The key domestic benchmark indices were trading in a positive terrain in the morning trading session as progress on the crucial Goods and Services Tax (GST) bill supported the outlook for Asia’s third biggest economy, improving risk taking appetite.
The much awaited GST bill has been listed by the Modi government for consideration and passage in Rajya Sabha’s agenda for this week in the ongoing monsoon session of the Parliament.
Shares of HCL Technologies, Tech Mahindra, Indian Bank, Tata Power and GlaxoSmithKline Consumer Healthcare will be in focus this week amidst their April-June quarter earnings announcements.
Also, movement of rupee against the dollar, foreign investment trend and global cues will also influence the direction of local bourses this week.
At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 28233.28 up by 181.42 points or by 0.65 per cent, while the NSE Nifty was at 8693.25 points, trading higher by 54.75 points or by 0.63 per cent.
The BSE Sensex touched an intraday high of 28265.27 and an intraday low of 28077.42 while the NSE Nifty touched an intraday high of 8703.15 and an intraday low of 8650.8
The top gainers of the BSE Sensex pack were Tata Consultancy Services Ltd. (Rs. 2676.80,+2.22 per cent), Tata Steel Ltd. (Rs. 362.60,+2.21 per cent), Wipro Ltd. (Rs. 555.00,+1.78 per cent), Axis Bank Ltd. (Rs. 555.50,+1.73 per cent), Tata Motors Ltd. (Rs. 511.10,+1.61 per cent), among others.
Meanwhile, ICICI Bank Ltd. (Rs. 255.70,-2.72 per cent), Lupin Ltd. (Rs. 1730.50,-0.59 per cent), Hindustan Unilever Ltd. (Rs. 920.00,-0.16 per cent), Reliance Industries Ltd. (Rs. 1014.75,-0.07 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2144 shares traded, 1425 shares advanced, 624 shares declined while 95 were unchanged.
On the global front, Asian stocks were trading higher today as the chances of a US interest-rate increase diminished, after the nation’s economic growth for the second quarter came in below expectations. The US markets ended higher in the previous trading session as a smaller than expected gain in US Q2 GDP raised bets that the Federal Reserve may not be in a hurry to tighten interest rates.