Sensex Continues Momentum; Telecom Stocks Witness Buying

Tue, 28 Mar 11:30 am

   Previous Close   

   Pre-Open   

   09:30 am   

   01:30 pm   

   Closing   

After opening the day on a firm note, Indian share markets maintained their momentum and are presently trading in the green. Sectoral indices are trading on a positive note with stocks in the telecom sector and banking sector leading the gains.

The BSE Sensex is trading up 189 points (up 0.7%) and the NSE Nifty is trading up 57 points (up 0.6%). The BSE Mid Cap index is trading up by 0.7%, while the BSE Small Cap index is trading up by 0.8%. The rupee is trading at 65.12 to the US$.

In a major news from the domestic financial markets, Finance Minister Arun Jaitley introduced four items of legislation that provide for a peak goods and services tax (GST) rate of 40% and the setting up of an authority to protect consumers from profiteering by businesses.

The 40% levy will be allocated equally between the Centre and the states.

Also, a few important changes have been proposed in the bills including zero rating of supplies to special economic zones (SEZs), introduction of duty drawback and the exclusion of Jammu and Kashmir from the definition of 'India' for GST purposes.

With the above developments, the government has set the stage for tabling the bills in Parliament and implementing the landmark tax reform by 1 July 2017. The passage of the Bills by Parliament will pave way for states to introduce state GST (SGST) Bills in their respective houses.

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.

Shrinking share of India's informal economy

Apart from the GST, the Notebandi move by the government will also lead to a value migration from unorganised players to organized players. And companies with solid fundamentals and a competitive moat will capture most of this value.

Our Hidden Treasure team is already on the lookout for opportunities in such companies.

The team consciously make it a point to visit factories and meet management of companies in niche business, at obscure locations. We obviously do not expect all of them to make it to our recommendations... But the few that do are a potential goldmine of sorts in the post demonetization era.

In other news, private forecaster Skymet said that India is likely to receive below-normal rainfall this year owing to an evolving El Nino.

If the forecast turns true, it could prove worrisome for the economy. It can also weigh on many sectors in the economy. The most affected could be the FMCG sector where the companies are eyeing rural consumption to fuel demand.

To protect itself from below-normal rainfalls, India needs to focus on drought mitigation measures that would solve the problem in the long-run. It needs to consider actions that must be taken in years of normal rainfall to build lasting resilience against droughts.

There are many ways to go about this. One is to preserve rainwater during non-drought years. For this, there more water storage facilities need to be added. Also conservation agriculture techniques need to be introduced. Even prevention of water wastage can help a lot.

All of these measures, if adapted efficiently, can work out a great deal to lessen the damage of poor rainfall on the Indian economy.

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

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers