Market traded firm in the positive terrain in mid-morning trade on positive signals from Asian markets and overnight strong gains in US markets. At 11:20 IST, the barometer index, the S&P BSE Sensex was up 197.47 points or 0.64% at 31,031.79. The Nifty 50 index rose 63.80 points or 0.67% at 9,555.05. The Sensex was trading above the psychological 31,000 level. It had settled below that level during the previous trading session.
Market mood was positive ahead of nation-wide rollout of the ambitious indirect tax reform the Goods and Services Tax (GST) with effect from 1 July 2017.
The S&P BSE Mid-Cap index rose 0.8%. The S&P BSE Small-Cap index advanced 1.27%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged higher, taking cues from a stronger finish in US markets. US equities registered strong gains yesterday, 28 June 2017 as bank stocks led the charge. The S&P 500 index notched its biggest one-day gain since late April.
Closer home, the broad market depicted strength. There were more than 3 gainers for every loser on BSE. 1,685 shares rose and 496 shares declined. A total of 100 shares were unchanged.
Cement stocks gained. ACC (up 1.52%), Grasim Industries (up 1.51%), Ambuja Cements (up 1.33%), Shree Cement (up 0.71%) and UltraTech Cement (up 0.06%) edged higher.
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IT stocks nudged higher. Persistent Systems (up 3.05%), Infosys (up 2.19%), TCS (up 0.41%), HCL Technologies (up 0.4%) and Tech Mahindra (up 0.31%) advanced. Oracle Financial Services Software (down 0.22%) declined.
Wipro lost 0.54%. The company announced that locals now form over 50% of its US workforce. Over the past six months, the company hired over 1,600 employees by attracting and nurturing local talent to drive innovation and help transform clients' businesses into digital enterprises. The announcement was made after market hours yesterday, 28 June 2017.
The implementation of landmark tax reform Goods and Services Tax (GST) will be closely watched. On the night of 30 June 2017, there will be a special function in the Central Hall of Parliament House wherein a number of programs will be witness to the change in tax structure and implementation of GST across the country between the night of June 30 and July 1. The government expects GST to revolutionise India's taxing system and is being marketed as one nation one tax.
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