A bout of volatility was witnessed as key benchmark indices recovered from lower level after erasing a lion's portion of initial gains. At 10:16 IST, the barometer index, the S&P BSE Sensex, was up 73.79 points or 0.29% at 25,109.84. The 50-unit Nifty 50 index was currently up 17.15 points or 0.23% at 7,629.65. The Sensex rose 139.77 points or 0.55% at the day's high of 25,175.82 at the onset of the trading session. The index rose 27.14 points or 0.1% at the day's low of 25,063.19 in early trade. The Nifty rose 39 points or 0.51% at the day's high of 7,651.50 at the onset of the trading session. The index rose 3.60 points or 0.04% at the day's low of 7,616.10 in early trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,158 shares rose and 709 shares declined. A total of 122 shares were unchanged. The BSE Mid-Cap index was currently down 0.16%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.34%, outperforming the Sensex.
Meanwhile, Minister of State for Finance Jayant Sinha reportedly said yesterday, 9 December 2015, that meeting 1 April 2016 deadline for goods and services tax (GST) rollout seems to be challenging amid ongoing political turbulence. The constitutional amendment bill on GST is stuck in the Rajya Sabha due to stiff opposition by the Congress party and might be delayed further because of the tough stance taken by the main opposition party over the National Herald case issue, reports suggest. 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. 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.
In overseas stock markets, Asian stocks edged lower after a decline in US stocks overnight. Chinese stocks bucked a downward trend in Asian markets after news broke that Beijing will finally introduce much-need IPO reforms. In mainland China, the Shanghai Composite index was currently up 0.19%. US stocks edged lower in a choppy trading session yesterday, 9 December 2015, as weak oil prices continued to feed global growth worries.
Closer home, metal and mining stocks edged higher on renewed buying. Hindalco Industries (up 2.51%), National Aluminium Company (up 1.19%), Vedanta (up 1.52%), JSW Steel (up 1.47%), NMDC (up 0.69%), Steel Authority of India (up 1.15%), Jindal Steel & Power (up 1%), Hindustan Zinc (up 0.56%) and Tata Steel (up 1.37%) edged higher.
Realty stocks edged higher after the Union Cabinet yesterday, 9 December 2015, approved the Real Estate (Regulation and Development) Bill, 2015. Prestige Estates Projects (up 2.56%), Sobha (up 1.71%), Unitech (up 2.48%), D B Realty (up 0.28%), Housing Development and Infrastructure (up 1.17%), DLF (up 0.59%) and Godrej Properties (up 0.2%) gained. Oberoi Realty (down 0.16%) and Indiabulls Real Estate (down 0.43%) declined.
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The Real Estate (Regulation and Development) Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.
Wipro rose 0.5% at Rs 567.95 after the company announced that Wipro Digital, its digital business unit, has opened a new office in London to offer enhanced digital transformation services at close proximity to its UK and European customers. Wipro Digital also intends to continue its hiring in the UK to support business growth and expand its range of offerings. The company made the announcement after market hours yesterday, 9 December 2015.
Asian Paints rose 1.15% at Rs 849.95 after the company announced that as part of the company's plan to consolidate its investments in overseas subsidiaries, Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has transferred its entire holding of 60% held in the subsidiary company, Asian Paints (Vanuatu) to Berger International, Singapore, a wholly owned subsidiary of APIL. The company made the announcement after market hours yesterday, 9 December 2015.
Alembic Pharmaceuticals rose 1.03% at Rs 675.50 after the company said that its associate company, Rhizen Pharmaceuticals has entered into an exclusive, worldwide license agreement with Novartis for the development and commercialization of Rhizen's inhaled dual P13K-delta gamma inhibitor and its closely related compounds for various indications. Under the terms of the agreement, Rhizen will receive an upfront payment and is eligible to receive development, regulatory and sales milestones payments. In addition Rhizen is also eligible to receive tiered royalties on annual net sales, Alembic Pharmaceuticals said. The announcement was made before trading hours today, 10 December 2015.
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