Taking cues from higher Asian stocks, key benchmark indices edged higher in early trade. At 9:24 IST, the barometer index, the S&P BSE Sensex was up 95.23 points or 0.37% at 25,733.34. The 50-unit Nifty 50 index was up 32.80 points or 0.42% at 7,814.70.
In overseas stock markets, Asian share markets edged higher after Wall Street welcomed an upbeat US jobs report that suggested the world's biggest economy was well placed to handle an expected first increase in interest rates in almost a decade. Strong job data and comments from European Central Bank President Mario Draghi that the bank can step up monetary stimulus if needed triggered a rally in US stocks on Friday, 4 December 2015.
Closer home, the market breadth indicating the overall health of the market was strong. There were more than five gainers against every loser on BSE. 1,153 shares rose and 198 shares declined. A total of 30 shares were unchanged. The BSE Mid-Cap index was currently up 0.45%. The BSE Small-Cap index was currently up 0.79%. Both these indices outperformed the Sensex.
Maruti Suzuki India (MSIL) rose 0.73% at Rs 4,640. MSIL reported 11.80% fall in its production to 1.03 lakh units in November 2015 over November 2014. The announcement was made after market hours on Friday, 4 December 2015.
Rural Electrification Corporation (REC) was up 0.35% at Rs 227.30. REC announced that 100% equity shares of Vemagiri II Transmission (V(II)TL) incorporated for strengthening of transmission system beyond Vemagiri, held by REC Transmission Projects Company (a wholly owned subsidiary of REC) and its nominees have been transferred along with all assets and liabilities of (V(II)TL) to Power Grid Corporation of India (PGCIL) and their nominees, on 4 December 2015. The announcement was made after market hours on Friday, 4 December 2015.
Meanwhile, a committee headed by Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under goods and services tax (GST) has suggested revenue neutral rate in range between 15% and 15.5% (Centre and states combined) with a preference for the lower end of that range. The committee has recommended a two-rate structure for GST. In order to ensure that the standard rate is kept close to the revenue neutral rate (RNR), the maximum possible tax base should be taxed at the standard rate, the committee has suggested in its report submitted to the government. The committee has recommended that lower rates should be kept around 12% (Centre plus states) with standard rates varying between 17% and 18%.
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