Indian Stock Market Opens Flat

Wed, 6 Jan 09:30 am

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   11:30 am   

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Major Asian stock markets have opened the day on a negative note. Stock markets in Japan and Taiwan are trading down by 1.3% and 1.2% respectively. However, stock indices in Europe and US ended their previous session on a positive note. The rupee is trading at 66.54 per US$.

Indian stock markets too have opened the day on a flattish note. The BSE Sensex is trading lower by 9 points (down 0.04%) and NSE Nifty is trading lower by 6 points (down 0.07%). However, Both BSE Mid Cap and BSE Small Cap are trading higher by 0.2% and 0.4% respectively. Sectoral indices have opened the day on a mixed note with stocks from banking and pharmaceutical sector witnessing selling pressure. However, stocks in capital goods sector are in demand.

Yesterday, we wrote about Mahindra & Mahindra (M&M), Tata Motors, Toyota Kirloskar and Mercedes-Benz filing petitions in the Supreme Court seeking a review of the ban on diesel vehicles above 2,000cc.

However, Supreme Court has refused to lift the ban citing various reasons. Reportedly, the key reasons cited by the court were, one the pollution levels in the city have gone down by 30% following several steps. The steps taken to curtail pollution were diversion of commercial vehicle outside Delhi, higher environmental cess on outside vehicles entering the city, odd-even vehicles rule on alternate days and banning of sale of diesel vehicles above 2,000cc.

The auto majors contested that the diesel engines above 2,000cc contributed to less than 0.2% of the pollution in the city. However, Chief Justice of India Mr Thakur stated that the Supreme Court is thinking of expanding this order to vehicles under 2000cc. Further, court also persuaded Delhi Government to phase out old government diesel vehicles. To add to this, court also asked government to consider switching from BS IV fuel to BS VI by 2020. BS VI fuel emits less pollution as compared to BS IV. Further, court has ordered the government to increase its fleet of buses, metro trains and luxury AC buses.

As per an article in leading financial daily, telecom companies might be forced to increase voice and data tariffs in order to compensate for the Telecom Regulatory Authority of India (TRAI) policy on call drop outs. TRAI has passed an order that telecom companies will have to recompense for the call drops faced by the customers. Consequently, telecom operators will have to pay customers Re 1 for each call that gets dropped from their end from 1 January 2016. However, compensation was capped at Rs 3 per day per subscriber. Telcos stated that the call drop levy may lead to an additional burden of around Rs 540 billion on their books annually.

Already burdened with significant investments in the 3G and 4G spectrums, telecos will not be able to bear the additional cost of call drops and will have to pass on the same to the consumer.

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