Sensex Ends Day in Green; PSU Stocks Lead Gains

Mon, 30 Jul Closing

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After opening the day in green, share markets in India witnessed positive trading activity throughout the day and ended the day in above the dotted line. Most sectoral indices traded in green, with stocks in the PSU sector and stocks in the banking sector, leading the gains.

At the closing bell, the BSE Sensex stood higher by 158 points (up 0.4%) and the NSE Nifty closed up by 41 points (up 0.4%). The BSE Mid Cap index ended the day up 0.3% while the BSE Small Cap index ended the day up by 0.6%.

The rupee was trading at Rs 68.66 against the US$ in the afternoon session. Oil prices were trading at US$ 75.17 at the time of writing.

Asian stock markets finished in red. As of the most recent closing prices, the Hang Seng was down by 0.2% and the Shanghai Composite was down by 0.2%. The Nikkei 225 was down by 0.7%. Meanwhile, European markets too were trading in red. The FTSE 100 was down by 0.1%. The DAX, down by 0.2% while the CAC 40 was down by 0.3%

In news from the GST space. According to ratings agency Moody's Investor Service, the recent rate cuts in the Goods and Service Tax (GST) regime will exert pressure on India's fiscal consolidation and are therefore credit negative.

Moody's said that the revenue loss from the GST rate cuts would be around 0.04%-0.08% of the GDP annually. Although the proportion of revenue loss is small, the vacillation in tax rates creates uncertainty around government revenue and comes amid persistent upside risks to its expenditures.

GST rates on a number of consumer durable items, such as refrigerators, washing machines and small television sets, were lowered with effect from 27 July.

Notably, Finance Minister Arun Jaitley had said that the total revenue loss to the exchequer from all the rate cuts effected since GST rollout on 1 July 2017 was Rs 700 billion.

Note that GST implementation is spurring on a wave of formalization of the economy.

Since the launch of Goods and Services Tax (GST), there were 9.8 million unique GST registrants, an increase of 50% compared to the previous tax regime. There has also been a large increase in voluntary registrations, especially by small enterprises that buy from large enterprises wanting to avail themselves of input tax credits.

A Large Increase in Registered Indirect and Direct Taxpayers

Similarly, after November 2016, 10.1 million tax filers were added compared to an average of 6.2 million in the preceding six years. Further analysis suggests that new filers reported an average income, in many cases, close to the income tax threshold of Rs. 2.5 lakh, limiting the early revenue impact. As income growth pushes many of the new tax filers in time over the threshold, the revenue dividends should increase robustly.

These changes can have profound effects on the Indian economy. With the increasing tax base, the government will have a significant amount of resources to spend on infrastructure, health and education, While the fiscal deficit will be stable.

As organized players gain market share, it will begin to reflect in corporate earnings and stock prices too.

Moving on to news from stocks in the banking and finance sector. HDFC share price was in focus today after the mortgage lender reported robust results for the quarter ended June 2018.

HDFC Ltd reported a 54% jump in standalone net profit to Rs 21.9 billion in the quarter in focus, up from Rs 14.2 billion in the same period a year ago.

Revenue from operations for the quarter increased to Rs 98.8 billion, as against Rs 82.5 billion in the year-ago period.

HDFC's board also approved issuing bonds up to Rs 350 billion on a private placement basis. In addition to the bond issue the lender has also been allowed to raise up to US$ 1.5 billion by tapping into foreign funding through the external commercial borrowing route.

HDFC share price ended the day down 0.8%.

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