Home / Business / Money / Sensex rises, Nifty flat; MM, Lupin, Tata Motors down 1-2%

Sensex rises, Nifty flat; MM, Lupin, Tata Motors down 1-2%


TheNewsInternational Team

1:45 pm

Yogesh Dhingra, CFO & COO of Blue Dart , believes that even if the Goods and Services Tax (GST) Bill is passed in the Winter Session, it will take atleast two to three years for the tax’s benefits to become evident.

Speaking to CNBC-TV18, Dhingra said that initial years will be difficult as there could be some hike in administrative costs due to the new tax.

On the business front, he expects significant volume growth and improved capacity utilization. Margins will not be under any impact, he added. The recent Chennai floods has impacted business considerably, he said.

1:30 pm Real estate: A “great unwinding” on the part of high-net-worth individuals (HNIs) is taking place in Indian stocks, and smart money is moving out from equities to — you read that right — real estate. That is the view of Ajay Srivastava, CEO of Dimensions Consulting, who says that the recent decline in stocks has unnerved investors who were looking for quick gains. “They’ve been sitting on losses, after having realized that the expectation of 20 percent returns this year is not happening,” Srivastava told CNBC-TV18 in an interview, adding that a number of premium real estate projects in plush areas such as south Mumbai have attracted investor attention of late.

Don’t miss: India has world’s 3rd largest base of tech startups, says Google

The market has risen with support. The Sensex is up 91.39 points or 0.4 percent at 25127.44 and the Nifty is up 26.60 points or 0.3 percent at 7639.10. About 1547 shares have advanced, 920 shares declined, and 174 shares are unchanged.

GAIL, Reliance, NTPC, Hindalco and HDFC are top gainers in the Sensex. Among losers are M&M, Lupin, SBI, Tata Motors and Maruti are losers.

Sectors that are primed to benefit when the rollout of the ambitious goods and services tax (GST) happens are logistics and auto, says Pankaj Sharma, Head of Equities, Equirius Securities.

In an interview with CNBC-TV18, Sharma said he also expects sectors where the market is steadily moving in the hands of organized players will also get benefited.

He, however, held out little hope for the GST Bill to be passed in the Winter Session of Parliament, something that will likely push the tax’s rollout to mid next fiscal or in early FY18. “The tone of the two parties (BJP and Congress) has of late changed from one of reconciliation to one of combat,” he said.

Leave a Reply

Scroll To Top