Finance Minister Arun Jaitley clarified today that there would be no taxes imposed on long-term capital gains, a day after PM Modi had said that people earning from financial markets must make a "fair contribution" to nation building. The remark by the PM had created consternation among investors that one of the avenues free from taxes would now also come under the net. 

Tata's "postmen": Mistry's firing — and the return of the 78 year old Ratan Tata as interim chairman — triggered an unpleasant argument in full public view, that has led to a nearly $10 billion decline in the market value of Tata's many listed companies. The core of this argument has been the control that the Tata Trusts (and consequently, Ratan Tata) has on business decisions. Since 2014, the Trusts can nominate one-third of Tata directors, and Tata insiders interviewed by Reuters, say critical business decisions require their approval. Mistry called these directors the "postmen" who carried out Ratan Tata's bidding. 

Stock in spotlight: SREI Infrastructure, which is trading above its 200 day SMA and has announced a proposal to raise Rs. 500 crore, through a public issue of secured redeemable debentures. The issue opens January 3 and closes on January 20, 2017.  

Photo of the day: A dye worker suns the fabric after washing it, in Dhaka. Hossain/Reuters