Indian Indices Open in Deep Red

Thu, 7 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 dismal note. Trading in China is halted after the index tanked more than 7%, triggering a circuit breaker. Other Asian Markets have also taken a beating. Stock markets in Hong Kong and Japan are trading down by 2.4% and 2% respectively. Stock indices in Europe and US too ended their previous session on a negative note. The rupee is trading at 66.71 per US$.

Indian stock markets too have opened the day on negative note owing to weak global cues. The BSE Sensex is trading lower by 329 points (down 1.3%) and NSE Nifty is trading lower by 100 points (down 1.3%). Both BSE Mid Cap and BSE Small Cap are trading lower by 1.2% and 1.5% respectively. Sectoral indices have opened the day on a negative note with stocks from automobile and metal and banking sector witnessing maximum selling pressure.

As per an article in leading financial daily, government would prepone the implementation of Bharat Stage-VI emission standards by a year to April 2020. The decision comes a day after Supreme Court refused to lift the ban on diesel vehicles above 2,000cc capacity. Currently, India is implementing BS-IV emission standard. Government has decided to skip the BS-V emission standard and move on directly to the BS-VI. Upgradation to BS-VI will lead to reduction of particulate matter by 80% in addition to reduction of nitrogen oxide level by 83%.This will help significantly to reduce the pollution levels.

Reportedly, adoption of new emission standard will also lead to increases in the prices of vehicles. An estimated increase of Rs 1 lakh for diesel vehicles and Rs 20,000 for petrol vehicles is expected with the switch to BS-VI standard. Appropriate modifications in the engine will have to be carried out by the automobile companies to make them suitable for the BS-VI emission standard. Auto firms, part makers and oil refiners will have to spend anything between Rs 700 to Rs 900 billion in order to be compliant with the BS-VI standard.

Auto majors have raised apprehensions regarding this government order and stated that it would neither be technically possible nor advisable to skip BS-V or advance the onset of BS-VI, before the earlier schedule of 2023.

As per an article in leading financial daily, iron-ore prices rebounded 13% to US$ 43.11 per tonne as compared to US$ 38.3 per tonne on 11 December 2015. The iron-ore prices had depreciated to seven year lows in December 2015. However, prices surged upwards on account of bargain hunting by traders and small steel mills.

Iron-ore producers have cut output globally. However, impact of the same is yet to be witnessed in the prices. Further, iron-ore producers are sitting on a huge pile of stock. States like Odisha and Jharkhand are sitting on an inventory of 128 million tonnes of iron-ore stock.

It is likely that huge piles of stocks coupled with subdued demand from steel manufacturers will not allow iron prices to move up for long.

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