Indian share markets traded marginally higher in the afternoon session. At the closing bell, the BSE Sensex stood higher by 36 points, while the NSE Nifty finished up by 24 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished up by 1% and 1.1% respectively. Losses were largely seen in software stocks and FMCG stocks. Realty stocks, metal stocks and energy stocks witnessed maximum buying momentum.
Raymond share price finished the trading day up by 6.4% in today’s trade to Rs 815. The stock gained 14.5% in last six trading sessions and so far this year, it gained 62%. The company will invest a total of Rs 14 billion in a phased manner in its new plant at Amravati in Maharashtra which will go on stream by this year-end. The company has made an initial investment of Rs 2 billion for the first phase of the new unit that will produce cotton shirts, linen and denim, among others.
Asian stock markets finished higher today with shares in China leading the region. The Shanghai Composite is up 0.76% while Hong Kong’s Hang Seng is up 0.52% and Japan’s Nikkei 225 is up 0.25%. European markets are mixed. The CAC 40 is higher by 0.12%, while London’s FTSE 100 is off 0.10%. Shares in Germany are unchanged.
The rupee was trading at Rs 64.72 against the US$ in the afternoon session. Oil prices were trading at US$ 46.30 at the time of writing.
In news from economic sector, global ratings agency, Fitch ratings in its latest report has said that the newly launched one nation one tax, namely Goods and Services Tax (GST) is likely to remove domestic trade barriers and will boost revenue indirectly over the long term as it supports Gross Domestic Product (GDP) growth and encourages tax compliance.
But it also said that it poses significant short-term risks, emphasised by the late changes to the bill and the disruptive roll-out of demonetization. The ratings agency however said that it is ‘far simpler’ than the previous system, under which each state set its own sales taxes – in addition to the central government – and imposed border taxes on goods entering the state.
