Fresh buying pushed the key benchmark indices to fresh intraday high in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 188.69 points or 0.52% at 36,685.06. The Nifty 50 index was up 59.55 points or 0.54% at 11,069.75. Sentiment was boosted after the government cut goods and services tax (GST) rate on 88 goods and services.
Trading for the week began on an upbeat note as stocks edged higher in early trade boosted by the Narendra Modi government winning the no-confidence motion in the Lok Sabha on Friday, 20 July 2018. Stocks trimmed gains in morning trade. Indices hovered with modest gains in mid-morning trade. Stocks held onto modest gains amid narrow movement early afternoon and afternoon trade.
The S&P BSE Mid-Cap index was up 1.06%. The S&P BSE Small-Cap index was up 0.77%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,404 shares rose and 1,112 shares fell. A total of 156 shares were unchanged.
Auto stocks saw mixed trend. Maruti Suzuki India (up 3.23%), Escorts (up 1.52%), Tata Motors (up 1.68%) and Ashok Leyland (up 2.28%) gained. Bajaj Auto (down 4.86%), Hero MotoCorp (down 5.91%), TVS Motor Company (down 4.33%), Mahindra & Mahindra (M&M) (down 0.08%) and Eicher Motors (down 0.12%) fell.
Bata India rose 6.56% after net profit rose 36.6% to Rs 82.55 crore on 8.3% increase in net sales to Rs 797.28 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours on Friday, 20 July 2018.
On the political front, the Narendra Modi government won the no-confidence motion in the Lok Sabha on Friday, 20 July 2018 following a 12-hour debate in the Lower House. In a 451-member House that voted, 126 members voted in favour of the motion, 325 votes went against it. The no-confidence motion was brought by the Telugu Desam Party (TDP) and supported by several Opposition parties including the Congress.
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Meanwhile, the GST Council in its 28th meeting held on Saturday, 21 July 2018 announced reduction in tax rates on 88 goods and services. The revised tax rates will come into effect from 27 July 2018.
Overseas, European shares were trading lower, mimicking weaker trading in markets overseas. Asian stocks were mixed after the Bank of Japan offered to buy bonds at the first fixed-rate operation since February, in a sign the central bank was trying to rein yields. US stocks closed mostly lower on Friday, 20 July 2018 after President Donald Trump's latest verbal salvos fanned investor concern that a global trade war is escalating.
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