GST fails to cheer markets; Sensex, Nifty end flat; Bank of Baroda, Tata Steel gain

The BSE Sensex closed 16.86 points, or 0.06 per cent, up at 27,714.38, while Nifty settled 18.15 points up at 8,563.

BSE Sensex, NSE Nifty


The BSE Sensex closed 16.86 points, or 0.06 per cent, up at 27,714.38, while Nifty settled 18.15 points up at 8,563. In the 50-share index, Bank of Baroda, Tata Steel, Tata Motors, Tata Motors DVR and Adani Ports gained between 2.35 per cent and 5.50 per cent. On the other hand, Asian Paints, Infosys, Lupin, ZEEL and Coal India plunged between 0.65 per cent and 1.51 per cent.

Jayant Manglik, president, retail distribution, Religare Securities said, “Markets hardly reacted to the news of GST Bill clearance in upper house and traded subdued on Thursday. The move in index showed that the passage of bill was already factored in and hence failed to trigger any fresh momentum.”

2.34 pm: Arvind shares gained over 1.5 per cent after it reported 11.32 per cent rise in its net profit at Rs 87.45 crore for the quarter ended June 30, 2016 as compared to Rs 78.56 crore for the same quarter in the previous year. The company’s total income increased by 12.13 per cent to Rs 1,489.47 crore for the quarter under review from Rs 1,328.29 crore for the corresponding quarter of the previous year.

2.18 pm: Prakash Industries has secured a Coal Linkage of 53,500 MT per annum for the next 5 years at the base price from South Eastern Coalfields (SECL) in Chhattisgarh. This Linkage is expected to provide long term stability and cost savings in the Company’s Captive Power Plant. Shares of the comany were trading 2.56 per cent up at Rs 42.10. Sensex was down 53 points at 27,644.

1.38 pm: Hawkin Cookers was trading 7.84 per cent up at Rs 2,912. Shares of the company jumped after it reported 94.86 per cent rise in net profit at Rs 9.86 crore for the quarter ended June 30, 2016 against Rs 5.06 crore in the corresponding quarter a year ago. Sensex was down 14.26 points at 27683. Nifty was trading 10 points down at 8,534.

1.00 pm: Sensex was up 50 points at 27,748. Bata India shares were trading over 5 per cent down at Rs 524.80.

12.05 pm: Ramco Systems shares slid over 14 per cent in the morning trade on Thursday after the company reported 69.51 per cent fall in net profit at Rs 0.90 crore for the quarter ended June 30, 2016 against Rs 2.95 crore in the corresponding quarter a year ago. Sensex was trading 60 points up at 27,757.

10.29 am: Natco Pharma was trading over 4 per cent higher after it announced final approval of ANDA containing a paragraph IV certification filed with the USFDA for generic version of TAMIFLU oral capsules.

10.14 am: Sensex was trading 79 points up at 27,776.

10.09 am: Logistics stocks were trading higher after the passage of GST Bill in Rajya Sabha on Wednesday. Read more

9.31 am: Benchmark indices wiped off opening gains. Sensex was trading 36.06 points down at 27661.45. Nifty was down marginally 0.75 points at 8544.10. In the Nifty 50 pack, Tata Motors, Tata Motors DVR, Sun Pharma, ONGC and Hero MotoCorp was up between 1.16 per cent and 2.84 per cent. On the other hand, Bharti Infratel, Bharti Airtel, Lupin, IndusInd Bank and ICICI Bank were down between 0.86 per cent and 1.69 per cent.

9.15 am: Sensex opened 202.37 points, or 0.73 per cent up at 27899.88. Nifty was trading 55.10 points, or 0.64 per cent, up at 8,599.95. Auto stocks such as Tata Motors, Hero MotoCorp, Bajaj Auto and Maruti Suzuki were trading higher in the opening trade.

8.12 am: The BSE Sensex and NSE Nifty are set to open higher on Thursday as the Rajya Sabha approved the much-awaited GST Bill on Wednesday. SGX Nifty was trading 34.50 points up at 8,619 in the morning trade, indicated a positive start of domestic equity markets. According to market experts, the passage of GST will boost country’s GDP by 1.5-2 per cent in coming years.

However, Asian peers were trading mixed. Hang Seng was up by 0.28 per cent, while Shanghai and Nikkei were trading down by 0.48 per cent and 0.57 per cent, respectively.

Read more: GST Bill passed in Rajya Sabha: 12 stocks that may benefit

The benchmark Sensex closed 284 points down at 27697.51, while Nifty settled below 8,600-mark on Wednesday. After the passage of GST Bill, stocks of logistics, FMCG (excluding cigarettes and Jewellery), auto, cement, light electricals, multiplexes and retail will remain in focus today.

Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services said, “GST bill passed by Rajya Sabha is a game changing, path breaking and the most important reform since independence. Look forward to an exciting time ahead. The country is on the way towards double digit growth. Very bullish on scrip called India. A historic, transformational and a game changing move. The whole world would like to participate in the Indian growth story. Feeling bullish.”

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