Of GST, Gold Imports, and Top Cues to Watch Out Today

Thu, 13 Jul Pre-Open

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Indian share markets finished marginally higher on Wednesday as investors turned cautious ahead of consumer inflation data.

At the closing bell, the BSE Sensex stood higher by 58 points, while the NSE Nifty finished up by 30 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished up by 1.1% and 0.6% respectively. Gains were largely seen in PSU stocks, bank stocks, and energy stocks while software stocks finished in red.

Let us now have a look at some of the major events that market participants will be tracking today.

GST and Gold Imports

As per a leading financial daily, gold imports by India are said to more than double in June from a year earlier. While the data hasn't been made public, it's believed that a rush by jewelers to build up inventories ahead of GST would have led the rise in gold imports.

During the month of May, speculation that the new tariff may be as much as 5% for locally traded bullion, prompted a jump in imports to 126 tons. Eventually, the gold rate was set at 3% and implemented from July 1.

ONGC-HPCL Merger

Investors are tracking the developments on ONGC merger talks in the energy space. Owing to this, ONGC share price finished the day on a strong note (up 1.6%) on Wednesday.

Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, ONGC had evaluated options of acquiring either HPCL or BPCL - the two-downstream oil refining and fuel marketing companies.

However, ONGC found the nation's second-biggest fuel retailer BPCL too expensive and is set to merge with HPCL by the end of this fiscal year.

RERA Notified in Karnataka

In a recent development from the real estate sector, the Real Estate (Regulation and Development) Act (RERA) legislation got notified in Karnataka. Most key provisions of the bill remain unchanged and all ongoing projects have been brought under the ambit of this project.

This makes Karnataka the second major state to notify the act following Maharashtra. The development bodes well for Karnataka and will make the city RERA compliant.

Being on the topic of real estate, the most recent data says that property sales in India have collapsed after Notebandi. But if that's the case, why aren't property prices falling?

If you have struggled for the answer to this question, we highly recommend Vivek's latest writing on this. Read it here.

In the news from Commodity Markets...

Market participants are tracking crude oil after the US government cut its crude production outlook for the next year.

The U.S. Energy Information Administration said late on Tuesday that it expected 2018 crude oil output to rise to 9.9 million barrels per day (bpd) from 9.3 million bpd this year, a 570,000-bpd increase. This was down from last month's forecast 680,000 bpd YoY increase.

Crude oil prices rose after the above announcement yesterday. Investors are now awaiting further cues on this development.

To know the implications of fluctuations in crude oil prices on Indian markets, you can read the stock market commentary from the Daily Profit Hunter team.

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

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