SGX Nifty Up 140 Points, GST on Cryptos, How a Strong Dollar Affects Everyone, and Top Buzzing Stocks Today

Tue, 20 Sep Pre-Open

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Yesterday, after opening on a flat note, Indian share markets gained momentum in early hours and continued the uptrend throughout the day.

Gains were however capped as nervousness persisted among investors globally ahead of key central bank decisions due later this week following recession warnings from IMF and the World Bank.

At the closing bell on Monday, the BSE Sensex stood higher by 300 points (up 0.5%).

Meanwhile, the NSE Nifty closed up by 91 points (up 0.5%).

M&M, Bajaj Finance, and SBI Life Insurance were among the top gainers.

Tata Steel, Tata Motors, and Britannia on the other hand, were among the top losers.

The broader markets ended on a negative note. Both, the BSE Mid Cap index and the BSE Small Cap index ended lower by 0.2%.

Sectoral indices ended on a mixed note with stocks in the auto sector, FMCG sector, and financial sector witnessing most of the buying.

While shares in metal sector, realty sector, and telecom sector witnessed maximum selling pressure.

Shares of Ambuja Cement, Escorts Kubota, and India Cements hit their 52-week high.

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Gold prices were trading down by 0.4% at Rs 49,380 per 10 grams, at the time of Indian market closing hours yesterday.

At 7:50 AM today, the SGX Nifty was trading up by 140 points, or 0.8% higher at 17,760 levels.

Indian share markets are headed for a gap-up opening today following the trend on SGX Nifty.

Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today's market and what to expect today, in the video below.

Top Buzzing Stocks Today

Indo-National will be among the top buzzing stocks today.

Shares of Indo-National were locked in the 20% upper circuit at Rs 409.9 on the BSE in Monday's intra-day trade after the company's subsidiary Kineco bagged an order worth Rs 1.1 bn from Integral Coach Factory (ICF), Chennai.

The order is for the supply and installation of modular interiors for Vande Bharat semi-high speed trains (originally called Train 18).

Goa-based Kineco is one of India's leading composite technology provider. Kineco, along with its subsidiaries, is engaged in the business of composites and aerospace.

Kineco's railway division has been supplying composite products to Indian Railways for more than fifteen years, with several innovative product developments to its credit.

Zomato share price will also be in focus today.

Food aggregator Zomato has unveiled its new offering Healthy on the Zomato app in a bid to offer customers healthier food options. The Healthy section has been launched in ten cities across India, including Delhi, Mumbai, Bangalore, Hyderabad, Chandigarh, Pune, Chennai, Jaipur, Ahmedabad and Kolkata.

Speaking with customers, Zomato says it learnt that many people consider outside food to be an enjoyable alternative to home-cooked meals.

With the goal of making healthy eating enjoyable and accessible to customers, the firm grouped together two teams. The first consisted of product managers who had successful health-driven journeys by solely relying on outside food.

Market participants will also track shares of Mafatlal Industries.

The company's board has approved sub-division of existing one equity share having face value of Rs 10 each into five equity shares having face value of Rs 2 each, subject to the approval of shareholders. The record date will be intimated in due course.

The stock split is expected to be completed within two months from approval of the shareholders and subject to necessary approvals.

Mafatlal Industries is engaged in manufacture of plain and pattern woven, yarn and piece dyed, and printed fabrics for apparel, bedding and furnishing, from cotton and blends with polyester.

Crude Heads Higher

Global crude oil prices rose marginally on Monday on the back of the lifting of covid-induced lockdowns in major Chinese cities.

China is among the largest importers of crude oil globally, and mobility restrictions in the country had raised demand concerns. The Chinese city of Chengdu, which was the biggest city to face Covid lockdowns after Shanghai earlier this year, is set to lower restrictions to a two-week lockdown from Monday.

Oil prices have largely been subdued of late due to restrictions in China and concerns of rate hikes by central banks including the US Federal Reserve.

GST on cryptocurrency

The government has started work on a comprehensive indirect tax regime for crypto assets that would check any revenue loss to the exchequer due to the ambiguity around the true nature of these assets.

The finance ministry plans to define the characteristics of cryptocurrencies, their usage, and how they fit into the existing legal framework, two people aware of discussions in the government said. Once its legal nature is decided, the appropriate GST rate will be decided, mint said, requesting anonymity. It could even be a new GST slab between 18% and 28%, they added.

The move indicates efforts of the indirect tax administration to catch up with shifts in the world of technology and finance.

Crypto assets have been a subject of heated debates, with the Reserve Bank of India saying they are a threat to the country's financial stability. Meanwhile, the Centre is in touch with multilateral agencies and the Bank for International Settlements to develop a consensus on regulating such assets.

Experts said while there is clarity on the levy of GST on the fee levied by cryptocurrency exchanges on transactions, there is ambiguity around transactions between parties outside an exchange about whether it needs to be treated as a supply of goods or services or changing hands of money.

Globally, central banks are sceptical about the trend of decentralized finance due to the risks speculative cryptocurrency pose to financial stability, a warning that has turned out to be prophetic after the sharp drop in the value of some of the currencies and the implosion of TerraUSD, a stablecoin, this year.

While the government's current view is that GST will apply only on the margin or service fees and not on the entire value chain or the gross value of the asset, issues like tax treatment of certain transactions like mining or 'airdropped crypto tokens' are being examined.

On the direct tax side, which deals with the income or capital gain from crypto transactions, the Centre introduced a 30% tax on income from crypto assets with effect from 1 April. It also introduced a 1% tax deducted at source (TDS) on payment of virtual assets exceeding ?10,000 in a year and taxation of such gifts in the hands of recipients from 1 July.

Dollar rises again

As of late, the rupee has been falling rapidly. But this is not just India's problem.

The US dollar is experiencing a once-in-a-generation rally. For the rest of the world, that is a big problem.

The dollar's role as the primary currency used in global trade and finance means its fluctuations have widespread impacts. The currency's strength is being felt in the fuel and food shortages in Sri Lanka, in Europe's record inflation and in Japan's exploding trade deficit.

The surge threatens to exacerbate a slowdown in global growth and amplify inflation headaches for global central banks. In a worrying sign, attempts from policy makers in China, Japan and Europe to defend their currencies are largely failing in the face of the dollar's unrelenting rise.

Last week, the dollar steamrolled through a key level against the Chinese yuan, with one dollar buying more than 7 yuan for the first time since 2020. Japanese officials, who had previously stood aside as the yen lost a fifth of its value this year, began to fret publicly that markets were going too far.

The ICE U.S. Dollar Index, which measures the currency against a basket of its biggest trading partners, has risen more than 14% in 2022, on track for its best year since the index's launch in 1985.

The euro, Japanese yen and British pound have fallen to multidecade lows against the greenback. Emerging-market currencies have been battered: The Egyptian pound has fallen 18%, the Hungarian forint is down 20% and the South African rand has lost 9.4%.

The dollar's rise this year is being fueled by the Federal Reserve's aggressive interest-rate increases, which have encouraged global investors to pull money out of other markets to invest in higher-yielding U.S. assets.

Recent economic data suggests that U.S. inflation remains stubbornly high, strengthening the case for more Fed rate increases and an even-stronger dollar.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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