Key benchmark indices were trading in narrow range near day's high in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 86.06 points or 0.29% at 29,617.49. The Nifty 50 index was up 17.85 points or 0.20% at 9,161.65.
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.
The market could see some volatility in intraday as traders roll over positions in the futures & options (F&O) segment from the near month March 2017 series to April 2017 series. The near month March 2017 derivatives contract expire today, 30 March 2017.
Among secondary barometers, the BSE Mid-Cap index was currently up 0.46%. The BSE Small-Cap index was currently up 0.90%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were almost three gainers against every loser on BSE. 1,649 shares rose and 663 shares fell. A total of 175 shares were unchanged.
IT shares were mixed. Oracle Financial Services Software (up 1.02%), TCS (up 0.66%), MindTree (up 0.42%), HCL Technologies (up 0.21%) and Tech Mahindra (up 0.10%), edged higher. Infosys (down 0.14%), Wipro (down 0.14%), Persistent Systems (down 0.35%), Hexaware Technologies (down 0.36%) and MphasiS (down 2.9%), edged lower.
FMCG shares edged higher. Procter & Gamble Hygiene & Health Care (up 2.67%), Nestle India (up 1.2%), Jyothy Laboratories (up 1%), Bajaj Corp (up 0.93%), Colgate Palmolive (India) (up 0.89%), Hindustan Unilever (up 0.73%), Britannia Industries (up 0.68%), GlaxoSmithKline Consumer Healthcare (up 0.6%), Tata Global Beverages (up 0.07%) and Godrej Consumer Products (up 0.02%), edged higher. Marico (down 0.5%) and Dabur India (down 0.56%), edged lower.
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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, Asian stocks were trading lower 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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