Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 104 points or 0.35% at 29,635.43. The Nifty 50 index was up 22.85 points or 0.25% at 9,166.65.
Investors' sentiment got a boost after the much-awaited tax reform -- Goods and Services Tax (GST) -- inched closer to its 1 July 2017 rollout date with the Lok Sabha approving four supplementary legislations yesterday, 29 March 2017.
The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month March 2017 series to April 2017 series. The near month March 2017 derivatives contract expire today, 30 March 2017.
The Sensex rose 114.45 points, or 0.39% at the day's high of 29,645.88 in morning trade, its highest intraday level since 20 March 2017. The index fell 9.78 points, or 0.03% at the day's low of 29,521.65 in early trade. The Nifty rose 25.85 points, or 0.28% at the day's high of 9,169.65 in morning trade, its highest intraday level since 20 March 2017. The index fell 7.45 points, or 0.08% at the day's low of 9,136.35 in early trade.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.49%. The BSE Small-Cap index was currently up 0.90%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 1546 shares rose and 501 shares fell. A total of 123 shares were unchanged.
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Metal shares were in demand. Steel Authority of India (up 1.47%), JSW Steel (up 1.20%), National Aluminium Company (up 1.04%), Vedanta (up 1.02%), Hindustan Copper (up 0.92%), Bhushan Steel (up 0.71%), Jindal Steel & Power (up 0.38%), Hindustan Zinc (up 0.21%), Tata Steel (up 0.19%), Hindalco Industries (up 0.18%) and NMDC (up 0.11%), edged higher.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for May 2017 delivery was currently down 0.39% at $2.667 per pound on the COMEX.
Power generation stocks were in demand. JSW Energy (up 2.85%), Jaiprakash Power Ventures (up 2.41%), Torrent Power (up 1.64%), Reliance Infrastructure (up 0.76%), GMR Infrastructure (up 0.61%), NHPC (up 0.32%), CESC (up 0.28%), NTPC (up 0.24%), Tata Power (up 0.22%), Adani Power (up 0.12%) and Reliance Power (up 0.10%), edged higher.
State-run Power Grid Corporation of India was up 0.10% to Rs 196.70.
State-run Coal India was down 0.10% to Rs 293.75.
Alkem Laboratories rose 1.46% to Rs 2,176.30 after the company said it has received Establishment Inspection Report from US drug regulator for its facility in Ankaleshwar. The announcement was made after market hours yesterday, 29 March 2017.
Alkem Laboratories said that the United States Food and Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for the company's active pharmaceutical ingredient (API) manufacturing facility located at Ankaleshwar, which was inspected in December 2016.
The inspection has now been closed by the USFDA. In response to the Form 483 issued by the USFDA, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines. The USFDA has reviewed the CAPA and has found them acceptable.
On the economic front, the Lok Sabha cleared four bills related to the Goods and Services Tax (GST) yesterday, 29 March 2017, setting the stage for 28 states, along with Delhi and Puducherry, to enact state laws over the next three months to roll out the new tax regime from July 2017.
The four bills Integrated GST, Central GST, Union Territory GST and Compensation Bill will be followed by work in the GST council, comprising FM Arun Jaitley and state finance ministers, to finalise rules and product- and service-wise rates by the end of April.
GST will replace central excise, service tax and state VAT and several other levies, in addition to subsuming existing cesses and surcharges.
Overseas, Asian stocks were trading lower despite a positive lead from Wall Street as investors reassessed the outlook for monetary policy at the European Central Bank.
The tech-heavy Nasdaq closed higher for a fourth straight session Wednesday, while the Dow industrials finished lower, as stock investors digested hawkish comments from Federal Reserve speakers and a drop in US gasoline inventories bolstered the energy sector. The Nasdaq Composite Index climbed 22.41 points, or 0.4%, to finish at 5,897.55. The Dow Jones Industrial Average fell 42.18 points, or 0.2%, to close at 20,659.32.
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