Sensex Continues Momentum; ICICI Bank Leads the Gainers

Thu, 20 Oct 11:30 am

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After opening the day on a positive note, the Indian share markets have continued to trade in the green. Sectoral indices are trading on a positive note with banking stocks and telecom stocks witnessing maximum buying interest.

The BSE Sensex is trading up 146 points (up 0.5%) and the NSE Nifty is trading up 36 points (up 0.4%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.8%. The rupee is trading at 66.74 to the US$.

As per a leading financial daily, the Goods and Services Tax (GST) Council's third round of deliberations ended without a decision on the rates structure. Most states objected to a proposal to levy an additional cess on ultra-luxury and demerit goods.

Also, the GST Council was unable to finalize how it will divide its administration between state and central authorities.

The decision has now been pushed to early next month. Finance Minister Arun Jaitley told a media conference that the GST Council will meet next month on November 3-4 to decide on the GST rates structure.

Early this week, it was reported that the government is looking for a four tier tax structure with the highest incidence of tax at 26%.

As per us, GST could be a potential game changer for the Indian economy if implemented in the correct manner. All things considered, it could add another 1-2% to GDP growth every year on a sustainable basis. However, the four tier tax structure would complicate things and hamper its implantation. This would have a negative impact on the benefits of this massive tax reform.

The implementation of GST must be a high priority for the government in order for it to be effective. The government will have to address some key issues between various states and ensure that the GST proves to be a boon and not bane for the country.

To know more about GST, please read Vivek Kaul's report - GST & You: What the Media DID NOT TELL YOU About the GST.

As far as financial markets are concerned, we have reminded our readers that GST should not change one's perception about businesses and the way they value them. In other words, following a bottom-up approach and picking undervalued stocks during such times could prove to be the best play.

In another news from the global financial markets, China's economic growth steadied in the third quarter. The Chinese economy clocked a 6.7% YoY growth in the third quarter of 2016. This was seen on the back of easy credit, a hot property market and other stimulus measures by the government.

This expansion in GDP was paced by services industries that expanded 7.6% during the first nine months of the year.

While the numbers revived optimism, economists said continuing stimulus measures are masking deeper-set problems of industrial overcapacity and high levels of corporate debt in China.

The Chinese government is doing all it can to revive its drifting economy. Earlier this month, China declared to cut red tape and ease rules for foreign investors in order to boost the economy and counter a decline in private investment. Not only this, but the Chinese government also decided to block new projects in sectors that are plagued by overcapacity. Some of these sectors in China are steel, coal, and aluminum. Despite these measures, the Chinese trade data for September came in lower than expected.

We believe China needs to do a lot more to come out of the ongoing economic slowdown. While stimulus measures by Chinese government had provided some relief, sluggish demand and excess capacity are threatening to reverse China's economic engine, which had been moving at a frenzied pace for decades.

Regarding stock markets, many are worried that China's slowing economy will bring more concern for Indian markets. However, we believe that a crash can be an ideal time to bet on solid Indian companies that are well-shielded from any adverse developments in China. These companies can turn into bargain buying opportunities.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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