Key benchmark indices continued trading lower in afternoon trade. At 13:21 IST, the barometer index, the S&P BSE Sensex was down 81.35 points or 0.29% at 28,127.27. The decline in the Nifty 50 index was lower than the Sensex's fall in percentage terms. The Nifty was currently down 13.10 points or 0.15% at 8,653.20. Weakness in Asian stocks weighed on sentiment on the domestic bourses.
The market breadth indicating the overall health of the market was positive. On BSE, 1,307 shares rose and 1,171 shares declined. A total of 217 shares were unchanged. The BSE Mid-Cap index was currently up 0.95%. The BSE Small-Cap index was currently up 0.71%. Both these indices outperformed the Sensex.
In overseas stock markets, most European stocks rose in early trade today, 29 July 2016. Asian stocks edged lower tracking lacklustre trading in US overnight. In Japan, the Nikkei 225 Average ended 0.56% higher. 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 up 0.04%. 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.
Tata Power rose 1.77% to Rs 72 after the company announced during trading hours today, 29 July 2016, that Cennergi, Tata Power's 50:50 joint venture with Exxaro Resources in South Africa, achieved commercial operations for its 134 megawatts (MW) Amakhala Emoyeni Wind Farm Project yesterday, 28 July 2016. Cennergi was selected as the preferred bidder for two wind projects under the second window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) by the South African government. Cennergi's second wind project is also expected to go into commercial operation shortly.
Most metal shares edged higher. Tata Steel (up 1.74%), Hindustan Zinc (up 1.63%), Steel Authority of India (up 1.16%), Jindal Steel & Power (up 1.06%), National Aluminium Company (up 0.95%), Bhushan Steel (up 0.69%), JSW Steel (up 0.42%) and Hindalco Industries (up 0.07%), edged higher. NMDC (down 0.1%), Hindustan Copper (down 1.07%) and Vedanta (down 1.71%), edged lower.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for September 2016 delivery was currently down 0.72% at $2.193 per pound on the COMEX.
FMCG shares were mixed. Tata Global Beverages (up 2.97%), Britannia Industries (up 0.87%), Marico (up 0.71%), Hindustan Unilever (up 0.64%), Procter & Gamble Hygiene & Health Care (up 0.38%), Jyothy Laboratories (up 0.19%) and Colgate Palmolive (India) (up 0.07%), edged higher. GlaxoSmithKline Consumer Healthcare (down 0.53%), Dabur India (down 1.1%), Bajaj Corp (down 1.15%), Godrej Consumer Products (down 1.47%) and Nestle India (down 2.27%), edged lower.
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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