Sensex Jumps 1,921 Points, FM's Tax Relief, and Top Cues in Focus Today

Mon, 23 Sep Pre-Open

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Share markets in India jumped sharply on Friday after Finance Minister Nirmala Sitharaman announced a slew of measures in her media briefing ahead of the GST Council meet. Both, the Sensex and Nifty registered their biggest single session gain in the last 10 years.

On the sectoral front, gains were seen in the metal sector and realty sector.

At the closing bell on Friday, the BSE Sensex stood higher by 1,921 points (up 5.3%) and the NSE Nifty closed higher by 569 points (up 5.3%).

The BSE Mid Cap index ended up by 6.2%, while the BSE Small Cap index ended the day up by 3.9%.

Speaking of Indian share market in general, if you look at the stock market returns over the years, you will see that the markets have never moved in a linear fashion. Meaning, it has never been a one-way street - only up or down.

Stock markets have always moved in cycles.

The Time to Buy Stocks is Now

Here's what Radhika Pandit wrote about this in a recent edition of The 5 Minute WrapUp...

• 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.
  
  Sarvajeet and I believe we are seeing a similar situation currently.
  
  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.

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

Top Stocks in Focus Today

From the pharma sector, Lupin share price will be in focus today as the company received approval for its sANDA for Levothyroxine Sodium Tablets USP from the United States Food and Drug Administration to market a generic equivalent of UNITHROID, manufactured by Jerome Stevens Pharmaceuticals Inc.

From the banking sector, Yes Bank share price will also be in focus today as Morgan Credits (MCPL), part of the promoter group of YES Bank, sold 2.3% stake in the lender on Thursday. The ownership of the promoter group in the lender has gone down to 15.7% compared with 18% earlier. Rana Kapoor family's stake in YES Bank now stands at 7.4%.

Market participants will also be tracking Tata Motors share price as the company announced it has developed an all-new powertrain technology, Ziptron, that will power all its electric cars going ahead.

Reportedly, the first electric car with this indigenously developed technology will be launched in Q4FY20.

The Ziptron technology comprises an efficient permanent magnet AC motor along with a dust and waterproof lithium-ion battery system, which meets the IP67 standards, the company stated.

FM's Slashes Corporate Tax Rate

Finance Minister Nirmala Sitharaman slashed basic corporate tax rate for the domestic companies to 22% from 30% without exemptions. Also, for new manufacturing companies the rate has been cut down to 15% from 25%.

She added that enhanced surcharge announced in Budget shall not apply on capital gains arising on sale of any securities including derivatives in the hands of foreign portfolio investors.

For buybacks, listed companies announcing share buybacks before 5 July will be exempt from buyback tax.

Here are the key takeaways from the press conference:

• Companies enjoying tax holidays can avail concessional rates after the exemption period
• Minimum alternate tax (MAT) reduced to 15 percent from 18.5 percent for companies continuing to avail exemptions and incentives
• Revenue foregone for reduction on corporate tax and other measures pegged at Rs 1.45 lakh crore per year.

Note that the government has been announcing a series of measures to boost growth that had fallen to six-year low of 5% in the June quarter.

Earlier this month, the government had announced a series of measures to revive the housing sector and boost exports. The GST Council is scheduled to meet today in Goa amid demands from the industry for a fiscal stimulus.

Domestic Air Passenger Count Witnesses a Rise in August

Moving on to the news from the aviation sector... According to the Directorate General of Civil Aviation (DGCA) data, the domestic air passenger count surged 3.9% in the month of August 2019.

As per the reports, domestic airlines flew 117.9 lakh passengers in August 2019, as against 113.5 lakh passengers carried in the same month of last year.

Further, passengers carried by domestic airlines during January-August 2019 were 943.6 lakh as against 914 lakhs during the corresponding period of previous year, registering a growth of 3.2%

In terms of passenger load factor (PLF), SpiceJet was leading among all with 92.4% PLF during the month of August 2019, followed by Air Asia (87.8%), Go Air (87.5%), IndiGo (84.3%) and Vistara (81.8%).

In terms of on time performance (OTP), Go Air has taken lead from the rest with 85.1% of its flights arriving and departing as per schedule from four metro airports, Mumbai, Delhi, Hyderabad and Bengaluru, followed by Air Asia (82.7%) and IndiGo (80.3%).

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

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