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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian Indices Open Flat
Thu, 8 Sep 09:30 am

Major Asian stock markets have opened the day on a mixed note with the stock markets in Hong Kong (up by 0.39%) leading the gains and Japan (down 0.45%) leading the losses. Benchmark indices in the US and Europe ended their previous session on a positive note. The rupee is trading at 66.45 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading lower by 32 points (down 0.1%) and the NSE Nifty is trading lower by 12 points (down 0.1%). The BSE Mid Cap is trading down by 0.1%, while the BSE Small Cap is trading higher by 0.4%.

Sectoral indices have opened the day on a mixed note. Stocks from oil & gas and metal sector are witnessing maximum buying interest. IT stocks are trading in the red.

Union Finance Minister Arun Jaitley said that the April 1, 2017, deadline to roll out the Goods and Services Tax (GST) was stiff. This he said was because of a few hurdles that lie ahead in the implementation of GST.

According to an article in the Economic Times, Jaitley stated that the Centre and states were running against time, and there still remains some pending issues, which the council will have to resolve. Further, a senior finance ministry official said there were three issues that remain pending viz. GST rates, dual control over assessment and scrutiny of assesses, and geographical or area-based exemptions.

One must note that more than half of the states have ratified the Constitution Amendment Bill. With that out of the way, only the President's assent is left to make it a law.

As far as our views on GST are concerned, we believe that while the bill has been approved by most of the leading parties and states, the tax is far from a done deal. The GST council, a very important part of the process, will need to be set up. It will be the job of the council, which will be two-thirds represented by the states, to decide on the GST rate, after which three GST Bills (Central GST, Integrated GST, and State GST) mentioning the actual rates will be sent to Parliament and state assemblies for approval. To know more about GST, please read Vivek Kaul's report titled GST & You: What the Media DID NOT TELL YOU About the GST.

As for market participants, the question is this: Will the landmark GST Bill make you go out there and buy stocks in large numbers? One of the editions of The 5 Minute WrapUp titled 'GST Approved: Time to Buy Stocks by the Fistful?' answers this question.

Moving on to the news from the commodity space... Crude oil futures are witnessing buying interest. Prices of the commodity spiked after the release of inventory data from the American Petroleum Institute (API). The data showed a 12-million-barrel drop in the US crude oil supplies for the week of August 28. This was recorded as the largest drawdown in crude inventories since the 12.4-million-barrel drop reported in March 2013. Along with this, a firm trend in Asian markets coupled with a weaker dollar meant gains for crude oil.

This rise in prices is followed by losses seen during the last week. During the last week, crude oil witnessed its worst weekly decline since January.

With these triggers, does it make sense to bet on oil? Are crude oil companies a good long-term investment? One of the editions of The 5 Minute WrapUp says This Could Be the Biggest Buying Opportunity Out There.

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

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Nov 21, 2017 (Close)

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