Indian Indices Down 1%; Realty, Auto Stocks Tank

Mon, 24 Sep 0

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After opening the day flat share markets in India are trading on a negative note and are presently trading below the dotted line. Sectoral indices are trading on a mixed note, with stocks in the FMCG sector and stocks in the metal sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 381 points (down 1%) and the NSE Nifty is trading down by 125 points (down 1%). Meanwhile, the BSE Mid Cap index is trading down by 2%, while the BSE Small Cap index is trading down by 2.4%. The rupee is trading at 72.56 to the US$.

In news from the commodity sector. Oil prices are seen rising all over the country as the rupee continues to underperform amid rising crude oil prices.

Petrol prices in Mumbai hit the Rs 90 per litre mark for the first time ever today, on the back of a weakening rupee.

The Indian rupee is the worst performer in Asia in 2018. It has fallen by around 12% against the US dollar this year.

Indian Rupee is the Worst Performing Currency in Asia

The rupee is under pressure due to a strong dollar and high oil prices. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey is weighing on the rupee.

The falling rupee is also triggering sales of bonds and stocks, which in turn is further pressuring the rupee.

Nevertheless, last week, the government announced several measures. This includes cutting down non-necessary imports, removal of withholding tax on rupee-denominated bonds, and easing overseas borrowing norms.

That said, in the near term, the rupee being under pressure could benefit export-oriented businesses.

The recent Smart Money Secrets recommendation will benefit from the rupee depreciation.

The company derives around 65% of the revenue from exports. The icing on the cake is the company's focused entry into the B2C segment, which provides it a long runway for future growth.

If you're a Smart Money Secrets subscriber, read the detailed report here.

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Moving on to news from stocks in the oil and gas sector. ONGC share price is in focus today after it was reported that the company's subsidiary was hit with a tax demand.

The tax department has slapped ONGC Videsh Ltd (OVL) a service tax demand of Rs 76 billion on remittance the firm makes to its overseas subsidiaries for past one decade.

OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has stakes in 41 projects in 20 countries spanning from Venezuela to New Zealand. For the operations of these projects, the local units and joint ventures would raise a demand for money on the parent, OVL, which would transmit the funds.

According to the reports, the service tax department now contends that the overseas units are rendering a service to OVL and as such the company is liable to pay service tax at the full rate.

However, OVL maintains that it has no such service tax liability and will contest the demand.

OVL had reported a net profit of Rs 9.8 billion in 2017-18 fiscal on a turnover of Rs 129 billion.

At the time of writing, ONGC share price was trading up by 2.1%.

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