Fall in crude augurs well for the markets - HDFC Securities
Key U.S. Indices, recovered from early losses to close with modest gains as Saudi’s hope to recoup full production by month end.
The Dow Jones industrials trotted 0.12% higher, the S&P 500 cantered 0.26% and the Nasdaq Composite galloped 0.40%.
Saudi Oil Minister Prince Abdulaziz bin Salman said half the production at its key processing facility at Abqaiq was restored in two days. The rest will be restored by the end of September.
Crude oil prices dropped in response. West Texas Intermediate crude fell 5.66% to $59.34 a barrel. Brent crude, the global benchmark, settled down 6.5%, to $64.55.
The Federal Reserve started its two-day meeting on interest rates Tuesday. A rate decision is due later today. The Fed has been expected to cut rates to 1.75% to 2%. Our market will react tomorrow on the fed decision.
Nifty fell by 186 points or 1.7% yesterday to close at 10818 levels. Support for the Nifty stands around 10750 levels while resistance is now at 11000. Nifty is likely to open 50 points higher on back of sharp drop in crude prices
GST Council meet on Friday: Fitment panel rejects tax cut for autos & biscuits, proposes cut from 28% to 18% on hotel tariff of Rs 7,500 and above
The GST Council will take up a host of issues when it meets on Friday and on top of the agenda will be recommendations made by the GST Council's Fitment Committee. The committee has officers of both, the central government as well as the state governments.
The Fitment committee has rejected the proposal to cut GST on biscuits and for the auto sector. The committee had expressed its reservations on such a move saying that this would reduce the government's revenues by Rs 50,000 crore every year.Now, the rate fitment committee has formally in writing expressed its view saying that they do not believe a cut is warranted.
The GST rate fitment committee has also proposed a cut from 28 percent to 18 percent on hotel tariff of Rs 7,500 and above or to hike threshold tariff to Rs 10,000 with 28 percent GST.
To Read Complete Report & Disclaimer Click Here
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer