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Markets will remain closed on 19th & 20th October 2017.
We wish all our readers a very Happy Diwali!

Indian Indices Trade Marginally Higher; Energy Stocks Witness Buying
Wed, 20 Sep 11:30 am | Monish Vora, TM Team

Stock markets in India are presently trading near the dotted line with positive bias. Sectoral indices are trading on a mixed note with stocks in the energy sector and capital goods sector witnessing maximum buying interest.

The BSE Sensex is trading up 20 points (up 0.1%) and the NSE Nifty is trading flat. The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is trading up by 0.2%. The rupee is trading at 64.37 to the US$.

As per an article in the Economic Times, the government will soon unveil measures to speed up economic growth, generate employment, lift exports, and revive investments in infrastructure.

As per the news, a broad framework to boost the economy was discussed a meeting of ministers and officials chaired by finance minister Arun Jaitley yesterday evening.

This comes as the government is grappled with a slump in GDP growth which stood at a three-year low of 5.7% in the April-June quarter.

GDP at 3-year Low Post Notebandi and GST

The aftereffects of Notebandi and the Goods and Service Tax (GST) were mainly responsible for the above slowdown. The growth was much lower than analyst estimates of around 6.6%.

Manufacturing growth stunted to 1.2% during the quarter compared to 10.7% a year ago. The transition to the GST regime affected the sector as dealers de-stocked and manufacturers offered discounts before GST took effect.

As we have been saying, GST is a much-needed economic reform. It should eventually expand India's narrow tax base and increase government revenues.

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After this decline, the upcoming few quarters will 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 other news, shares of tyre companies are witnessing buying interest today. This comes as the government imposed anti-dumping duty on import of certain type of radical tyres used in buses and trucks to protect domestic manufacturers from below cost imports from China. The ban has been imposed for five years.

The anti-dumping duty has been imposed in the range of US$245.35-452.33 per tonne on new pneumatic radical tyres with or without tubes and/or flap or rubber having rim code above 16 inch. These tyres are used in buses and lorries/trucks.

Stocks of companies such as JK Tyre, TVS Srichakra, Ceat, and Apollo Tyres are witnessing buying interest today owing to the above development.

The above development bodes well for Indian tyre companies and will add to their profitability.

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