Key benchmark indices traded off the day's high in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 172.92 points or 0.68% at 25,493.36. The 50-unit Nifty 50 index was currently up 50.30 points or 0.65% at 7,751.20. The Sensex hit its highest level in more than a week when it jumped 252.46 points or 0.99% at the day's high of 25,572.90 in early afternoon trade. The barometer index gained 52.03 points or 0.2% at the day's low of 25,372.47 in early trade. The Nifty also hit its highest level in more than a week when it rose 75.70 points or 0.98% at the day's high of 7,776.60 in early afternoon trade. The index rose 14.85 points or 0.19% at the day's low of 7,715.75 in early trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,479 shares rose and 1,064 shares fell. A total of 232 shares were unchanged. The BSE Mid-Cap index was currently up 0.57%. The BSE Small-Cap index was currently up 0.44%. Both these indices underperformed the Sensex.
In overseas stock markets, European shares reversed initial gains on caution ahead of the outcome from the US Federal Reserve after the conclusion of a two-day monetary policy meeting. The Fed is widely expected to raise the federal funds rate by 25 basis points after the conclusion of a two-day monetary policy meeting today, 16 December 2015. With markets having already priced in a 25 basis points rate hike this week, the focus has shifted to the likely pace and quantum of rate hikes once this first move is done. The US central bank has hinted that it intends to hike rates gradually.
Asian stocks edged higher after overnight gains for US stocks. Energy sector stocks led gains in US markets yesterday, 15 December 2015, as crude oil prices rose.
FMCG shares were mixed. GlaxoSmithKline Consumer Healthcare (up 2.61%), Tata Global Beverages (up 1.79%), Procter & Gamble Hygiene & Health Care (up 0.88%), Marico (up 0.79%), Godrej Consumer Products (up 0.14%) and Bajaj Corp (up 0.11%), edged higher. Hindustan Unilever (down 0.01%), Colgate Palmolive (India) (down 0.36%), Jyothy Laboratories (down 1.41%), Britannia Industries (down 1.63%) and Dabur India (down 2.06%) edged lower.
Nestle India was almost flat at Rs 5,832. The company has received a favourable decision in an appeal filed by the company against the National Consumer Disputes Redressal Commission (NCDRC) in the Supreme Court. The apex court has directed that the proceedings before the NCDRC are stayed. The apex court has also accepted the company's request to send the samples of Maggi noodles for testing to NABL accredited government referral laboratory viz. CFTRI, Mysore.
Most realty shares edged higher. DLF (up 3.78%), Peninsula Land (up 3.11%), Anant Raj (up 2.27%), Parsvnath Developers (up 1.95%), Housing Development and Infrastructure (HDIL) (up 1.75%), Indiabulls Real Estate (up 1.18%), D B Realty (up 1.05%), Unitech (up 0.94%), Oberoi Realty (up 0.93%), Mahindra Lifespace Developers (up 0.89%) and Prestige Estates Projects (up 0.45%), edged higher. Godrej Properties (down 0.21%), Sobha (down 0.32%), Sunteck Realty (down 0.5%) and Phoenix Mills (down 0.63%), edged lower.
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Meanwhile, Finance Minister Arun Jaitley reportedly said today, 16 December 2015, that the proposed Goods and Services Tax (GST) rate would be much less than 18%. Jaitley's comments on the GST rate come after a committee headed by Chief Economic Adviser Arvind Subramanian on possible tax rates under goods and services tax (GST) in its report submitted to the government early this month suggested standard GST rate at 17% to 18%. Typically, the majority of the goods and services will be taxed at the standard rate under the GST regime. The Finance Minister was also quoted as saying that the demand to scrap the 1 percent levy under the GST Bill is fair. The GST constitutional amendment bill has been stuck in the Rajya Sabha where the BJP-led NDA lacks a majority. A constitutional amendment bill requires a majority of two thirds in the house for its passage. The bill has been passed by the Lok Sabha. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country.
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