GST Impact on Service Sector, NPA Resolution and Top Stocks in Action

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On Thursday, the share markets in India traded down throughout the day as the banking sector continued to reel under selling pressure following RBI's decision to cut key interest rates.

The BSE Sensex closed lower by 239 points to end at 32,237 while the broader NSE Nifty ended the day lower by 68 points to close at 10,013.

Oil and gas stocks were the sole gainers on Thursday as Hindustan Petroleum (HPCL), Indian Oil Corp. (IOC), Bharat Petroleum (BPCL) ended the day in green, while Coal India, Lupin and SBI were the major losers.

Top Stocks in Action Today

Pharma stocks are likely to be in focus today after the government announced plans to do away with clinical trials for drugs already approved in the overseas markets. The move is expected to reduce the time taken by a company to introduce new drugs in the market from 5-6 years to as few as 45 days. According to the drug regulator, the move will also lower the cost of drugs.

These new rules will make it easier for pharma companies to introduce drugs in India, which are already in use in regulated countries, without going through the lengthy clinical trial process

Banking sector stocks are likely to be in focus today as the Lok Sabha gave its nod for a bill to replace the NPA (Non-Performing Assets) ordinance promulgated on May 7 this year. he Bill --The Banking Regulation (Amendment) Bill 2017 -- sought to amend the Banking Regulation Act, 1949, for this purpose. This would be a major step in helping resolve the NPA menace currently facing the country's banking sector.

Indian Oil Corporation (IOC) will be in focus tomorrow after the oil major declared its quarterly results today. The company reported a 45% fall in net profits at Rs 45.5 billion for the quarter under review as compared to Rs 82.7 billion for the same quarter in the previous year.

Company Earnings That Will Drive Indian Markets Today

Companies which will be reporting June quarter earnings today include Dabur, Apollo Tyres, Hindustan Petroleum (HPCL), Indian Hotels, Mahindra & Mahindra among others.

Services Sector Activity Lowest in Four Years

The introduction of the Goods and Service Tax (GST) has pushed down activity in the services sector to a nearly four-year low in July even as manufacturing activity reels at an eight-and-a half-year low.

The widely-tracked Nikkei Purchasing Managers' Index (PMI) on Thursday showed that PMI for the dominating sector of the Indian economy plunged to 45.9, its lowest level since September 2013.

In June, PMI was at an eight-month high of 53.1.

The Services PMI is the reading of the country's services sector output and is updated monthly. A reading above 50 indicates expansion, while any score below the mark denotes contraction.

According to the survey participants confusion over GST caused a contraction in new work, leading to lower activity. This is in stark contrast to improving demand conditions and marketing efforts leading to a higher share of new work over the past four months.

But despite this slowdown, many expect GST to boost business activity in the long-run.

In our view, GST is a complicated topic, the exact implications of which will be obvious over next few years. Our colleague Vivek Kaul has studied the finer aspects of the GST and predicted what could go right and wrong.

To know more, download his special report - The Good, the Sad and the Terrible (GST)

Cochin Shipyard IPO Oversubscribed 76 Times on Final Day

The initial share sale offer of Cochin Shipyard was oversubscribed by over 76 times on the final day of bidding yesterday.

The IPO received bids for 2.5 billion shares against the total issue size of 33.9 million shares, data available with the NSE showed.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

However, we don't need thousands of IPOs to get rich. That's not how super investors make their fortunes. But a few good IPOs could certainly become the multibaggers in your portfolio in a few years.

We have reviewed each of them and have released their recommendation notes. You can check the same on their IPO page.

Download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

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

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Indian Share Market Update: Top Gainers and Losers