Sensex Trades Marginally Lower; Power Stocks Witness Losses

Fri, 15 Sep 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 power sector and realty sector witnessing maximum selling pressure.

The BSE Sensex is trading down 90 points (down 0.3%) and the NSE Nifty is trading down by 39 points (down 0.4%). The BSE Mid Cap index is trading down by 0.7%, while the BSE Small Cap index is trading down by 0.3%. The rupee is trading at 64.09 to the US$.

In the news from GST space, as per an article in the Economic Times, the tax department is planning to conduct searches and surveys across India to bring more companies under the tax regime.

The searches could start as early as next week and would have focus on checking if any company was purposely avoiding to come under the Goods and Services Tax (GST) umbrella or if there was a genuine problem.

As per the news, tax officers would conduct physical verification of premises in several areas and check the GST certificates in cases where they have been issued.

This marks a positive development and will benefit the economy as well as the organized players who have been facing competition from unorganized markets.

Speaking of GST, the Goods and Services Tax became the order of the day at the start of this 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.

Downl0oad his special report - The Good, the Sad and the Terrible (GST).

In other news, a report by SBI stated that the country's gross domestic product (GDP) is likely to remain below 6% in the second quarter of FY18. This, as per the report, is because of muted agriculture growth and sluggish performance of manufacturing and mining sector.

One shall note that Indian GDP growth hit a three-year low of 5.7% in the June quarter, as can be seen from the chart below. The after effects of Notebandi and the Goods and Service Tax (GST) were mainly responsible for this slowdown.

GDP at 3-year Low Post Notebandi and GST

While actual GDP figures for the upcoming few quarters are said to be critical, growth is expected to normalise as businesses start aligning themselves to the post-GST regime. But only growth will determine how well the Indian economy has adapted to GST.

In the news from commodity markets, gold is witnessing buying interest today. Gains are seen as market participants sought safe-haven bets after North Korea's latest missile launch.

Gains, however, were limited as strong US inflation data raised the hopes for another interest rate hike.

To keep a tab on the movements in gold and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

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

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