Gold Continues Downtrend, GST on Electricity, and Top Buzzing Stocks Today

Mon, 28 Sep Pre-Open

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Indian share markets ended on a strong note on Friday, tracking firm global cues.

Investors took relief from news that Democrats in the US House of Representatives are working on a US$ 2.2 trillion coronavirus package that could be voted on next week. If that attempt to pass the bill is successful, it can give a massive boost to the economy and the world markets.

Sentiment also got a boost after reports stated that the Narendra Modi government is just weeks away from announcing another round of stimulus measures aimed at creating jobs and pushing demand, as it looks to turn around India's ailing economy which saw its steepest ever contraction in April-June.

At the closing bell on Friday, the BSE Sensex stood higher by 835 points (up 2.3%).

The NSE Nifty closed higher by 245 points (up 2.3%).

HCL Technologies and Bajaj Finserv were among the top gainers.

The BSE Mid Cap index ended up by 2.9%.

The BSE Small Cap index ended up by 2.3%.

On the sectoral front, gains were largely seen in the telecom sector and IT sector.

Speaking of stock markets, in our latest episode of Investor Hour Podcast, India's #1 trader Vijay Bhambwani joins Rahul Goel to talk about his views on stock market, currencies, his trading strategy, and more...

In the podcast, Vijay talks about the volatility in the benchmark indices. Instead of trading for short-term profits of 5-10%, he thinks it's a far better idea to wait for the big profit trades. These are longer-term trades which can pay out anywhere between 50-80%.

Tune in to know more:

Top Stocks in Focus Today

Cipla and Granules India will be among the top buzzing stocks today.

Shares of Cipla surged 5% in intraday trade on Friday after the company said it has received US Food & Drug Administration (USFDA) approval for the generic version of Biogens Tecfidera (Dimethyl Fumarate) DR capsules in the US.

The drug, indicated for the treatment of relapsing forms of multiple sclerosis, had annual US sales of US$ 3.8 billion.

Meanwhile, Granules India share price gained 10% on Friday after USFDA gave its approval for Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg/25 mg (OTC).

Granules now has a total of 31 Abbreviated New Drug Application (ANDA) approvals from USFDA (29 Final approvals and 2 tentative approvals).

From the FMCG sector, Tata Consumer Products will be in focus today as the company is weighing a non-binding bid for the vending machine business of Coffee Day Enterprises.

Reportedly, the board of Tata Consumer Products has approved a proposal to explore an acquisition of the operation from Coffee Day. Coffee Day is seeking a valuation of about Rs 20 billion for the vending machine business.

Market participants will also track TCS share price as the company has partnered with Maurices, a women's fashion-apparel retail chain in the US and Canada, to help create a new flexible and scalable IT landscape for the latter.

Power Ministry Begins Discussions on Bringing Electricity Under GST

In news from the power sector, as per an article in The Economic Times, the power ministry has begun deliberations on bringing electricity under Goods and Services Tax (GST), as a recent study it conducted showed that this would reduce per unit cost of power to generation, distribution and transmission companies by 17 paise per unit, leading to big savings for consumers.

The article stated that government is weighing pros and cons of bringing electricity under GST.

The ministry has asked NTPC and the Central Electricity Authority (CEA) to study and report the benefits and challenges.

The article stated that the cumulative per unit input costs will be reduced by 17 paise per unit for generation, transmission and distribution companies, as input tax credit will be available to them. The per unit tariff to consumers would come down and benefit the power sector as a whole.

Electricity prices for Indian industries are one of the highest in the world as states charge high tariffs to subsidize agricultural and residential consumers.

All power companies have been supporting GST on electricity, citing lower tariffs to end consumers including industrial units, which in turn may boost the demand for power in the country.

A government official said that high-cost, low-quality power supply is rendering industrial units uncompetitive and adversely affecting the government's Atmanirbhar Bharat campaign at a time when the country's installed generation base is highly underutilized.

Data shows that India's thermal power plants operated at 53% capacity in July this year against 55% a year ago.

How the above developments pan out remains to be seen. Meanwhile, we will keep you update don all the news from this space.

Gold Sees Huge Losses Last Week

Gold prices witnessed selling pressure last week. The yellow metal was trading down by 0.5% at Rs 49,679 per 10 grams at the time of closing stock market hours on Friday.

Domestic gold prices eased last week as doubts over the yellow metal's festive demand continued to outweigh other factors, including an uncertain global economic outlook and rising unemployment.

Losses were also seen as US dollar is being seen as the preferred safe haven asset amid renewed risk aversion in global financial markets.

Gold also weakened as ETF investors also chose to remain on the sidelines.

During last week, gold was down about Rs 2,000 per 10 grams, while silver slumped Rs 9,000 per kg.

How the yellow metal performs this week remains to be seen. Stay tuned to get all the updates from this space.

Speaking of gold, in one of our recent episodes of Investor Hour Podcast, Jim Rogers joins Rahul Goel to talk about gold and more...

In the podcast, he tells that he was buying gold and silver and would buy even more. He believes you can get rich with investments in gold and silver.

Listen in to the podcast here.

To know more about gold, just visit our  HYPERLINK "https://www.youtube.com/playlist?list=PLouEzv5yQrJydv1WkG9aWMkjP6cJ3chTq&utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" \t "_blank" Youtube Playlist on gold investing.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

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