Indian Indices Open Weak

Wed, 11 May 09:30 am

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Major Asian stock markets have opened the day on a mixed note. Stock markets in China and Japan are trading higher by 0.6% each. Whereas, stock market in Hong Kong is trading lower by 0.7%.

Benchmark indices in Europe and US ended their previous session on an encouraging note with stock markets in US ending the day higher by 1.3%. The rupee is trading at 66.72 per US$.

Indian stock markets have opened the day on a negative note. The BSE Sensex is trading lower by 212 points (down 0.8%) and NSE Nifty is trading lower by 72 points (down 0.9%). Both, BSE Mid Cap and BSE Small Cap are trading lower by 0.7% and 0.8% respectively.

Major sectoral indices have opened the day in red with stocks from telecommunication and metal sectors witnessing maximum selling pressure.

As per an article in leading financial daily, India has gained the right to tax capital gains arising in Mauritius and Singapore from sale of shares acquired on or after 1 April 2017.

Under the earlier bilateral agreement between India and Mauritius, capital gains from sale of securities have been taxable only in Mauritius. Moreover, the levy in Mauritius was close to zero. The benefit of this treaty induced many foreign investors to route their money to India through Mauritius. The foreign investors used to set up dummy entities in Mauritius and then route their money to India.

On account of this clause, majority of the foreign direct investment used to come to India through Mauritius and Singapore. 50% of the foreign direct investments in the country between 2000 and 2015 came in from Mauritius and Singapore.

Further, only genuine companies set up in Mauritius having a total expenditure of more than Rs 27 lakh in the preceding 12 months will be able to benefit from the earlier tax treaty and not pay capital gains tax in India. Rest, will have to pay tax on shares acquired post 1 April 2017.

The capital inflows in India are expected to take a considerable hit on account of the new treaty. However, one big positive is that the government will not impose capital gains on any retrospective investment made till 1 April 2017. Stock markets may witness a knee-jerk reaction on account of this tax pact. Meanwhile retail investors need to keep their portfolio resilient to short term shocks by keeping a close eye on fundamentals and valuations.

In another news update, Tata Motor newly launched hatchback named Tiago has garnered nearly 100,000 enquiries. The company's disruptive pricing might have played a big role in drawing the customer attention. The entry level petrol version of the car costs around Rs 3.2 lakh.

Reportedly, the pricing pushes it to the Maruti Alto K10 bracket, but it has features to take on Maruti Celerio or a Hyundai i10. Dealers claim that there is a wait period for the car, which may run into four weeks. This seems to be a positive development for the company especially after the failure of Bolt and Zest model.

The company has slipped in the fifth position in the Indian passenger car market, with an overall share of 5.6%. The traction from Tiago will provide the much needed thrust to the company who has been continuously losing market share in the Indian market. The stock is trading lower by 1.7%.

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