Market slightly higher in early trade

Volatility struck bourses in early trade as the key benchmark indices trimmed almost entire gains after a positive opening. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 15.11 points or 0.04% at 37,680.91. The Nifty 50 index was up 2.80 points or 0.02% at 11,392.25.

The S&P BSE Mid-Cap index was down 0.01%, underperforming the Sensex. The S&P BSE Small-Cap index was up 0.32%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 900 shares rose and 627 shares fell. A total of 62 shares were unchanged.

Overseas, Asian equities were trading higher after US stocks approached a fresh all-time high. US stocks edged higher yesterday, 7 August 2018 amid a relative cooling of protectionist rhetoric between the world's two largest economies and optimism growth can continue.

Back home, Bharat Petroleum Corporation fell 0.62% ahead of its April-June 2018 result today, 8 August 2018.

Hindustan Petroleum Corporation lost 1.09% ahead of its April-June 2018 result today, 8 August 2018.

Lupin rose 0.05% ahead of its April-June 2018 result today, 8 August 2018.

Cipla declined 0.3% ahead of its April-June 2018 result today, 8 August 2018.

GAIL (India) rose 0.76%. The company announced that Sales Tax Department raised a demand of Rs 3449.18 crore and interest thereon Rs 1513.04 crore in respect of Hazira unit in Gujarat, treating the transfer of natural gas from the State of Gujarat to other states, as inter-state sales, during the period from April 1994 to March 2001. Based on the direction of Supreme Court of India in the special writ petition filed by GAIL, the Gujarat Sales Tax Tribunal passed the order in GAIL's favour and gave instructions for reassessment, considering inter-state transfer as branch transfer.

The Sales Tax Department had filed rectification application under section 72 of the Gujarat Sales Tax Act, 1969 with the Gujarat Sales Tax Tribunal which was dismissed by the Tribunal. Thereafter, the Sales Tax Department had filed petitions before the High Court of Gujarat against the order of the Tribunal and the same was pending as on 31 March 2018. The High Court of Gujarat vide Order dated 31 July 2018 has dismissed the petitions filed by the Gujarat Sales Tax Department. The announcement was made after market hours yesterday, 7 August 2018.

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