The Indian stock market rallied for second consecutive session amid smooth rollovers in F&O expiry. Sentiment got a boost after the Union Cabinet cleared changes in the GST Constitutional Amendment Bill in a bid to strengthen the chances of passage of the crucial legislation that can potentially transform the tax structure by subsuming all indirect taxes and creating a single market. In addition, short covering also saw indices move higher towards the end. Nifty closed with a gain of 51 points at 8,666, while BSE Sensex ended with a gain of 184 points at 28,209.
On the global front, Asian stocks closed on mixed note. The Shanghai Composite index and Hong Kong’s Hang Seng index closed marginally lower. Nikkei 225 gained 1%.
Indian Hume Pipe hit 20% upper circuit after it reported 311.17% rise in net profit at Rs.26 crore for the quarter ended June 30, 2016 against Rs.6.32 crore in the corresponding quarter a year ago.
Asian Paints climbed 6% to Rs.1126 after it posted 18.46% increase in consolidated net profit at Rs.552.56 crore for the first quarter ended June 30, 2016 as compared to net profit of Rs.466.42 crore in the same period of previous fiscal.
Tree House dropped 3.4% on BSE. The company reported net loss of Rs.45.48 crore, compared to Rs.18 crore profit same period last year.
Sintex Industries slipped 3.7% on BSE. The company reported 10% rise in net profit at Rs.62.78 crore for the quarter ended June 30, 2016 against Rs.56.96 crore in the corresponding quarter a year ago.
Punjab National Bank fell 2.8% after it reported 57% year-on-year fall in net profit figures at Rs.306 crore for the quarter ended June 30, 2016.
Logistic stocks closed higher on the BSE. The Union cabinet on Wednesday approved key changes to the constitution amendment bill for goods and services tax, doing away with a 1% additional levy on supply of goods, and proposing full compensation to states for five years for revenue loss arising from transition to GST.
Menon Pistons Ltd rallied 5% to Rs.155 after the company said its board approved splitting of shares of the company from Rs.10 to Rs.1 a share.
USDINR trade today trading up six paise at 67.08 per US dollar..
Out of 1,518 stocks traded on the NSE, 638 declined and 818 advanced today.
Top 5 Nifty Gainers: CIPLA (2.29%), Bajaj Auto (1.74%), Tata Steel (1.66%), Lupin Ltd (1.54%) and Sun Pharma (1.43%).
Top 5 Nifty Losers: ICICI Bank (-3.16%), Bharti Airtel (-2.59%), BHEL (-2.41%), HDFC (-1.53%) and Wipro (-1.45%)
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