Key benchmark indices continued their rising streak for third consecutive session after the Lok Sabha approved four legislations to give shape to the historic Goods and Services Tax (GST) bill. The barometer index, the S&P BSE Sensex, rose 115.99 points or 0.39% to 29,647.42, as per the provisional closing data. The Nifty 50 index rose 29.30 points or 0.18% to 9,173.10, as per the provisional closing data. Trading was volatile in view of March series expiry.
Gains in index bellwether Reliance Industries boosted the key indices higher. Decline in IT major Infosys capped sharp gains.
The Sensex rose 153.11 points, or 0.52% at the day's high of 29,684.54 in late 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 39.35 points, or 0.43% at the day's high of 9,183.15 in late 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.
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.
Shares displayed some volatility as traders roll over positions in the futures & options (F&O) segment from the March 2017 series to April 2017 series. The March 2017 derivatives contract expired today, 30 March 2017.
Among secondary barometers, the BSE Mid-Cap index provisionally rose 0.39%, matching the Sensex's return in percentage terms. The BSE Small-Cap index provisionally rose 0.95%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,734 shares rose and 992 shares fell. A total of 229 shares were unchanged.
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Engineering and construction major L&T fell 0.03% to Rs 1,555.60. The company announced during trading hours today, 30 March 2017, that its construction arm recently won orders worth Rs 1725 crore across two of its business segments.
In a separate announcement during trading hours today, L&T said that its wholly-owned subsidiary, L&T Hydrocarbon Engineering, bagged orders totalling close to Rs 4000 crore in the International market.
Reliance Industries rose 1.38% to Rs 1,272 after the company through its indirect wholly-owned subsidiary has completed 76% stake sale in GAPCO to TOTAL. The announcement was made after market hours yesterday, 29 March 2017.
Pursuant to the sale agreements signed by Reliance Exploration & Production DMCC (REPDMCC), an indirect wholly owned subsidiary of Reliance Industries (RIL) and TOTAL, for the sale of the entire 76% interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO), REPDMCC, TOTAL and GAPCO have obtained requisite regulatory approvals, consents and successfully completed the sale transaction.
GAPCO is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa. Since the acquisition of 76% equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing company in East Africa owning retail outlets as well as onshore and offshore terminals. REPDMCC's sale of its interest in GAPCO is pan of a joint transaction, wherein REPDMCC as well as the minority shareholder have sold their entire respective holdings in GAPCO for cash.
IT major Infosys fell 0.40% to Rs 1,027.25. The company announced during trading hours today, 30 March 2017, that it has achieved Cloud Elite status in the Oracle PartnerNetwork (OPN). With this designation, Infosys is well positioned to help customers achieve cloud transformation, and provide sophisticated capabilities and next-generation services on Oracle Cloud. With strategic specialization and training programs, innovative joint solutions, and a clearly defined solutions roadmap, Infosys' Cloud Elite status will help clients derive better business value, it said in a statement.
Sugar shares edged higher. Empee Sugars and Chemicals (up 6.57%), Rana Sugars (up 3.63%), KCP Sugar & Industries Corporation (up 3.09%), Shree Renuka Sugar (up 2.1%), Dhampur Sugar Mills (up 2.05%), Dwarikesh Sugar Industries (up 1.95%), Triveni Engineering & Industries (up 1.86%), Simbhaoli Sugars (up 1.68%), DCM Shriram Industries (up 1.15%), Sakthi Sugars (up 0.45%), Balrampur Chini Mills (up 0.31%) and Bajaj Hindusthan Sugar (up 0.21%), edged higher. EID Parry (India) fell 1.38%.
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, most European stocks declined as investors were still digesting the formal start the UK's exit from the European Union. Investors remained cautious after British Prime Minister Theresa May on Wednesday triggered Article 50, formally beginning the two year process of the UK's exit from the European Union. Later Thursday, the UK government was to release a White Paper outlining significant legislative guidelines for Brexit.
Asian stocks declined 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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