The domestic equity benchmarks continued to trade with decent gains in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 201.60 points or 0.52% at 39,275.52. The Nifty 50 index added 48.90points or 0.42% at 11,598.50.
The bourses could witness bouts of volatility as traders roll over positions in the F&O segment from the near month August 2020 series to September 2020 series.
In the broader market, the S&P BSE Mid-Cap index gained 0.53% while the S&P BSE Small-Cap index rose 0.67%.
The market breadth was positive. On the BSE, 1381 shares rose and 929 shares fell. A total of 123 shares were unchanged.
GST Council meeting:
The Goods and Services Tax (GST) Council will hold its 41st meeting today, 27 August 2020 to discuss the single-point agenda of compensation to states for revenue losses under the indirect tax regime. The meeting will be held via video conferencing. Several options including expanding the ambit of compensation cess, market borrowing to fund compensation deficit along with a future plan for rate rationalisation beginning from correction of inverted duty structure for some items are expected to be discussed in the meeting.
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Buzzing Index:
The S&P BSE Realty index jumped 5.09% to 1815.63, led by the Maharashta-focused realty firms.
Godrej Properties (up 7.35%), Oberoi Realty (up 6.50%), Kolte-Patil Developers (up 6.46%), and Sunteck Realty (up 6.10%) advanced.
The Maharashtra Cabinet approved a proposal on Wednesday (26 August) to reduce stamp duty by 3% on all land or home sale transactions executed and registered between 1 September and 31 December, this year. There will be a 2% reduction on stamp duty from 1 January to 31 March 2021. The stamp duty rate, fixed by the state government, is payable on the sale agreement. In Maharashtra, existing stamp duty charges are 5% in major cities like Mumbai, Pune, Nagpur and Nashik, and 6% in others.
Earnings Impact:
Indraprastha Gas shed 0.76% to Rs 410.40. The natural gas distributor's consolidated net profit dropped 85.64% to Rs 35.18 crore on 58.96% fall in total income to Rs 675.12 crore in Q1 June 2020 over Q1 June 2019. The company's CNG sales volume declined 66% to 105 million kgs in Q1 June 2020 over Q1 June 2019. Total PNG sales fell 30% YoY to 101 million scm in quarter ending June 2020.
Gujarat Mineral Development Corporation (GMDC) rose 1.49% to Rs 51.05. The mining company's consolidated net profit jumped 42.8% to Rs 136.11 crore on 52.4% decline in net sales to Rs 240.11 crore in Q1 June 2020 over Q1 June 2019. On the segmental front, Mining revenue was at Rs 203.19 crore (down 53.7% YoY) and the Power revenue was at Rs 58.79 crore (down 34.5% YoY) during the quarter.
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