The major indices of the Indian stock markets suffered a correction on Monday and closed with losses over Friday’s close. On the NSE, there were 532 advances, 1,177 declines and 365 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:
Taking cues from weak global markets major Indian equity indices on Monday ended lower for the third straight session on concerns over the slowing global growth. Except for IT (information technology), Teck (technology, entertainment and media) and telecom sectors on BSE, all the sectors traded lower led by financial stocks. Stocks of major sectors like banking ended 0.33% lower. While metal, energy, oil and gas along with auto and consumer durables counters lost over 1%, dragging down the benchmark index. The domestic currency which closed at 70.15 per US dollar on Friday gained 12 paise as the benchmark Brent Crude declined to 53.64 per barrel.
Domestic fuel prices declined for the second consecutive day with petrol prices falling around 20 paise in the four metropolitan cities. Indian Oil Corporation shares closed at Rs135.05, down 3.33% on the BSE.
Finance Minister Arun Jaitley on Monday hinted that the country may eventually have a single standard rate of GST adding that the 28% slab will soon be phased out, except on luxury and "sin goods". He noted that the standard rate could be between the 12% and 18%. "A future roadmap could well be to work towards a single standard rate instead of two standard rates of 12% and 18%.”It could be a rate at some mid-point between the two. Obviously, this will take some reasonable time when the tax will rise significantly," Jaitley said on a Facebook post. The country should eventually have a GST which would have only slabs of zero, 5% and standard rate with luxury and sin goods as an exception, he added.
China on Monday said it would lower provisional tariffs on over 700 foreign products, including certain high-tech items, from early 2019, the media reported. Citing China's Finance Ministry, the state-run Global Times reported that the government would impose "zero tariffs on ingredients for livestock feeds and certain medicines", including manganese slag. The tariff reductions will also be imposed on aircraft engines, robots and other advanced equipment. The provisional tariffs were fixed by the authorities to reduce entry barriers on some products with strong domestic demand in the Chinese market.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: