Sensex Lower As Investors Tentative Ahead Of GST Passage in Rajya Sabha

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Benchmark indices opened the day higher even as markets awaited the passage of the crucial GST Bill, which will be presented in the Rajya Sabha today.

Sensex Lower As Investors Tentative Ahead Of GST Passage in Rajya Sabha
Asian markets were trading weak, following lower closings across the US and European markets, as health of the banking sector in Europe worried the markets there.

The Sensex was trading with losses of 128 points while the Nifty drifted lower by 32 points. Stocks likely to benefit from the passage of the GST Bill, were trading mixed, as analysts felt that most of the benefits may already be priced into the stock.

Moreover, they feel that these benefits are likely to occur only after 2-3 years. PVR, was trading lower, while VRL Logistics another likely beneficiary from the GST passage was trading 1 per cent higher.

Shares in ICICI Bank continued to fall lower, and was down for the third successive day. Aurobindo Pharma, TCS and BPCL were the biggest losers from the Nifty space.

ITC which rallied as much as 3 per cent on Tuesday, gave up gains and ended the day lower by 1.5 per cent.

Banking stocks were more or less subdued in trade, in line with the broader markets. Shares in HCL Tech surged 4 per cent, after the company's profits beat estimates.

Meanwhile, the rupee opened the day higher at 66.80 to the US dollar. The currency may also see volatility ahead of the passage of the GST Bill.

GoodReturns.in


Read more about: gst, sensex
Story first published: Wednesday, August 3, 2016, 9:34 [IST]
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