Sensex Opens 409 Points Down; Metal & Realty Stocks Fall

Mon, 5 Feb 09:30 am

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Asian stocks are lower today following a sharp decline in US stocks on Friday amid a stronger-than-expected jobs report that sent interest rates higher. The Shanghai Composite is off 0.30% while the Hang Seng is down 1.85%. The Nikkei 225 is trading down by 2.49%. US stocks slumped on Friday with the Dow Jones Industrials Average swooning almost 666 points, for its biggest daily percentage loss in 20 months.

Back home, India share markets opened sharply lower amid worries over rising revenue and fiscal deficits as well as weak cues from Wall Street and Asia. The BSE Sensex is trading lower by 409 points while the NSE Nifty is trading lower by 139 points. The BSE Mid Cap index and BSE Small Cap index opened the day down by 2.6% & 2.7% respectively.

All sectoral indices have opened the day in red with metal stocks and realty stocks witnessing maximum selling pressure. The rupee is trading at 64.08 to the US$.

In latest development. Foreign investors have pumped in a whopping US$3.5 billion (over Rs 220 billion) into the country's capital markets in January in anticipation of better corporate earnings and attractive yields.

According to the depositories data, Foreign Portfolio Investors (FPIs) infused a net amount of Rs 137.8 billion in equities and Rs 84.7 billion in debt in January - translating into net inflows of Rs 222.5 billion (US$3.5 billion).

This comes following an outflow of over Rs 35 billion by FPIs from the capital markets (equity and debt) in December, the reports noted.

A slew of factors such as positive global markets; promising economic numbers back home; better than expected third quarter earnings and IMF's projection to retain the fastest growing economy tag on India in 2018-19 created a favourable investment environment for FPIs.

In the entire 2017, FPIs put in a total Rs 2 trillion in equity and debt markets.

Notably, finance Minister Arun Jaitley, in his Budget for 2018-19 introduced 10% tax on long-term capital gains, exceeding Rs 0.1 million, made in the share market.

Also, 10% tax has been levied on distributed income by equity-oriented mutual funds.

Speaking of Union budget 2018-19, The government missed its fiscal deficit target for FY18 by 30 basis points. Against a target of 3.2%, the government managed to keep fiscal deficit at 3.5% in FY18. It has also outlined the projected fiscal deficit target of 3.3% in FY19 in its budget.

Maintaining this deficit target in FY19 won't be easy.

In the past, the government has relied on reducing expenditure to keep the fiscal deficit in check.

For the next year, the government is banking on earning much more than it has in the past. It expects a major portion of the revenue to be collected through GST tax collections. Also, the recent rise in crude oil prices has cast a doubt over how much the government will be to curb its spending. It also needs to revive the economy from the shock of Notebandi.

The dual pressure of increasing expenditure and lower inflows makes this FY19 deficit target an uphill challenge.

Moving on to the news from . As per an article in a leading financial daily, GAIL (India) Limited has placed order of Rs 4.4 billion for laying of approximatley 350 kms of pipeline from Vijaipur (in the state of Madhya Pradesh) to Auraiya (in the state of Uttar Pradesh).

This is a part of approximately 665 km length from Vijaipur to Phulpur to the existing HVJ-DVPL upgradation pipeline system. The pipeline laying contracts for 315 km stretch from Auraiya to Phulpur was earlier awarded during November 2016.

Reportedly, this pipeline shall provide the gas feed to the ongoing 2,655 Km long Jagdispur-Haldia-Bokaro-Dhamra pipeline (JHBDPL) project of GAIL.

The JHBDPL will pass through the state of Uttar Pradesh, Bihar, Jharkhand, West Bengal and Odisha, and the project is progressing in full swing which will usher Industrial development in East India by supplying environmentally clean Natural Gas to Fertilizer and Power plant, Refineries, Steel plants, City Gas Distribution and other Industries.

One shall note that, GAIL has awarded contracts of Rs 54 billion in the current fiscal year which includes Rs 35 billion for procurement of pipeline and Rs 19 billion for laying of pipes.

Further, GAIL has awarded till date contracts worth Rs 75 billion for ongoing pipeline projects of around 4,000 kms in south and eastern India.

GAIL share price opened the day down by 1.2%.

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