Markets extend morning gains; Nifty reclaims 9,100 mark

Benchmark indices extended morning gains with Nifty50 reclaiming the 9,100 mark following firm global cues as dollar bounced back from 4-month low. Hopes of timely implementation of goods and services tax (GST) also fueled some upside on Tuesday.
 
At 10:47 am, the S&P BSE Sensex was trading at 29,427 up 190 points, while the broader Nifty50 was ruling at 9,106, up 61 points.
 
The broader market were inline with the indiced with the S&P BSE Midcap up 0.7% while the S&P BSE Smallcap gained 0.8%. 

"While volatility amidst negative bias dominated yesteray’s moves, bargain hunting resurfaced swing prices higher. However, that has not put the prices back into the upside trajectory, and to that end, yesterday’s moves could be re inacted again today, albeit on the positive side. Upside momentum is less expected to pick up unless above 9,200 or near 8,970 or below," said Geojit Financial Services in a note.

 
Meanwhile, scripting its second biggest single-day gain this year, the rupee today gained 37 paise to close at a fresh 17-month high of 65.04 on Monday. This was the highest closing for the currency since October 28, 2015, when it had closed at 64.93. The forex and money market was closed today on account of Gudi Parwa.
 
Sectors and Stocks

Axis Bank, Asian Paints, ICICI Bank, Bharti Airtel and Tata Motors were the top gainers on BSE Sensex while ONGC, GAIL, Coal India and ITC were the top losers. 

IT firms rebounded today after falling over 1% in yesterday's session on weak rupee. Wipro, TCS and Infosys were up 1%, 0.9% and 0.8% respectively.

Telecom index was the biggest sectoral gainer with Idea up 1.6% and Bharti Airtel up 0.7%. Oil and Gas index was the only sector trading in red on BSE Sensex.

GST draft bills tabled in Parliament
 
FM Arun Jaitley introduced the GST bills in the Parliament to roll it out across the country by July 1. Jaitley listed four items of legislation that provide for a peak GST rate of 40% and the setting up of an authority to protect consumers.
 
The four Bills—on Central GST, Integrated-GST, Union Territory-GST, and compensation — were tabled in the Lok Sabha and is scheduled to be taken up for discussion by the House tomorrow.

 
Global Markets
 
Asian stocks pulled ahead on Tuesday after Wall Street steadied and the dollar bounced from a four-month-low, as concern over Donald Trump's setback on his healthcare reform bill gave away to tentative hopes for the US President's planned stimulus policies.
 
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3% in early trade.
 
Japan's Nikkei jumped 1.1%, its biggest one-day gain in more than two weeks, while Australian stocks advanced 0.9%.
 
South Korean stocks climbed 0.4% after data showed the domestic economy grew at a slightly faster pace than initially thought in the fourth quarter of 2016, supported by strong construction activity.

 
Overnight, the S&P 500 and the Dow Jones Industrial Average closed lower but had narrowed their losses from earlier in the session, when both hit near-six-week lows. The Nasdaq ended higher.