, almost all other sectors ended on higher note, expect for the banking sector. The S&P BSE Auto index increased by 311.34 points or by 2.45% and S&P BSE Energy gained 22.61 points or 0.51% while BSE CDGS increased by 2.09%. At closing, NIFTY BANK decreased by 105.10 points or 0.59%, closing at 17,735.10 and NIFTY IT and AUTO increased by 130.55 points and 146.10 points respectively.

 

Top 5 gainers:

Share price of ITC increased by 13.20 points or 7.51%, closing at Rs 188.95. Hindalco gained 129.50 points or 7.20% and closed at Rs 129.50. Asian paints increased by 74.25 points or 4.95%, closing at Rs 1,574.30. Hero MotoCorp increased by 95.90 points or 4.74%, closing at Rs 2,119.50 and Maruti Suzuki was up by 158.15 points or 3.23% and closed at Rs 5,050.10.

 

Top 5 losers:

Bajaj Finserv declined by 162.85 points or 3.46%, closing at Rs 4,539.20. IndusInd bank which is declining from the last few days, declined by 2.94% or 10.50 points, closing at Rs 346.80. NTPC decreased by 2.65 points or by 2.85%, closing at Rs 90.25. Share price of Bajaj Finance fell by 52.60 points or 2.57%, closing at Rs 1,990.20 and Adani ports declined by 6.60 points or 2.04%, closing at Rs 317.15.

 

Stock in news:

Hero MotoCorp was in news as share price of the company increased by 95.90 points and closed at Rs 2,119.50. Also, IRCTC locked in upper circuit at 5% for the second day, closing at Rs 1,400 after bookings for passenger train started. Other than these stocks, most active stocks were Vodafone idea, SBI, ITC, Bank of Baroda, ICICI Bank and Alok Leyland in terms of volume.

 

 

Market update 20th May 2020. SENSEX, NIFTY close on a positive note.

Fundamental Rules of Corporate Finance.

Market update 20th May 2020. SENSEX, NIFTY close on a positive note.

Market update 20th May 2020. SENSEX, NIFTY close on a positive note.

 

Overall performance:

Today, for the second consecutive day Indian indices ended on a high note. As market closed, SENSEX was up by 622.44 points or 2.06%, closing at 30,818.61 and NIFTY was up by 187.45 points or 2.11%, closing at 9,066.55 While, the S&P BSE midcap index was up by 166.09 points or 1.49%, closing at 11,278.22 and S&P BSE Small cap increased by 117.19 points or 1.13%, closing at 10,472.37. NIFTY Midcap 100 closed at 12,664.20, up by 193.50 points or 1.55% and NIFTY Small cap 100 closed at 3,851.75, up by 39.80 points or 1.04%.

 

Global indices and commodities:

When Indian market closed, DAX was trading at 11,136.49 up by 61.20 points or 0.55%, NASDAQ was trading at 9,185.10 down by 49.73 points or 0.54% and CAC was trading at 4,452.75, down by 0.12% or 5.41 points. While, SGX Nifty was up by 259 points or 2.94% and trading at 9,083.00. Currently, Gold is trading at 47,203 up by 153 points and 0.33%, Silver is trading at 49,045 up by 227 points and 0.46%. Crude oil is trading at 2,442 which is up by 40 points and 1.67%.

 

Currency:

At the time of closing of Indian indices, USD was trading at Rs 75.79, up by 0.21%. EURO was trading at Rs 82.80, up by 0.22% and GBP was trading at Rs 92.79, up by 0.13%.

 

Sector:

Today, almost all other sectors ended on a high note. The S&P BSE Auto index rose by 258.63 points and S&P BSE Energy rose by 84.07 points or 1.93%. At closing, NIFTY BANK increased by 353.95 points or 2.02%, closing at 17,840.20 while, NIFTY IT increased by 70.80 points or 0.53%.

 

Top 5 gainers:

Share price of Shree Cements increased by 1,070.90 points or 5.84%, closing at Rs 19,411.65. Mahindra & Mahindra gained 22.15 points or 5.78% and closed at Rs 405.05. Shares of Dr Reddys Labs increased by 210.60 points or 5.69%, closing at Rs 3,910.20. HDFC gained 87.15 points or 5.66%, closing at Rs 1,627 and Eicher Motors was up by 708.90 points or 5.47% and closed at Rs 13,675.10.

