Indian stocks had a good session Monday, even as global cues were a bit mixed with Asian markets closing mostly higher and major European markets exhibiting some weakness.Expectations of GST rollout from July 2017 appeared to have significantly lifted investor sentiment, and stocks from oil, power, automobile and telecom sectors turned in a good performance. Select stocks from banking, capital goods and realty sectors too ended on a bright note. Information technology, healthcare, consumer durables and FMCG stocks were mostly subdued. Metal stocks were sluggish, after China lowered its GDP growth forecast for 2017.The BSE benchmark Sensex ended up 215.74 points or 0.75% at 29,048.19, slightly off the day’s high of 29,070.20. The Nifty50 of the National Stock Exchange, which rose to 8967.80, ended at 8963.45, gaining 65.90 points 0.74%.In the forex market, the rupee was trading at 66.70 against the U.S. dollar around late afternoon, up 11 paise from its previous close of 66.81.In the forex market, the rupee was trading at 66.70 against the U.S. dollar around late afternoon, Reliance Industries, which hit a 9-year high, ended 3.7% up, extending recent gains on expectations that Reliance Jio’s attractive tariff plans would significantly boost the group’s revenues and on rating upgrades of the stock by leading brokerages.Adani Ports gained 2.5%. Tata Motors ended 2.3% up. Bharti Airtel, State Bank of India, NTPC, Bajaj Auto, Hero Motocorp and Power Grid Corporation ended higher by 1.5% – 2%. Asian Paints and Axis Bank gained 1.25% and 1.1%, respectively. Larsen & Toubro, Maruti Suzuki, ITC, Coal India, Infosys and ICICI Bank posted modest gains.BHEL, Yes Bank, IndusInd Bank, Bosch and Kotak Bank gained 1% – 2%. Tata Power, BPCL, Tata Motors DVR, Zee Entertainment Enterprises and Hindalco ended modestly higher.Tata Consultancy Services, Hindustan Unilever, Dr Reddy’s Laboratories, HDFC and Tata Steel declined by 0.4% – 1%.Grasim Industries and Aurobindo Pharma ended lower by 1.6% and 1.1%, respectively. Idea Cellular and Tech Mahindra also ended weak. Prime Focus Limited shares rose sharply on bargain hunting after recent losses. Dredging Corporation of India Limited shares spurted 13.5% on reports the government is looking to sell a 51% stake in the company. The market breadth was slightly positive. Out of 3095 stocks traded on BSE, 1511 stocks advanced. 1371 stocks declined and 213 stocks ended flat.In economic news, the GST Council (Goods and Service Tax Council) on Saturday approved the draft CGST Bill and the draft IGST Bill as vetted by the Union Law Ministry, clearing the deck for the central government to take these two bills to the Parliament for their passage in the second half of the budget session, that stars later this week.The remaining two Bills namely, State Goods and Services Tax (SGST) Bill and the Union territory Goods and Services Tax (UTGST) Bill, which would be almost a replica of the CGST Act, would be taken-up for approval after their legal vetting in the next meeting of GST Council scheduled on 16 March 2017.
July 26, 2024
