Bulls set to comeback as GST grabs the stardom
Indian Indices:
Indian equity benchmarks may witness a bullish opening on Thursday with investor sentiment set to receive a massive boost from the clearance of the long pending GST bill in the Rajya Sabha, paving the way for the country’s biggest reform since 1991.
The historic bill was cleared by the upper house of Parliament on Wednesday by a 203-0 vote, with no party opposing the constitutional amendment. The bill which seeks to transform India into a single market will help make Asia’s third biggest economy more efficient by abolishing multiple taxes.
Now, 50 per cent of states will have to approve the GST legislation while the Modi government must reach a consensus on the GST rate.
Marking a fourth straight day in the red, the 30-share Sensex on Wednesday fell by 284.2 points or by 1.02 per cent to end at 27,697.51 amid caution due to the GST bill debate and losses in fellow emerging markets on a renewed drop in oil prices to below USD 40 per barrel.
Global Market:
Asian stocks were trading mixed as traders turned cautious ahead of Friday’s US jobs data which may offer some cues over the timing of the next US Fed interest rate hike.
China’s Shanghai Composite was trading lower on continued concerns over the world’s second biggest economy, Hang Seng rose and Japan’s Nikkei 225 fell on fears that Japan’s latest monetary and fiscal stimulus measures may not be enough to revive price growth and tackle the long-standing problem of deflation.
Wall Street rallied on Wednesday; helping benchmark S&P 500 snap a two-day drop as oil notched up its biggest gain in three weeks and financial stocks rose on strong corporate earnings.
While the US private sector added 179,000 workers in July, up from June’s 176,000, the US services index cooled from a seven-month high of 56.5 in June to 55.5 in July, but remained above the neutral 50-mark.
Major Headlines of the day:
• Astral ties up with Japan's Sekisui Chemical for CPVC resin
• UPL, Amira Nature Foods to build rice value chain
• Berger Paints lines up Rs400 cr capex plan for next 4-5 years
UPCOMING RESULTS: ARVIND, FORTIS, GATI, SIEMENS, TUBEINVESTMENT,TATAPOWER, TAJGVK, THOMASCOOK.
Trend in FII flows: The FIIs were net buyers of Rs 578.17 Cr in the cash segment on Wednesday while the DIIs were net sellers of Rs – 800.75 Cr, as per the provisional figures.
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