Key benchmark indices extended intraday slide in the morning trade tracking weakness in Asian markets. At 10:15 IST, the barometer index, the S&P BSE Sensex was down 107.80 points or 0.38% at 28,100.82. The Nifty 50 index was currently down 27.60 points or 0.32% at 8,638.70.
The Sensex lost 132.14 points or 0.46% at the day's low of 28,076.48 in morning trade. The barometer index rose 24.85 points or 0.08% at the day's high of 28,233.47 at the onset of trading session. The Nifty lost 30.10 points or 0.34% at the day's low of 8,636.20 in morning trade. The index rose 4.05 points or 0.04% at the day's high of 8,670.35 at the onset of trading session.
In overseas stock markets, Asian stocks edged lower tracking lacklustre trading in US overnight. Japanese stocks declined after the Bank of Japan (BOJ) kept interest rates and government bond buying unchanged after the conclusion of a two-day monetary policy meeting. The Nikkei 225 Average was currently down 0.76%. The Japan's central bank said it would buy 6 trillion worth of exchange-traded funds annually, up from 3.3 trillion previously, in an attempt to stoke inflation and growth by pumping money into the economy. BOJ said it would leave its asset-purchase target at 80 trillion a year. US stocks closed slightly higher yesterday, 28 July 2016 amid declines in oil prices, as major tech stocks gained.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,038 shares rose and 849 shares declined. A total of 131 shares were unchanged. The BSE Mid-Cap index was currently up 0.69%. The BSE Small-Cap index was currently up 0.23%. Both these indices outperformed the Sensex.
Telecom stocks edged lower. Bharti Airtel (down 1.71%) and Idea Cellular (down 0.1%) edged lower. Reliance Communications (up 1.65%) edged higher.
Bharti Infratel was down 0.3%. Bharti Infratel is a telecom tower arm of Bharti Airtel.
IT stocks declined. Wipro (down 1.23%), Oracle Financial Services Software (down 0.7%), Persistent Systems (down 0.82%), TCS (down 0.26%) and Tech Mahindra (down 0.07%) edged lower. HCL Technologies (up 0.25%) edged higher.
Index heavyweight and software major Infosys was off 0.82%.
Meanwhile, according to reports, the Congress party yesterday, 28 July 2016, indicated to the government that the outcome on its negotiations on the Goods and Services Tax (GST) constitutional amendment bill, particularly scrapping the 1% additional tax on the interstate supply of goods, has been positive. This has paved the way for the government to take up the constitutional amendment bill in the Rajya Sabha as early as next week, reports suggested.
The GST bill, which has been approved by the Lok Sabha is pending in the Rajya Sabha. A constitutional amendment bill requires at least 50% attendance and support of two-third of those present and voting in the house. For the GST bill to become a law, the bill also needs to be approved by half the state assemblies after its passage in the parliament. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. The GST seeks to create a seamless national market in the country by replacing plethora of state taxes and central taxes by one tax. The month-long monsoon session of the parliament will conclude on 12 August 2016.
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