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Indian Indices Snap Rally, GST's Impact on Taxation, and Top Stocks in Action
Wed, 31 Jan Pre-Open | Karan Janani, TM Team

On Tuesday, share markets in India opened in red and ended on a weak note.

The BSE Sensex closed lower by 250 points to barely close above 36,000 levels. While the broader NSE Nifty ended the day lower by 80 points to end at 11,050 levels.

Among BSE sectoral indices, consumer durables index fell the most by 1.7%, followed by IT stocks at 1.1%. Kotak Mahindra Bank and Asian Paints were among the top losers.

Top Stocks in Action Today

IOC share price is likely to be in focus today after the company's net profit jumped more than twofold in the December quarter on strong inventory gains.

The country's largest oil marketer's net profit rose to Rs 78.83 billion from Rs 36.96 billion in the three months ended September. Revenue from operations grew by 22.2% to Rs 1.1 trillion in Q3, compared to Rs 905.67 billion in September quarter.

MOIL share price is among the stocks to watch, as the company's board proposed plans for buying back its share.

Taxpayer Base Increased 50% After GST

The Economic Survey 2017-18 released yesterday revealed that India's indirect taxpayer base has increased by more than 50% with the implementation of the goods and services tax (GST).

The Economic Survey is the first to be presented after India rolled out GST last July.

More than 10 million taxpayers have registered under GST, as against 6.5 million registered under the old tax regime, but after discounting for multiple counting.

Further, the direct taxpayer base has increased by around 1.8 million due to demonetization and GST, the Survey said.

The Survey, authored by Chief Economic Advisor Arvind Subramanian said, preliminary analysis of data shows GST registrants rose mainly on account of large increase in voluntary registrations, especially by small enterprises that buy from large enterprises and want to avail themselves of input tax credits.

Implications of this increase in tax compliance and widening of tax base is clear. India's tax revenues will get a much-needed boost in the coming future. This augurs well for the country that has one of the lowest tax revenue as a percentage of GDP compared with other countries. We believe this higher tax revenue receipt will help bolster the country's financials and also provide further ammunition for the government to spend on social welfare and providing additional infrastructure to its citizens

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Global Selloff Continues

Global financial markets were in red for the second straight day as benchmark US treasury bond yields rose to their highest levels since 2014.

Rising yields can weigh on demand for assets considered risky, like stocks, particularly as yields for bonds climb above those for equities.

Looking ahead, market participants await a key speech by President Donald Trump today, an updated policy statement from the Federal Reserve on Wednesday, a monthly jobs report on Friday and corporate quarterly results from a batch of technology heavyweights throughout the week. equities, with Wall Street rallying to all-time highs overnight following the deal to end the impasse in Washington.

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

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Stock Market Updates

ONGC Share Price Down by 7%; BSE OIL & GAS Index Down 4.0% (Today's Market)

Feb 26, 2021 03:34 PM

ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).

ULTRATECH CEMENT Share Price Down by 5%; BSE 500 Index Down 3.4% (Today's Market)

Feb 26, 2021 03:30 PM

ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).

JAGRAN PRAKASHAN Share Price Up by 10%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).

UPL Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).

ICICI LOMBARD GENERAL INSURANCE Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).

Sensex Crashes 1,800 Points; Nifty Trades Below 14,700 Mark (Today's Market)

Feb 26, 2021 02:30 pm

The BSE Sensex is trading down by 1,464 points, while the NSE Nifty is trading down by 423 points.

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