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A bout of volatility was witnessed as the key benchmark indices slipped into the red from green in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex was off 22.41 points or 0.09% at 26,105.79. The 50-unit Nifty 50 index was currently off 11.95 points or 0.15% at 7,930.75. The Sensex fell 39.07 points or 0.14% at the day's low of 26,089.13 in afternoon trade. The barometer index hit their highest level in more than three weeks when it rose 102.86 points or 0.39% at the day's high of 26,231.06 in early trade. The Nifty dropped 16.45 points or 0.2% at the day's low of 7,926.25 in afternoon trade. The Nifty also hit its highest level in more than three weeks when it rose 21.15 points or 0.26% at the day's high of 7,963.85 in morning trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,548 shares rose and 919 shares fell. A total of 198 shares were unchanged. The BSE Mid-Cap index was up 0.24%. The BSE Small-Cap index was up 0.75%. Both these indices outperformed the Sensex.
Bharti Airtel fell 1.6%. Bharti Airtel during market hours today, 30 November 2015, announced the launch of a massive network transformation program called Project Leap. Aimed at perceptibly improving network quality and delivering the best customer experience, this strategic project will see an investment of Rs 60000 crore in the next 3 years, Bharti Airtel said. The investment of Rs 60000 crore is over and above the Rs 1.60 lakh crore Bharti Airtel has already invested in its active and passive network, spectrum, fiber, submarine cables and systems till date, the company said.
Cement stocks declined. Ambuja Cements (down 1.34%), ACC (down 0.85%), UltraTech Cement (down 1.3%) and Shree Cement (down 1.85%) declined.
Grasim Industries was off 0.12% at Rs 3,727. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Power generation stocks rose on renewed buying. Tata Power Company (up 1.43%), Reliance Infrastructure (up 0.95%), Reliance Power (up 1.86%), CESC (up 0.09%), Torrent Power (up 0.3%), NHPC (up 0.8%), Jaiprakash Power Ventures (up 1.4%) and Adani Power (up 0.49%) edged higher. NTPC (down 0.6%) and JSW Energy (down 0.57%) fell.
Shares of power finance companies also edged higher. REC (up 1.05% ) and Power Finance Corporation (up 1.09%) rose.
Kwality rose 2.39% after the company said it would start distribution of its products i.e. milk, curd and chaach under the brand Kwality. The three categories of milk i.e. full cream, toned and double toned would be available in pouches in Delhi NCR from 30 November 2015, Kwality said. The announcement was made during market hours today, 30 November 2015.
Meanwhile, the opposition Congress party has said that the Goods and Services Tax (GST) should not exceed 18% so that the tax rate is kept moderate and does not impose a burden on the consumer. The Congress also said that the proposed extra 1% interstate tax is against the very idea of having a uniform GST. Considering that there will be 100% compensation for state governments for five years, this extra levy will be market distorting, the principal opposition party said. The Dispute Mechanism of the GST council should be made independent of political parties, the Congress party said.
The Congress' stand on GST comes as the Indian industry keenly awaits the progress on the ambitious indirect tax reform. On Friday, 27 November 2015, Prime Minister Narendra Modi met Congress president Sonia Gandhi and former Prime Minister Dr. Manmohan Singh in an effort to break the impasse over the passage of the GST constitutional amendment bill in parliament. The constitutional amendment bill for the implementation of GST, which subsumes all indirect taxes to create a unified market across the country, has been cleared by the Lok Sabha and is awaiting legislative passage in the Rajya Sabha. The government has listed GST constitutional amendment bill for its passage in the Rajya Sabha during the ongoing winter session of the parliament. A constitutional amendment bill requires a majority of two thirds in the house for its passage. The BJP-led NDA has a comfortable majority in Lok Sabha, but lags in numbers in the Rajya Sabha. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
In overseas equity market markets, Asian stocks edged lower. US stocks finished slightly lower during an abbreviated, post-Thanksgiving trading session on Friday, 27 November 2015.
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