Bourses trade at day’s high levels in late afternoon session

Indian equity markets were hovering near day’s high levels in late afternoon session amid value buying by investors. Traders continued to take support as the Goods and Services Tax (GST) Council in its 54th meeting has made various recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST. Meanwhile, India’s Consumer Price Index (CPI) and India Industrial Production data to be out later in the week. On the global front, Asian markets were trading mixed after the U.S. government proposed new sanctions on Chinese biotech firms. Investors digested Chinese trade data and looked ahead to the release of key U.S. consumer and producer inflation readings this week for additional clues on the size of potential rate cuts by the Federal Reserve at its meeting next week. European markets were trading mostly in red as investors await key German and U.S. inflation readings this week for more cues on interest rate cuts.

The BSE Sensex is currently trading at 82147.69, up by 588.15 points or 0.72% after trading in a range of 81445.30 and 82196.55. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.84%, while Small cap index was up by 1.42%.

The top gaining sectoral indices on the BSE were Telecom up by 2.31%, TECK up by 2.09%, Power up by 2.01%, IT up by 1.97% and Utilities was up by 1.92%, while there were no losing sectoral indices on the BSE. 

The top gainers on the Sensex were Bharti Airtel up by 2.69%, HCL Tech up by 1.98%, Adani Ports up by 1.93%, Power Grid up by 1.86% and Infosys up by 1.78%. On the flip side, Bajaj Finserv down by 1.50%, Bajaj Finance down by 1.25%, Mahindra & Mahindra down by 0.44% and Hindustan Unilever down by 0.15% were the top losers.

Meanwhile, in a relief to individuals, the Goods and Services Tax (GST) Council in its 54th meeting has made various recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST.

The GST rate of extruded or expanded products, savoury or salted (other than un-fried or un-cooked snack pellets, by whatever name called, manufactured through process of extrusion), falling under HS 1905 90 30 to be reduced from 18% to 12% at par with namkeens, bhujia, mixture, chabena (pre-packaged and labelled) and similar edible preparations in ready for consumption form which are classifiable under HS 2106 90. The GST rate of 5% will continue on un-fried or un-cooked snack pellets, by whatever name called, manufactured through process of extrusion.

Besides, the GST rate on cancer drugs namely, Trastuzumab Deruxtecan, Osimertinib and Durvalumab is reduced from 12% to 5%. Further, Reverse Charge Mechanism (RCM) will be introduced on supply of metal scrap by unregistered person to registered person provided that the supplier shall take registration as and when it crosses threshold limit and the recipient who is liable to pay under RCM shall pay tax even if supplier is under threshold. A TDS of 2% will be applicable on supply of metal scrap by registered person in B to B supply.

GST rate on car seats classifiable under 9401 is increased from 18% to 28%. This uniform rate of 28% will be applicable prospectively for car seats of motor cars in order to bring parity with seats of motorcycles which already attract a GST rate of 28%.

The CNX Nifty is currently trading at 25113.30, up by 176.90 points or 0.71% after trading in a range of 24896.80 and 25130.50. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 4.15%, LTIMindtree up by 3.20%, Bharti Airtel up by 2.66%, Wipro up by 2.42% and HCL Tech up by 1.93%. On the flip side, HDFC Life Insurance down by 4.17%, SBI Life down by 2.42%, Bajaj Finserv down by 1.56%, Shriram Finance down by 1.24% and Bajaj Finance down by 1.22% were the top losers.

Asian markets were trading mixed; Jakarta Composite gained 48.31 points or 0.63% to 7,751.05, Hang Seng advanced 37.13 points or 0.22% to 17,234.09, Straits Times rose 22.58 points or 0.65% to 3,519.11 and Shanghai Composite was up by 7.7 points or 0.28% to 2,744.19. On the flip side, KOSPI dropped 12.50 points or 0.5% to 2,523.43, Nikkei 225 slipped 56.59 points or 0.16% to 36,159.16 and Taiwan Weighted was down by 80.36 points or 0.38% to 21,064.08.

European markets were trading mostly in red; UK’s FTSE 100 decreased 39.45 points or 0.48% to 8,231.39 and Germany’s DAX was down by 25.22 points or 0.14% to 18,418.34. On the flip side, France’s CAC was up by 25.19 points or 0.34% to 7,450.45.