Indian Benchmark indices, BSE Sensex and NSE Nifty 50, are likely to start the week on a positive note as the GST Council gave major relief to traders by extending the deadline for filing first GST returns, although Brexit talks between the UK and the EU, scheduled for later today, could cause investors some anxiety.
BSE Sensex opened 112.58 points or 0.36% higher at 31,168.98 points, while NSE Nifty, the broader gauge, opened 38.35 points or 0.40% higher at 9,626.40 points. At 9:17 am, BSE Sensex was trading 137.73 points or 0.44% higher at 31,194.13 points while the NSE Nifty was up 41.55 points or 0.43% at 9,629.60 points.
In a major relief to the trading community, the Goods and Services Tax (GST) Council on Sunday extended the deadline for filing the first set of returns. The GST Council also fixed two GST rates for lotteries—12 percent for government and 28 percent for government-authorised private draws.
Britain and the rest of the European Union will start negotiations later today on issues such as the status of expats, the UK’s ‘divorce bill’ and the Northern Ireland border, and other compensatory issues. BBC quoted Britain’s Brexit Secretary David Davis as saying that he would call for ‘a deal like no other in history.’ He said there was a “long road ahead” but predicted a “deep and special partnership”.
US stocks ended mixed on Friday disappointing economic data. US home building fell for a third month in May to the lowest in eight months as construction activity declined. The Dow Jones Industrial Average was up 24.38 points or 0.11 percent, to end at 21,384.28 points, the S&P 500 gained 0.69 points or 0.03 percent, at 2,433.15 points and the Nasdaq Composite shed 13.74 points or 0.22 percent, at 6,151.76 points.
Stock markets in the rest of Asia traded mixed this morning amid reports of fresh terror attacks in London and Mali. Japan’s Nikkei225 benchmark was up 0.09 per cent in early trade while South Korea’s Kospi edged lower by 0.17 per cent. Australia’s S&P/ASX 200 was down by 0.01 per cent.
The BSE-promoted Central Depository Services (India) Limited IPO will open today to raise more than Rs 500 crore. The company has fixed the price band for the issue at Rs 145-149 per share. The issue will close on June 21.
Oil prices fell early on Monday, weighed down by high supplies despite an OPEC-led initiative to cut production to tighten the market, reported Reuters. Brent crude futures were down 11 cents, or 0.23 per cent, at $47.26 per barrel while WTI crude futures were down 11 cents, or 0.25 per cent, at $44.63 per barrel.