Sensex Opens Over 200 Points Up; Automobiles and Energy Stocks Gain

Wed, 18 Sep 09:30 am

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Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.1% while the Hang Seng is flat. The Shanghai Composite is trading up by 0.4%. Wall Street ended higher on Tuesday as the impact of weekend attacks on Saudi Arabia's biggest oil refinery faded and investors awaited a widely expected Fed interest rate cut on Wednesday.

Back home, India share markets opened higher. The BSE Sensex is trading up by 207 points while the NSE Nifty is trading up by 63 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.6%.

Barring IT stocks and FMCG stocks, all sectoral indices have opened the day on a positive note with oil & gas and automobiles stocks witnessing maximum buying interest.

The rupee is currently trading at 71.48 against the US$.

In the news from the Indian economy. With the government desperate to reverse the prevailing economic slowdown, the GST Council is all set to make major announcements today.

The council will discuss the agendas on tax cuts for sectors with the high-consumer interface or high distress amid a significant fall in demand and sales.

Today's GST Council meeting, as per the agenda paper, may take up automobiles, hotels, biscuits, matchsticks and outdoor catering segments for resetting of the GST rates.

The automobile sector, which is virtually driving the current economic slowdown, has been demanding a reduction in GST on cars to 18% from 28% for long.

The auto players feel the GST meet is happening at the right time in a few days from now, the festive season will kick-start, and companies will roll out offers to boost sales.

Auto players have also demanded a significant GST cut for low engine capacity two-wheelers, which are not luxury items.

With the GST collection dipping to sub Rs 1-trillion-mark last month, the Council is also considering raising the taxes on items, which are unofficially called "sin goods", like tobacco. The move could help the Centre increase its revenue; the reports noted.

Speaking of current economic slowdown, if you look at the returns over the years, you will see that the markets have never moved in a linear fashion.

It has never been a one-way street - only up or down.

Stock markets have always moved in cycles.

If you would have bought stocks when either the Sensex or the Smallcap index was in a downturn, you would have made big returns once the cycle turned and the bulls took over.

The Time to Buy Stocks is Now

The economic slowdown does not herald the end of the world or for that matter the end of India. It's a phase and like all phases - This too shall pass.

The real question is - Are you taking advantage of these price declines to buy quality stocks?

Moving on to the news from the oil & gas sector. Petrol and diesel prices on Tuesday saw the biggest hike since July 5 Budget as India voiced concern over spike in global oil prices following attacks on Saudi Arabian crude oil facilities.

Petrol price was increased by 14 paisa per litre to Rs 72.2 and diesel by 15 paisa to Rs 65.6 per litre in the national capital.

This increase is the biggest single-day hike since the July 5 maiden Budget of Finance Minister Nirmala Sitharaman that raised rates by almost Rs 2.5 a litre due to an increase in excise duty on fuel.

The increase in retail prices on Tuesday followed nearly 20% surge in international oil prices in intraday trading in response to attacks halving Saudi Arabia's output, before closing nearly 15% higher at 4-month highs.

On Tuesday, international oil prices slid, although the market remains on tenterhooks over the threat of a military response to the attacks.

Brent crude was down 0.5%, at US$68.66 a barrel.

Reportedly, India imports 83% of its oil needs. Saudi Arabia is its second-biggest supplier after Iraq.

It sold 40.3 million tonnes of crude oil to India in FY19, when the country had imported 207.3 million tonnes of oil.

So, what do these drone attacks on Saudi's oilfields mean for oil prices?

In his latest video, Vijay Bhambwani addresses the conspiracy theories surrounding the Saudi drone attacks.

Did the Saudi's do it themselves to push up oil prices before Saudi Aramco's initial public offer?

Vijay's deep understanding and insights from this space makes you look at this burning issue from a different perspective.

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