Sensex Trades Marginally Higher; Capital Goods & Realty Stocks Rise

Wed, 3 Jan 01:30 pm

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Indian share markets continue to trade on a flat marginally higher in the noon session. Gains are largely seen in capital goods stocks, metal stocks and realty stocks. Meanwhile, automobile stocks are witnessing majority of the selling activity.

The BSE Sensex is trading higher by 65 points and the NSE Nifty is trading higher by 24 points. Meanwhile, the BSE Mid Cap index is trading up by 0.6% & the BSE Small Cap index is up by 1%. The rupee is trading at 63.67 to the US$.

In the news from bond markets, as per an article in the Economic Times, Finance minister Arun Jaitley has unveiled the framework for electoral bonds which is aimed at cleaning up political funding.

The framework comes with conditions such as a limited tenure and eligibility restricted to parties with a track record of at least one election.

The move comes in Finance Minister's pledge to establish a system for party donations that would help stamp out black money as a source of funding in his February 2017 Budget in the wake of demonetisation.

Accordingly, the new framework allows donors to buy these bonds and give them to the party of their choice. The party can encash them through designated bank accounts within 15 days.

Electoral bonds would be issued/purchased for any value in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 1 million and Rs 10 million from specified branches of SBI.

The above development is a step in the right direction.

To ensure transparency in political funding in the country, the government had proposed that any maximum donation from any one source can only be Rs 2,000.

Earlier, the donation limit was Rs 20,000. The Finance Minister Arun Jaitley had also said these donations can be made either through cheques or digital means only.

The government had also proposed an amendment to the Reserve Bank Act to enable issuance of electoral bonds. These bonds can be redeemed by the political parties in registered accounts and within a specified time only.

This is precisely what we have been talking about for a long time. Vivek Kaul, our big picture expert had started a petition to end special privileges to political parties. And over 25,000 of our dear readers signed up for the petition to get equal rights and bring about an era of transparency in the funding of political parties.

It would be interesting to see how these electoral bonds fare over the year. We'll keep you updated on the developments form this space.

Speaking of bond markets, note that the bond market in India is witnessing a strong revival.

Foreign debt raised by Indian companies has surged ten-fold to US$ 41 billion in 2017. This is the highest ever infusion of foreign funds in the domestic debt markets in the last 15 years.

At US$ 23 billion, foreign investments in government securities and corporate paper took the cake. This was followed by dollar denominated bonds that attracted around US$ 16 billion of foreign investments whereas funds of US$ 2 billion were mopped up by masala bonds. Masala Bonds are rupee-denominated borrowings by Indian entities in the overseas markets.

All this has made the Indian bond market flush with foreign debt investments lately, as can be seen from the chart below:

Bond Markets on a High

Apart from the above, the recent sovereign rating upgrade by Moody's coupled with factors such as economic stability, abundant global liquidity and diversification needs of investors have stoked demand for Indian bonds in the overseas markets.

In the news from the Goods and Services Tax (GST) space, the government has notified lower 1% GST rates for manufacturers who have opted for composition scheme as well as easier norms for traders opting for it.

The finance ministry has notified the changes decided by the GST Council in November 2017 which stipulates that manufacturers who have opted for composition scheme will now have to pay 1% GST as against 2% earlier.

After studying these and other finer aspects of GST, our colleague Vivek Kaul, has penned his views on what could go right and wrong. Get a balanced perspective on the entire GST saga from Vivek. The report is titled The Good, the Sad and the Terrible (GST). Claim your own copy of his special report now.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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