Sensex Trades Marginally Lower; Auto Sector Witness Losses

Thu, 17 Aug 11:30 am

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Share markets in India are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the auto sector and banking sector witnessing maximum selling pressure. Metal stocks are trading in the green.

The BSE Sensex is trading down 19 points (down 0.1%) and the NSE Nifty is trading up by 4 points (up 0.1%). The BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 64.10 to the US$.

In the news from Goods and Services Tax (GST) space, the cabinet has cleared the Central Goods and Services Tax (CGST) refund scheme with a budgetary allocation of Rs 274 billion.

The development will bring relief to many units in the pharma sector, auto sector, FMCG sector, etc.

As stated in an article in the Economic Times, units in the above sectors, which hitherto enjoyed exemption from central excise for 10 years, will get a refund of 58% of CGST.

Finance Minister Arun Jaitley stated that within the framework of the GST Act, each industry will be entitled to its own refund mechanism during this particular period (i.e. until March 31, 2027).

The Goods and Services Tax became the order of the day last month. And all these months we have been subjected to a relentless propaganda by the government and the supporters of the GST, on how it will change our world, only for good.

Our colleague Vivek Kaul has studied the finer aspects of the GST and predicted what could go right and wrong.

Download his special report - The Good, the Sad and the Terrible (GST).

In the news from global financial markets, minutes from the Federal Reserve's July meeting indicated that Fed policymakers are concerned about the recent decline in inflation. That meant the Fed could delay a rate hike.

The readout of the July 25-26 meeting showed that some members called for halting interest rate hikes until it was clear the inflation trend was transitory.

Apart from that the minutes indicated the Fed was poised to begin reducing its US$ 4.2 trillion portfolio of bonds.

One shall note that the Fed also plans to start normalizing its US$4.5 trillion balance sheet 'relatively soon'. The central bank is said to follow a plan outlined in June to trim its holdings of US Treasury bonds and mortgage-backed securities. Normalising the balance sheet could impact emerging markets.

With the US economy chugging along for many months, the Fed has also been gradually easing off the stimulus it provides to the economy by raising interest rates to more normal levels.

Yet so far, the cost of lending has been slow to respond to the interest rate increases. But as the Fed continues with this policy, consumers who borrow to buy houses, cars, refrigerators, and other items will have to pay more for those goods, the reports noted.

But, why should we in India be worried about which way the American economy and interest rates are headed? As Vivek writes in The Vivek Kaul Letter:

• The answer is simple. The United States still forms around one-fourth of the global gross domestic product (GDP). It remains the largest consumer in the world. And any global recovery isn't going to happen, without the American economy finding its way back to where it was during its heydays or somewhere close to it.

As per a leading financial daily, Reliance Jio Infocomm added as many as 4.3 million active subscribers in June.

This was far beyond the combined number of subscribers for telecom operators Bharti Airtel, Vodafone India, and Idea Cellular. Combined numbers of active subscribers for these telecom companies during June stood at a modest 1.3 million.

Reliance Jio wants to leave no tables unturned to make its 4G venture a success.

The company wants to hit the ground running as reflected in the mouth-watering offer used as a bait to attract the maximum subscribers. The offer not only includes low cost Lyf phones, but lifetime free voice calls as well as ultra-cheap data plans and tariffs. As per the company presentation, the mobile phone data will be priced as low as Rs 50 per gigabyte (GB) which is not only the lowest in the country but also globally.

Jio's Data Pricing Disrupts the Telecom Apple Cart

While this huge price disruption will no doubt benefit the mobile phone users, we are not quite sure whether the pricing math will be sustainable for telecom companies in the long run.

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

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