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Indian equity benchmarks trade on a firm note

Jainam Research | 19 Jun, 2017  | Follow Author | Add to my Favourites 
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Indian equity benchmarks traded on a firm note throughout the day and closed the session with gain of around seven tenth of a percent. Buying in last hour of trade helped NSE Nifty to end above 9650 mark, while Bank Nifty ended over a percent higher. The equity benchmarks made a positive start and traded in fine fettle in early deals taking cues from the progress made on the GST front. Traders got support from Union Finance Minister Arun Jaitley’s statement that the Goods and Services Tax (GST) will be rolled from July 1, amid concerns raised by business industries citing unpreparedness to comply with the provisions of the new indirect tax regime. He said the next meeting of the GST Council will be held on June 30 to redress some outstanding issues. Risk-on improved after the GST Council yesterday relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime even as it stuck to the 1 July launch date. Meanwhile, the industry body Confederation of Indian Industry (CII) said India Inc is ready for the implementation of the Goods and Services Tax (GST) from July 1, as the new indirect tax regime will contribute significantly towards economic growth, job creation and exports expansion. Some support also came with the report that Securities and Exchange Board of India (SEBI) is again extending a helping hand to the government and the Reserve Bank of India (RBI) in their fight against bad loans. SEBI is planning to ease the acquisition rules to allow investors to buy distressed assets from banks. Select hotels stocks like TAJGVK Hotels & Resorts, Kamat Hotels, EIH Associated Hotels, Royal Orchid Hotels, Viceroy Hotels and The BYKE Hospitality closed in green supported by new GST tax rates for rooms. The GST Council, which met for the 17th time on Sunday, decided to fix the tax rate for AC hotels at 18 per cent where the billed amount is up to Rs 7,500. Earlier, it had proposed to levy 28 per cent on hotel bills exceeding Rs 5,000. Bajaj Auto closed in green on report that the Maharashtra Government has now removed the cap on taxi and auto rickshaw permits, which could be a big positive for the company. However, stocks like Amtek Auto, Bhushan Steel and Monnet Ispat & Energy closed with deep cut as theBankers are meeting from today to finalize their next course of action on six of the 12 bad loan accounts for immediate referral to National Company Law Tribunal (NCLT) after the Reserve Bank of India (RBI) named the largest defaulters to face bankruptcy proceedings.

The broader indices ended mixed; the BSE Mid cap index was up by 0.09%, while Small cap index was down by 0.17%. (Provisional)

The top gaining sectoral indices on the BSE were Metal up by 1.89%, Capital Goods up by 0.94%, Basic Materials up by 0.84%, Bankex up by 0.80% and Energy up by 0.72%, while Consumer Durables down by 0.48%, Healthcare down by 0.44%, Realty down by 0.32% and IT down by 0.09% were the top losing indices on BSE. (Provisional)

Meanwhile, in order to address any tax issue that can come up in sectors related to the Department of Industrial Policy and Promotion (DIPP), the department has constituted the Goods and Services Tax (GST) facilitation cell. DIPP has said that the department will be in constant touch with the major industry and business associations relating to it and this cell will also help to facilitate the rollout of GST.

The GST facilitation cell headed by Economic Advisor Sudhansu Sekhar Das will serve as the first point of contact for addressing any issue regarding GST. On the same lines, recently, the Department of Commerce also constituted a similar cell and a help desk to aid exporters and importers.

The CNX Nifty ended at 9654.15, up by 66.10 points or 0.69% after trading in a range of 9614.90 and 9673.30. There were 34 stocks advancing against 17 stocks declining on the index. (Provisional)

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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