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Published on 20/09/2019 9:03:11 AM | Source: HDFC Securities Ltd

FM in super active mode - HDFC Securities

Posted in Market Outlook| #Market Outlook #HDFC Securities

FM IN SUPER-ACTIVE MODE - HDFC Securities

U.S. stocks closed near unchanged Thursday, giving up early gains scored following better-than-expected housing and manufacturing data a day after the second interest rate cut of 2019 by the Federal Reserve.

Finance Minister Nirmala Sitharaman after meeting PSU banks chiefs instructed them not to classify any stressed medium and small enterprise as a non-performing asset till March 31, 2020.

FM will again brief media twice - before and after the 37th GST Council Meeting in Goa today. Apart from some rate tinkering, expect stringent measure to plug tax evasions.

Axis Bank has announced the floor price for its equity issue by qualified institutional placements (QIP) at Rs 661.5 per equity share.

Nifty has closed at the lowest level since 19th Feb 2019. Near term support range is 10637-10680, below which positional downtrend would resume which would break last 8 week consolidation and could bring momentum selling in Nifty. Private sector banks bore the brunt of selling yesterday. Banks along with Reliance industries will decide the fate of the nifty in today’s trading.

GST Council to meet today

The 37th GST Council Meeting is scheduled to take place in Goa today. In addition to GST rate cuts on auto, hotels, biscuits, cement, and steel which has been a constant demand , one of the major topics for discussion likely to be on the agenda is the crackdown on GST evaders.

It has been brought to the notice of the government that the evasion of taxes could be to the likes of Rs 50,000 crore.

Stepping up to the task at hand, the GST Council is expected to put in measures that will ramp up GST collections, and plug revenue leakages. One of the plans of action in the Council meeting is to monitor the input tax credit (ITC) being claimed by businesses, which are to the tune of 80 per cent of the taxes paid, in most cases, with only the balance 20 per cent being paid in cash.

 

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