Continuing its rising streak, the benchmark BSE Sensex rose over 63 points to 29,594.84 in early trade today after the Lok Sabha approved four legislations to give shape to the historic GST amid short-covering in view of March series expiry. Sentiments got a leg up after the much-awaited tax reform — Goods and Services Tax (GST) — inched closer to its July 1 rollout date with the Lok Sabha approving four supplementary legislations yesterday, brokers said.
The 30-share index was trading higher by 63.41 points, or 0.21 percent, to 29,594.84. The gauge had gained 294.28 points in the previous two sessions. All the sectoral indices led by consumer durables, infrastructure, capital goods, PSU and realty were trading in the green, rising by up to 0.89 percent. The NSE Nifty too rose 10.70 points, or 0.11 percent, to 9,154.50 in early trade.
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Short-covering by participants with today being the last trading session of March series contracts in the derivatives segment supported the Sensex march, brokers said. Major gainers that supported the key indices were SBI, Adani Ports, Maruti Suzuki, Hero MotoCorp, RIL, L&T, Sun Pharma, ITC, TCS, Hind Unilever, Asian Paints and Bajaj Auto, gaining by up to 1.39 percent.
However, other Asian markets were trading in the negative zone in early trade, taking weak cues from overnight losses on the US markets. Hong Kong’s Hang Seng shed 0.37 per cent while Japan’s Nikkei was down 0.25 per cent in early trade today. The Shanghai Composite Index too was down 0.80 per cent. The US Dow Jones Industrial Average ended 0.20 per cent lower yesterday.
The rupee was trading lower by 5 paise at 64.96 against the American currency in early trade today at the Interbank Foreign Exchange after the dollar gained strength overseas. Forex dealers said that increased demand for the US currency from importers and the dollar’s gains against other currencies overseas put pressure on the rupee.
However, a higher opening in the domestic equity market capped the rupee’s losses, they said. Yesterday, the rupee had marched to a new 17-month high to close at 64.91, up 13 paise. This was a level not seen since October 2015, as speculative traders and exporters resorted to heavy selling of the greenback.