A bout of volatility was witnessed as key benchmark indices regained positive zone soon after slipping into the red from green in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 88.62 points or 0.32% at 27,799.14. The Nifty 50 index was currently up 30.25 points or 0.36% at 8,540.35. The Sensex rose 105.62 points, or 0.38% at the day's high of 27,816.14 in mid-afternoon trade. The index fell 64.31 points, or 0.23% at the day's low of 27,646.21 in mid-morning trade, its lowest level since 19 July 2016. The Nifty rose 37.70 points, or 0.44% at the day's high of 8,547.80 in mid-afternoon trade. The index fell 20.30 points, or 0.24% at the day's low of 8,489.80 in early trade, its lowest level since 19 July 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,449 shares rose and 1,107 shares fell. A total of 192 shares were unchanged. The BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.78%. Both these indices outperformed the Sensex.
As per media reports, the Goods and Services Tax (GST) constitutional amendment bill has been listed for discussion in the Rajya Sabha next week. The GST bill, which has been approved by the Lok Sabha is pending in the Rajya Sabha because of opposition to the bill in its current form by the Congress party. 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 month-long monsoon session of the parliament will conclude on 12 August 2016.
In overseas stocks markets, European stocks edged lower tracking losses in Asian stocks. European stocks ended on a mixed note yesterday, 21 July 2016, after European Central Bank (ECB) held rates unchanged after a monetary policy review. ECB emphasized that it intends to keep rates at current or lower levels for an extended period and that its program of monthly bond buys would run until at least March 2017, and possibly beyond.
Japanese stocks led losses for Asian equities after comments by Bank of Japan (BOJ) Governor Haruhiko Kuroda dashed hopes for so-called helicopter money or ultra-aggressive easing measures from the Japanese central bank. The Nikkei 225 Average settled 1.09% lower. In an interview to a British radio station taped in mid-June and broadcast yesterday, 21 July 2016, Kuroda ruled out the idea of using helicopter money -- or directly underwriting the budget deficit -- to combat deflation. The BOJ is scheduled to review monetary policy at a two-day meeting on 28-29 July 2016.
US stocks edged lower yesterday, 21 July 2016, with the Dow Industrial Average snapping a nine-day string of gains, as a hot equity market cooled ahead of key central-bank meetings across the globe.
Most pharmaceutical shares edged higher. Divi's Laboratories (up 2.36%), Aurobindo Pharma (up 2.28%), Alkem Laboratories (up 1.59%), IPCA Laboratories (up 1.10%), Cipla (up 1.03%), Cadila Healthcare (up 0.56%), Lupin (up 0.55%), Strides Shasun (up 0.55%), Glenmark Pharmaceuticals (up 0.53%) and GlaxoSmithKline Pharmaceuticals (up 0.44%), edged higher. Dr Reddy's Laboratories (down 0.21%), Wockhardt (down 0.72%), Sun Pharmaceutical Industries (down 0.92%) and Piramal Enterprises (down 1.71%), edged lower.
Chemfab Alkalis was locked at 10% upper circuit at Rs 207.95 after net profit surged 294.3% to Rs 6.19 crore on 32.6% growth in net sales to Rs 30.36 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 21 July 2016.
IT stocks were mixed. Hexaware Technologies (up 1.13%), TCS (up 0.60%), Tech Mahindra (up 0.59%), HCL Technologies (up 0.48%), MphasiS (up 0.36%) and CMC (up 0.03%), edged higher. Persistent Systems (down 0.61%), Wipro (down 0.63%), Infosys (down 0.91%), Oracle Financial Services Software (down 1.13%) and MindTree (down 1.17%), edged lower.
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