A range bound movement was witnessed as the barometer index, the S&P BSE Sensex, alternately swung between positive and negative zone near the flat line in mid-morning trade. The 50-unit Nifty 50 index languished in negative zone amid a divergent trend among the various constituents of the index. At 11:20 IST, the Sensex was up 8.46 points or 0.03% at 26,136.66. The Nifty was currently off 1.30 points or 0.02% at 7,941.40. The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,468 shares rose and 764 shares fell. A total of 156 shares were unchanged. The BSE Mid-Cap index was up 0.33%. The BSE Small-Cap index was up 0.76%. Both these indices outperformed the Sensex.
In overseas stock markets, stocks in mainland China extended steep losses registered during the previous trading session triggered by renewed efforts by the securities regulator to clamp down on leveraged buying and concerns about the cooling economy. Most other Asian stocks were in red.
Most realty stocks rose. Sobha (up 0.51%), Indiabulls Real Estate (up 0.64%), Godrej Properties (up 3.18%), Housing Development & Infrastructure (HDIL) (up 0.58%), Oberoi Realty (up 1.05%) and Phoenix Mills (up 0.26%), edged higher. DLF (down 0.13%) and Unitech (down 0.29%) declined.
Most cement stocks dropped. ACC (down 0.74%), Shree Cement (down 1.64%), Ambuja Cements (down 1.19%), and UltraTech Cement (down 1.57%) declined.
Grasim Industries rose 0.46%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
R Systems International surged 3.64% after the company said its board of directors will meet on 6 December 2015 to discuss and approve the merger of its wholly owned subsidiaries based in US. The announcement was made after market hours on Friday, 27 November 2015.
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Rajesh Exports (REL) gained 2.82% after the company said it bagged an export order worth Rs 1122 crore of designer range of gold and diamond studded jewellery and medallions from United Arab Emirates (UAE). The announcement was made during trading hours today, 30 November 2015. The order is to be completed by 31 March 2016. REL said it is confident of completing the order well within the time frame, leveraging on its expertise, skilled craftsmen and artisans and its exceptionally strong backward integration infrastructure, the company said.
Metalyst Forgings lost 1.01% after the company reported net loss of Rs 18.34 crore in Q4 September 2015 compared with net profit of Rs 44.34 crore in Q4 September 2014. Net sales declined 13.2% to Rs 531.09 crore in Q4 September 2015 over Q4 September 2014. The result was announced on Saturday, 28 November 2015.
Meanwhile, the opposition Congress party has said that the Goods and Services Tax (GST) should not exceed 18% so that the tax rate is kept moderate and does not impose a burden on the consumer. The Congress also said that the proposed extra 1% interstate tax is against the very idea of having a uniform GST. Considering that there will be 100% compensation for state governments for five years, this extra levy will be market distorting, the principal opposition party said. The Dispute Mechanism of the GST council should be made independent of political parties, the Congress party said.
The Congress' stand on GST comes as the Indian industry keenly awaits the progress on the ambitious indirect tax reform. On Friday, 27 November 2015, Prime Minister Narendra Modi met Congress president Sonia Gandhi and former Prime Minister Dr. Manmohan Singh in an effort to break the impasse over the passage of the GST constitutional amendment bill in parliament. The constitutional amendment bill for the implementation of GST, which subsumes all indirect taxes to create a unified market across the country, has been cleared by the Lok Sabha and is awaiting legislative passage in the Rajya Sabha. The government has listed GST constitutional amendment bill for its passage in the Rajya Sabha during the ongoing winter session of the parliament. A constitutional amendment bill requires a majority of two thirds in the house for its passage. The BJP-led NDA has a comfortable majority in Lok Sabha, but lags in numbers in the Rajya Sabha. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
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