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Indian Markets Open Firm
Thu, 10 Dec 09:30 am

Barring China, major Asian stock markets have opened the day in red, with stock markets in Japan (down 1.1%) and Taiwan (down 0.7%) being the top losers. Major stock indices in Europe ended their previous session on a weak note. Markets in US too ended on a dismal note with benchmark indices falling by 1.5%. The rupee is trading at 66.75 per US dollar.

Indian stock markets have opened the day on a positive note. BSE-Sensex is trading higher by 100 points (up 0.3%) and NSE-Nifty is trading higher by 30 points (up 0.4%). After taking a beating yesterday, both S&P BSE Midcap and S&P BSE Smallcap are trading higher by 0.2% and 0.6% respectively. Major sectoral indices have opened in green. Stocks from Metal and information technology sector are witnessing maximum buying interest.

As per an article in leading financial daily, consumers will have to shell out more money for passenger vehicles from the beginning of 2016 as various automobile companies are planning a price hike. This step comes on the back of persistent weaker rupee since some time now. This has made the imports costlier, thereby putting pressure on some automobile companies to increase their prices. Reportedly, there is a high component of imported raw material used for the manufacturing of the cars.

Manufacturers such as Hyundai, Honda, Toyota, Nissan, Audi will increase the prices of their models within a range of 1% to 3%. However, Maruti Suzuki and Tata Motor's stated that they have no plans as of date to increase the prices. Maruti had recently increased the prices in August. Provided Maruti goes for a price increase in January 2016, it would be a second price hike within a short period of time.

The sales growth of automobiles for the first eight months was around 8.5% YoY. This probably gives confidence to the manufacturers that the sales volume won't be affected owing to a slight increase in the prices.

As reported in a leading financial daily, indirect taxes reported an increase of 34.3% during the April-November period. The spike in the collection was owing to a robust increase in the excise duty collection which grew by 67.2% during the period under consideration. This sharp surge in excise also, suggests a gradual pick-up in the economic activities.

The government's additional measure for increasing the excise on petrol, diesel, clean energy cess coupled with withdrawal of exemption for motor-vehicles, capital goods and consumer durables have also contributed to the increase in the collections. To add to this, increase in the rate of service tax from 12.36% to 14% also helped in better tax collections.

The higher collection of indirect tax will partially offset the likely shortfall from the direct taxes. This is also expected to help the government to maintain the targeted fiscal deficit levels.

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Mar 23, 2018 (Close)