Impact of GST in Stock Market

LIVE: GST push! Sensex Rises Over 200 Points in Opening Trade, Nifty above 8,590; Auto Stocks up  

9.31 am: Benchmark indices wiped off opening gains. Sensex was trading 36.06 points down at 27661.45. Nifty was down marginally 0.75 points at 8544.10. In the Nifty 50 pack, Tata Motors, Tata Motors DVR, Sun Pharma, ONGC and Hero MotoCorp was up between 1.16 per cent and 2.84 per cent. On the other hand, Bharti Infratel, Bharti Airtel, Lupin, IndusInd Bank and ICICI Bank were down between 0.86 per cent and 1.69 per cent.  

9.15 am: Sensex opened 202.37 points, or 0.73 per cent up at 27899.88. Nifty was trading 55.10 points, or 0.64 per cent, up at 8,599.95. Auto stocks such as Tata Motors, Hero MotoCorp, Bajaj Auto and Maruti Suzuki were trading higher in the opening trade.  

8.12 am: The BSE Sensex and NSE Nifty are set to open higher on Thursday as the Rajya Sabha approved the much-awaited GST Bill on Wednesday. SGX Nifty was trading 34.50 points up at 8,619 in the morning trade, indicated a positive start of domestic equity markets. According to market experts, the passage of GST will boost country’s GDP by 1.5-2 per cent in coming years.  

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The benchmark Sensex closed 284 points down at 27697.51, while Nifty settled below 8,600-mark on Wednesday. After the passage of GST Bill, stocks of logistics, FMCG (excluding cigarettes and Jewellery), auto, cement, light electricals, multiplexes and retail will remain in focus today.

Nifty Market News: Opening Bell, GST Bill Update

Live: Sensex, Nifty Decline on Weak Global Cues; GST Bill Passage in Rajya Sabha Eyed

Opening Bell 

Indian shares extend losses as weak global cues prompt investors to take some profit off the table,  

while awaiting clearance for the passage of the unified sales tax bill. The S&P BSE Sensex declines 0.5 percent to 27,832; while the NSE Nifty loses 0.4 percent to 8,584. 

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HCL Technologies Soars After Q1 Net Beats Estimates  

The country’s fourth largest IT services provider jumps as much as 8.5 percent after it reports a 5.9 percent profit growth in the April-June quarter, beating the consensus estimate of analysts tracked by Bloomberg.  

The GST Trigger  

The long-pending GST Bill will be tabled today for consideration and passage in Rajya Sabha amidst strong indications that the most important economic reform in the last couple of decades would be supported by Congress and all other major political parties.

IPO Update  

• Dilip Buildcon IPO gets 70 percent demand for shares offered on second day of sale yesterday; offer scheduled to close today  
• S.P. Apparels IPO gets 12 percent demand for shares offered on first day of sale yesterday; offer closes August 4

See Nifty Futures Open at 8675

Indian Market Outlook: 

Nifty after a gap up opening yesterday, saw profit booking. Nifty August Futures is unable to breach
8750 and profit booking is witnessed from these levels since past few trading sessions. Market heavyweights like banks and Reliance Industries have been underperforming since past few trading sessions. Small Cap Index also witnessed profit booking from its all time high of 6172 to below its two days low of 6073 and made a low of 6039 before closing at 6089. FIIs are still net buyers in the Index Futures and the cash segment. This fall should be considered as a buying opportunity with three day low of Nifty at 8619 which will act as an strong support. 

However, for the next big up move spot nifty has to sustain above 8650 for a trading session.

Top five gainers were HSL Tech, TCS, Tata Steel, Hindalco Industries and Grasim Industries.  

Nifty Futures is expected to open at 8675 as per SGX Nifty at 8:30 am IST, which is 7 points below its previous close of 8682. 

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