Auto Stocks Lead the Gains

Tue, 31 May 01:30 pm

   Previous Close   

   Pre-Open   

   09:30 am   

   11:30 am   

   Closing   

Indian indices are trading on a flattish note in the post-noon trading session. Sectoral indices are trading on a mixed note with stocks from the auto and realty sectors leading the gains. Telecom and healthcare stocks are however trading in the red.

The BSE Sensex is trading down by 58 points (down 0.2%) and the NSE Nifty is trading down 6 points (down 0.1%). The BSE Mid Cap index is trading flat while the BSE Small Cap index is trading down by 0.2%. Gold prices, per 10 grams, are trading at Rs 28,635 levels. Silver price, per kilogram is trading at Rs 38,720 levels. Crude oil is trading at Rs 3,338 per barrel. The rupee is trading at 67.24 to the US$.

As per an article in Economic Times, the government has rolled back its Budget decision to apply 1% tax collection at source (TCS) on cash purchases of gold jewellery of Rs 2 lakh and above. Further, it has also raised the threshold to the earlier Rs 5 lakh with effect from June 1.

The development is likely to boost demand for gold jewellery and has led to a buzz in the gold and jewellery stocks today.

The above decision follows Finance Minister Arun Jaitley's proposal for 1% excise tax on non- silver jewellery. This announcement sparked a nationwide strike of 45 days by jewelers that ended unsuccessfully in mid-April.

TCS was introduced as a measure to curb tax evasion and check black money transaction in India. In 2012, TCS of 1% was imposed on cash purchase of jewellery worth Rs 5 lakh or more and of bullion worth Rs 2 lakh or more. The government in this year's budget had reduced the TCS threshold on jewellery to Rs 2 lakh.

One of the articles from the Vivek Kaul's Diary discusses how gold jewellery remains a major way in which black money is stored and why the government needs to crack down on this.

Moving on to the news from the pharmaceuticals space. Sun Pharmaceutical Industries is reportedly expecting 8-10% growth in consolidated revenue in FY17.

The company expects its newly acquired branded drug business in Japan to contribute to revenue from second half of FY17. The guidance also takes into account continued impact of remedial measures at Halol plant and gains from sale of anti-leukemia drug Gleevec for which it has 180-day exclusivity.

Furthermore, the company will focus on building specialty business in the US and this may see a short term impact on its profitability. It is also going to increase spend on research and development to around 9% of sales.

On a separate note, the company's US subsidiary Sun Pharmaceutical Industries Inc (SPII), has received a grand jury subpoena from the anti-trust division of the US Department of Justice seeking documents from the company and its affiliates (subscription required). The subpoena is pertaining to corporate and employee records, generic products and pricing, communications with competitors and others regarding the sale of generic pharmaceutical products. The company is responding to the Justice Department's subpoena, and reportedly the outcome of the inquiry is unlikely to have any adverse material impact on operations or financial results.

Presently the stock of Sun Pharmaceuticals is trading down by 5.9%.

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