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Most auto shares decline
11-Jan-19   14:24 Hrs IST

Key benchmarks trimmed losses after hitting fresh intraday low in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 188.03 points or 0.52% at 35,918.47. The Nifty 50 index was down 54.45 points or 0.50% at 10,767.15. The Sensex was trading below 36,000 mark. The Nifty was trading below 10,800 mark. A firmness in ITC supported the indices at lower levels.

The indices opened higher and hit fresh intraday high in early deals. Indices sharply pared gains in morning trade. The market reversed trend and turned negative in mid-morning trade. Indices extended losses in early-afternoon trade and hit fresh intraday low in mid-afternoon trade.

Among secondary barometers, the BSE Mid-Cap index was down 0.30%. The BSE Small-Cap index was down 0.25%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1017 shares rose and 1441 shares fell. A total of 185 shares were unchanged.

ITC was up 1.68% at Rs 294.40. A foreign brokerage reportedly retained 'buy' call on the ITC stock and raised price target to Rs 400 from Rs 390 earlier due to unchanged tobacco taxes.

Most auto shares declined. Mahindra & Mahindra (down 1.23%), Ashok Leyland (down 1.11%), Maruti Suzuki India (down 0.94%), Hero MotoCorp (down 0.75%) and Bajaj Auto (down 0.18%), edged lower. TVS Motor Company (up 0.02%), Eicher Motors (up 0.21%) and Escorts (up 0.44%), edged higher.

Tata Motors was down 3.21%. The Tata Motors Group global wholesales in December 2018, including Jaguar Land Rover (JLR), were at 100,551 units, lower by 13.9%, as compared to December 2017. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in December 2018 were at 40,653 units, lower by 14% over December 2017. Global wholesales of all passenger vehicles in December 2018 were at 59,898 units, lower by 14%, compared to December 2017. The announcement was made during trading hours today, 11 January 2019.

The company's unit JLR reported retail of 52,160 in December, down 6.4% year-on-year primarily reflecting ongoing challenging market conditions in China (down 42.4%) as slowing economic growth and trade tensions with the US continue to impact automotive sales volumes across the industry, which were lower for the sixth consecutive month. Jaguar Land Rover continues to work closely with retailers in China to respond to the present market conditions. The announcement was made after market hours yesterday, 10 January 2019.

Power generation stocks declined. Reliance Power (down 1.52%), Torrent Power (down 1.06%), GMR Infrastructure (down 0.9%), Reliance Infrastructure (down 0.88%), NHPC (down 0.59%), Jaiprakash Power Ventures (down 0.49%), JSW Energy (down 0.43%), Tata Power (down 0.4%), Adani Power (down 0.2%) and NTPC (down 0.10%), edged lower. CESC was up 2.47%.

State-run Power Grid Corporation of India was down 1.07%. State-run Coal India was down 0.28%.

On the macro front, the GST council in its 32nd meeting held yesterday, 10 January 2019, under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Arun Jaitley in New Delhi took major decisions to give relief to Micro, Small and Medium Enterprises (MSME) (including small traders) among others. The council increased turnover limit for the existing composition scheme. The limit of annual turnover in the preceding financial year for availing composition scheme for goods shall be increased to Rs 1.5 crore. Special category states would decide, within one week, about the composition limit in their respective states.

The compliance under composition scheme shall be simplified as now they would need to file one annual return but payment of taxes would remain quarterly (along with a simple declaration).

The council also announced that there would be two threshold limits for exemption from registration and payment of GST for the suppliers of goods i.e. Rs 40 lakh and Rs 20 lakh. States would have an option to decide about one of the limits within a weeks' time. The threshold for registration for service providers would continue to be Rs 20 lakhs and in case of special category States at Rs 10 lakh.

A composition scheme shall be made available for suppliers of services (or mixed suppliers) with a tax rate of 6% (3% CGST +3% SGST) having an annual turnover in the preceding financial year up to Rs 50 lakh. The said scheme shall be applicable to both service providers as well as suppliers of goods and services, who are not eligible for the presently available composition scheme for goods. They would be liable to file one annual return with quarterly payment of taxes (along with a simple declaration).

Overseas, stocks in Europe were trading higher on Friday. In Europe, there is a strong focus on politics as the UK's departure from the European Union approaches. Japanese Prime Minister Shinzo Abe said Thursday in London that he hopes both sides will avoid a no-deal.

Asian stocks were trading higher on Friday, amid improved investor sentiment following overnight gains on Wall Street.

US stock markets logged a fifth straight advance on Thursday, representing the longest such win streaks for the Dow and S&P 500 of the past few months. Investors responded to comments by Federal Reserve Chairman Jerome Powell. At the Economic Club of Washington, Powell reiterated the views of other policymakers that the Fed would be patient about interest rate hikes. He added that the Fed's balance sheet would be substantially smaller.

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