 

Top 5 losers:

Today, Bharti Infratel declined by 17.90 points or 8.18%, closing at Rs 200.85. Vedanta, which is decreasing from last 2 days, declined by 1.61% or 1.45 points, closing at Rs 88.55, IndusInd bank decreased by 10.50 points or by 2.85%, closing at Rs 357.30. Share price of Hero MotoCorp fell by 49.90 points or 2.41%, closing at Rs 2,023.60 and Bharti Airtel declined by 4.75 points or 0.79%, closing at Rs 594.05.

 

Stock in news:

Today, shares of Pharma, banking and Auto sectors ended on higher note. Shree cements was in news as share price of the company increased by 1,070.90 points and closed at Rs 19,411.65. Bharti Infratel was also in news as today their share price decreased more than 8%, closing at Rs 200.85 and Mahindra and Mahindra shares which was declining since last few days, today gained 22.15 points. Other than these stocks, most active stocks were Vodafone idea, SBI, Tata powers, ICICI Bank, BHEL and Alok Industries in terms of volume.

 

 

FPIs exit markets after economic package announcement.

Equity Right

Cryptocurrency EOS dips by 11%

Cryptocurrency EOS dips by 11%

EOS token, the digital money of the EOS network, faces a critical fall. Digital money EOS, on 4th May 2020, was seen trading at a cost of $26,993, down by 10.50%. This was the most critical fall in the estimation of cryptographic forms of money since March 12. The fall incited a decrease of the market capitalization of EOS to $25,750 B, or 0.00% of the complete capitalization of all cryptographic forms of money. While prior pinnacles capitalization of EOS was $175,290 B.

 

In the previous 24 hours, the EOS was exchanging between $26,956 to $28,443. Over the most recent 7 days, digital money EOS felt the stagnation rate as it only got displaced by 1.25%. The EOS measure of cash exchanged in the recent 24 hours was $41,130 B. The course was differed in the range from $26,900 to $31,138 over the most recent 7 days.

 

Right now EOS is still underneath 88, 25% from their pinnacle esteems, adding up to $22.98, which was arrived at April 29, 2018.

 

 

News regarding other digital forms of money:

Bitcoin was last exchanging at $8.671,4, showing a fall of 5.16% during the day. The Ethereum exchanged $20,354 , dropping 6.71%. The market capitalization of Bitcoin – $1,613,378 B or 0.00% of the all out capitalization of digital money, while showcase capitalization of the Ethereum – $231,391 B or 0.00% of the complete capitalization of the financial exchange.

 

 

 

Jio Platforms acquire investment from Silver Lake

Equity Right

Drawbacks of Cryptocurrency Exchanges

Drawbacks of Cryptocurrency Exchanges

 

What is a Cryptocurrency?

The word Cryptocurrency is originated from two distinct words i.e. Crypto which refers to Data encryption and Currency which refers to Medium of exchange. Cryptocurrency exists only in digital form and it is intangible. Cryptocurrency can be termed as an alternative to hard cash and plastic money, which we use in daily life for making payments.

 

Does Indian Government support the legality of Cryptocurrency?

In 2018, Reserve Bank of India (RBI) notified a complete ban on purchase and sale of Cryptocurrency in India. Subsequently, petitions have been filled by various Association in Supreme Court of India staring at the legality of Cryptocurrency. In early March 2020, Supreme Court of India lifted the ban on Cryptocurrency in India. Thus, Cryptocurrency is NOT legal in India, only trading is legal. However, Indian government clearly stated that Cryptocurrency cannot be termed as legal tender.

 

Mechanism of how the Cryptocurrency is traded:

The entire trading of Cryptocurrency is done virtually on various online platforms. People can buy and sell Cryptocurrency virtually by using centralized or decentralized exchanges.

 

Centralized Vs Decentralized Exchanges:

Centralized Exchanges refers to the exchanges which is operated by a recognized exchange. They are similar to well organized Financial market. All the transactions of the Cryptocurrency are carried by the recognized exchange with no hassle borne by traders. All the private data /keys are in the custody of the exchanges. Centralized Exchanges provide users with decent UI and an extra two step authentication safety feature ensuring the maximum security of their account. The major disadvantage of these exchanges are if they get hacked, traders will slack all the money invested in Cryptocurrency.

 

List of some well-known Centralized Exchanges:

 

  • Binance

 

  • Bittrex

 

  • Bitfinex

 

  • Coinbase

 

  • Kraken

 

Decentralized Exchanges doesn’t control the private keys. Users have the complete authority and control on their trades, funds and private keys. Everything is managed by the users itself, giving them the maximum transparency and flexibility. Although, Decentralized Exchanges have their own disadvantages like poor UI, low liquidity and doesn’t deal with huge amount of transaction. Trading on Decentralized exchanges is a tedious task with many steps to perform before the trade executes. In Decentralized exchanges every transaction has to be signed by you.

 

List of some well-known Decentralized Exchanges:

 

  • WavesDex

 

  • Bancor Protocol

 

  • Kyber Network

 

  • EtherDelta

 

  • AirSwap

 

Drawbacks of Cryptocurrency Exchanges:

As the complete trading of Cryptocurrency is carried digitally, cybersecurity issues are the major concerns while trading the Cryptocurrency. Exchanges have all your private data like email-id, personal details, details about all the transactions and IP address. There is high risk of the website getting hacked and losing the invested money. Such incidents occurred in 2019 when personal data was stolen and huge amount of funds were demanded by hackers.

World’s well-know centralized exchange, Binance was robbed by 7,000 Bitcoins from their online platform. Binance is famous for its security and innovative products. Beside all this, hackers committed the offense. Later, the loss suffered by the customers were borne by the company but this shows how risky it is to deal with Cryptocurrency.

 

Overcoming Centralized & Decentralized Exchanges Drawbacks:

Alternative for Centralized & Decentralized Exchanges can be the platforms where instant Cryptocurrencies are exchanged without any compulsion of registration and submission of all your personal details.

In the market, ChangeNow is a platform which provides the similar service as mentioned above. ChangeNOW is a non-custodial crypto swap which does not demand any kind of government proof ID, address proof, contact number or email ID. In this platform, users do not need to verify themselves. In simple words, ChangeNow is just a swapping tool. All the major Cryptocurrency is available for trade in this trading platform. This tool can be used by anyone in the world. The platform claims they use an automated risk management system to check all transactions. This can help to gain the trust of traders.

Nonetheless, this cannot be picked as an ideal platform to trade Cryptocurrency. Even this platform has its own set of drawbacks. The major drawback is this platform is a bit high-priced as compared to other. In a nutshell, the trader should keep all the advantages and disadvantages of all the trading platforms available and choose wisely, whichever fits all their needs flawlessly.

 

 

 

 

 

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Effects of Covid-19 on cryptocurrency market

Effects of Covid-19 on cryptocurrency market

Cryptocurrency is a digital currency secured by cryptography which is not issued by banks or governments. In other words, a virtual currency which doesn’t have any physical embodiment is called cryptocurrency. Bitcoins(BTC), Litecoin(LTC), Ripple(XRP) Ethereum(ETH), Bitcoin cash, Ethereum classic, Zcash(ZEC) are some of the types of cryptocurrencies. In the present scenario, the COVID-19 pandemic has affected nearly all areas of businesses, people, economy, trade and the financial system worldwide.

 

Impact of COVID-19:

But at the same time, the COVID-19 pandemic has also helped the world to connect digitally for different reasons like work, purchase of goods, health, etc. One of the most propelling and safe investments was gold but when a liquidity crisis occurs, investments in gold are not up to the mark and fail to generate profits. Here comes the role of cryptocurrencies. The COVID-19 pandemic has caused the physical paper money usage to be minimized to control the spread of corona virus. This is because the virus stays on the objects for a longer time period. Cryptocurrencies acts as a solution to this problem.

 

Benefits of Cryptocurrency:

Cryptocurrency gives the freedom of converting it into money without any manipulation on behalf of the banks and other financial institutions. Cryptocurrencies have made transactions faster by helping the trade system to be efficient. Using the traditional method for transferring funds overseas nearly takes 3 to 5 days. With cryptocurrencies, the transactions can be done in a much shorter time period.

The block-chain technology used in cryptocurrency can serve as a solution in different ways. It can track the supply chain of medical and pharmaceutical products which are considered as essential goods. It can also be used for tracking the amounts received as donations for the cause of corona virus, for tracking the proximity of virus, etc

 

Opportunities brought by Cryptocurrency:

Cryptocurrencies can bring out new growth opportunities for emerging economy like India and also for developed countries. This is because cryptocurrencies provides faster payments between countries with no transfer fees or remittance charges. The stock prices have been hit tremendously and other investment avenues have also seen a downfall due to this outbreak. Investors are looking for much safer investment options in the long run.

Secondly, the growth in the usage of Fintech applications have made many companies to become curious. It could easily adapt to the new working conditions as they are using digital money for payments which has reduced the use of virus infected currencies. It acts as one of the best currencies developed so far and is one of the best alternative for fiat currencies. In future, the value of cryptocurrencies is likely to grow thus helping to be a digitalised paperless economy.

 

 

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