Sensex Remains Flat; IT Stocks Witness Selling Pressure

Fri, 23 Dec 11:30 am

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After opening the day flat, the Indian share markets registered marginal gains and are trading near the dotted line. Sectoral indices are trading on a mixed note with stocks in the consumer durable sector and capital goods sector witnessing maximum buying interest. IT stocks are trading in the red.

The BSE Sensex is trading up 39 points (up 0.2%) and the NSE Nifty is trading up 11 points (up 0.1%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.2%. The rupee is trading at 67.91 to the US$.

The latest economic data showed that the US economy advanced at a faster pace in the last quarter than expected. This was seen on the back of bigger contributions from a range of factors including services spending, intellectual property, and construction by state and local governments.

Gross domestic product (GDP) rose at a 3.5% annualized rate in the three months ended in September. The rate was revised up from last month's 3.2% estimate, and is the strongest quarterly pace of growth in 2 years.

Household purchases, which account for almost 70% of the economy, grew at a 3% annualized rate. This was stronger than the 2.8% pace previously estimated and primarily reflected higher spending on services.

Corporate spending on equipment decreased at a 4.5% annualized pace in the third quarter, compared with the 4.8% decrease previously estimated. Further, the final sales to domestic purchasers increased at a 2.1% rate, compared with the prior estimate of a 1.7% pace.

While the above data came as a welcome breather for the US markets, what one shall note is the US economy has grown at about a 2% pace since the recession ended in 2009. This is the slowest average rate of any expansion since at least 1949.

In the news from domestic markets, the Goods and Services Tax (GST) council yesterday cleared a substantial part of the central legislation for the proposed tax regime. Further, the issue of division of tax administration between the centre and states that can possibly delay the implementation of the new tax regime will be taken up today.

The above developments mark as a progress towards the GST reform. The government is keen to roll out the new regime from April 1, 2017. However, pending issues have made the law not likely to be rolled out from April 1, 2017.

Earlier last month, the government finalised the tax rates for GST. The development came as GST Council decided upon a multi-layered tax rate system. The Council finalised a four-tier tax structure, with the tax rate on items of mass consumption at 5%. Other slab rates are 12%, 18%, and 28%. To get a detailed view on the Goods and Services Tax (GST), you can read Vivek Kaul's report, GST & You: What the Media DID NOT TELL YOU about the GST.

In the news from commodity markets, crude oil is witnessing buying interest this week. Positive cues such as strong US economic data, a halt in the dollar rally, and optimism that crude oil producers would follow the agreement to limit output has led crude oil extend its uptrend form last week. This positive trend is seen in the chart below:

Crude Oil Trades on a Positive Note

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

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