Key benchmark indices were trading higher in early trade. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 35.90 points or 0.13% at 27,782.56. The Nifty 50 index was up 12.90 points or 0.15% at 8,521.60.
Investors' sentiment turned positive after media reports suggested that the prospects of the Goods and Services tax (GST) bill seem to have brightened with government and Congress set to engage in further consultations over the long pending tax reform and the parliamentary affairs ministry planning a five-hour debate in Rajya Sabha. However the date is not set yet, reports added.
Investors are hopeful of passage of key bills including GST bill during the monsoon session of Parliament. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. The monsoon session of Parliament kicked off from 18 July 2016 and concludes on 12 August 2016.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 530 shares rose and 208 shares fell. A total of 36 shares were unchanged. The BSE Mid-Cap index was currently up 0.21%. The BSE Small-Cap index was currently up 0.16%. Both these indices outperformed the Sensex.
In overseas markets, most Asian stocks edged lower today, 19 July 2016, as a downturn in crude oil curbed the enthusiasm from fresh record highs on Wall Street. A failed coup in Turkey had dented risk sentiment and bolstered the perceived safe-haven yen before it ran its course. US stocks eked out small gains Monday, 18 July 2016, pushing both the Dow Jones Industrial Average and the S&P 500 Index to fresh all-time closing highs and the Nasdaq Composite Index to its highest finish of 2016.
Metal shares were in demand. Bhushan Steel (up 3.73%), National Aluminium Company (up 1.72%), Jindal Steel & Power (up 1.52%), Hindustan Copper (up 0.80%), JSW Steel (up 0.76%), Hindustan Zinc (up 0.58%), Hindalco Industries (up 0.55%), Steel Authority of India (up 0.41%), Vedanta (up 0.41%) and NMDC (up 0.05%), edged higher.
Tata Steel was up 0.75%. The company said it will seek shareholders' approval at an annual general meeting (AGM) on 12 August 2016, for issuing non-convertible debentures (NCDs) on private placement basis worth Rs 10000 crore. The announcement was made after market hours yesterday, 18 July 2016.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for September 2016 delivery was currently down 0.11% at $2.2345 per pound on the COMEX.
FMCG major Hindustan Unilever (HUL) was down 2.38%. The company net profit rose 9.79% to Rs 1173.90 crore on 3.36% growth in total income to Rs 8235.77 crore in Q1 June 2016 over Q1 June 2015. The result hit the market during the fag end of trading hours yesterday, 18 July 2016.
Yes Bank was down 0.48%. The bank announced before market hours today, 19 July 2016 that global credit rating agency, Moody's Investor Service, vide its credit opinion dated 18 July 2016, has maintained its long term rating on Yes Bank at Baa3/P-3 with stable outlook. Moody's has consistently maintained a rating of Baa3/P-3 with stable outlook since it initial coverage on the bank in November 2010.
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