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Indian Indices End at Fresh Record High; Energy Stocks Witness Buying
Fri, 12 Jan Closing | Monish Vora, TM Team

After trading on a volatile note in the afternoon session, Indian share markets witnessed buying interest at the end of the day and ended their session at a fresh record closing high. Losses were largely seen in the FMCG sector and realty sector, while energy stocks ended the day higher.

At the closing bell, the BSE Sensex stood higher by 89 points (up 0.3%) and the NSE Nifty closed higher by 30 points (up 0.3%). The BSE Mid Cap index ended the day down by 0.2%, while the BSE Small Cap index ended the day up by 0.1%.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng was up 0.94%, while the Nikkei was trading down by 0.24%. The Shanghai Composite stood higher by 0.12%. The rupee was trading at 63.64 to the US$ at the time of writing.

In the news from the GST space, as per an article in the Economic Times, India is set to unveil another revamp of the goods and services tax (GST) regime next week aimed at making the compliance simpler.

The upcoming GST Council meeting on January 18 is said to take up changes in the definitions of terms such as supply and handicrafts besides replacing the three forms that need to be submitted with one.

The Council is also expected to drop the requirement for upfront invoice matching.

The above development would be the second significant overhaul of GST after a November rejig that saw the tax rate on 178 household goods being lowered.

Notably, the above developments will lead to easier compliance and also simplify processes, both of which would lead to smooth implementation of GST. We will keep you updated on all the recent developments in this space. Stay tuned.

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In the news from the commodity space, gold is continuing its weekly momentum and is trading on a positive note today.

Most of the gains for the yellow metal are seen on the back of a weaker dollar overseas and a firm trend in precious metals.

While the recent gains notable, returns from gold over the past few years have been anything but flattering. Mainly a hedge against market volatility, gold prices have remained at roughly the same levels since 2013, as can be seen in the chart below:

Gold Returns : 2013 - 2017

On the contrary, share markets in India have been on a constant upward trajectory during the same period. The only blip seen was in 2016, when gold prices gave healthy returns.

One reason for the lackluster returns has been the global economy. US interest rates have been on the rise since 2014. This has swayed investors' interest towards government bonds, subsequently reducing demand for gold.

While the US Federal Reserve is also expected to raise interest rates next year, current gold valuations seem to have factored that in.

Certain political developments also warrant a look-in at gold. Rising tensions between US and North Korea and slowdown in Middle-east have been recent concerns. Also, it provides a hedge against markets which are touching new highs every day.

And here's a note from Profit Hunter:

The Nifty 50 Index traded on a positive note during the week. On Monday, it opened the session 58 points gap up at a new life-time high and continued to trade higher. It then traded in a narrow range for the next three sessions. Finally, on Friday, the Nifty index opened 32 points gap up and continued the positive momentum to end its weekly session 1% up.

Last week, we saw the index finding support from 10,500 level. The level which acted as a strong resistance on the way up will now act as a strong support for the index as per the change of polarity principle.

The index is currently trading in the uncharted territory. Now how long it maintains the bullish momentum will be an interesting thing to watch out for in the week to come.

Nifty 50 Index Ends at Life-time High
Nifty 50 Index Ends at Life-time High 

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