Sensex Continues Downtrend; Energy Stocks Witness Selling

Mon, 27 Mar 11:30 am

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After opening the day marginally lower, the Indian share markets witnessed further losses and have continued their downtrend. Sectoral indices are trading on a negative note with stocks in the energy sector and metal sector witnessing maximum selling pressure.

The BSE Sensex is trading down 145 points (down 0.5%) and the NSE Nifty is trading down 49 points (down 0.5%). The BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading marginally higher by 0.1%. The rupee is trading at 65.11 to the US$.

Most of the stocks in the energy sector are trading on a negative note with Reliance Industries and Suzlon Energy witnessing maximum selling pressure. Reliance Industries share price dropped nearly 2% in the morning trades after market regulator SEBI barred it from dealing in future & options (F&O) segment. The regulator has barred the company from dealing in F&O segment for a period of one year, directly or indirectly, for allegedly indulging in fraudulent trades in Reliance Petroleum in 2007.

Moving on to the news from the initial public offering (IPO) space...The rally witnessed in the primary markets is likely to continue . This we say as companies have lined up IPOs worth Rs 200 billion in the coming months.

The companies include Hudco, NSE, Central Depository Services Ltd, Nakshatra World, Cochin Shipyard, etc.

At present, five companies - Hudco, Central Depository Services Ltd, S Chand and Company, Genesis Colors and Security & Intelligence Services (India) Ltd - have secured Sebi's go-ahead to float their respective public offers.

Further to that, 11 companies including GTPL Hathway, NSE, Bharat Road Network, Tejas Networks, Eris Lifesciences, Salasar Techno Engineering, Au Financiers, Prataap Snacks, PSP Projects are awaiting the regulator's approval to float IPOs.

So the days ahead for the primary markets are set to be filled with activity. But that also begs the question as what should our approach to IPOs be?

We believe it's important to not get swayed by the buoyancy surrounding IPOs. Instead, as with any stock, look for the fundamentals of the business and the attractiveness of valuations in IPOs as well.

We believe that each IPO should be evaluated on its merits, fundamentals, and most importantly, valuations. And this approach is most apt when the hype surrounding IPOs is at its peak.

IPOs can be a good wealth creators if - and only if - they tick the above boxes. If you wish to filter IPOs through our handy, comprehensive checklist, you can download our Handbook of IPOs.

The National Democratic Alliance (NDA) government is likely to table supplementary goods and services tax legislations in Parliament today. As per the news, the legislations are likely to be introduced in the Lok Sabha today and could be taken up for discussion as early as March 28.

Along with the above legislations, amendments to the excise and Customs Act are said to be placed before the House. These amendments are placed to abolish various cess as well as furnish Bills for exports and imports under the new GST regime.

All the above developments have set the stage for implementing the landmark tax reform by 1 July 2017.

We believe that the Goods and Service Tax (GST) is one of the key reforms that will bring about a structural change in the Indian economy. The implementation of the same is bound to bring more companies under the new tax regime, thus providing a level playing field to organized players forming part of sectors having a high proportion of the unorganized segment.

Players from the footwear, plywood, textiles and sanitary-ware sectors are likely to be strong beneficiaries of the above tax legislation. Battery as well as paint and adhesive manufacturers will gain from this move as well.

Sectors that may benefit the most from GST

To get a detailed view on the Goods and Services Tax (GST), you can read Vivek Kaul's report, GST & You: What the Media DID NOT TELL YOU about the GST.

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

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