FIRST TRADE: Sensex up 100 pts, Nifty around 19,480; Nazara Tech drops over 6%, Delta Corp hits lower circuit
Stock market today: Shares of online gaming companies and casinos crashed in the trade following the GST Council's decision to levy a 28 per cent tax on online gaming, casinos, and horse racing, and the tax would be levied at full face value.
Stock market today: The domestic equity market opened in the green on July 12 (Wednesday). At the time of filing this report, the S&P BSE Sensex was trading over 100 points higher at 65,727.20, and the NSE's Nifty was trading at 19,474.15, up 35 points. Shares of online gaming companies and casinos crashed in the trade following the GST Council's decision to levy a 28 per cent tax on online gaming, casinos, and horse racing. The Council said the tax would be levied at full face value.
"Markets may log steady gains in early trades Wednesday thanks to a sharp upsurge in the overnight US markets. With Asian indices, too, witnessing strong gains, local indices could advance further, even as concerns of the market being in an overbought position loom. Investors will focus on inflation numbers set to be announced later in the day, while IT majors TCS and HCL Tech will set the tone with their Q1 results, which could give some indication of the global IT sourcing scenario and the outlook on the same. Amid an uncertain global environment and a slowdown in discretionary spending by clients, the June quarter earnings are seen to be weaker than expected," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
On the BSE, Reliance Industries (RIL) traded over 1 per cent higher and was the top gainer on the Sensex. Next on the gainers' list was Bajaj Finance, and Titan Company. On the flip side, IndusInd Bank (down over 1 per cent) was the biggest loser.
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Broader market indices
The S&P BSE MidCap index traded 0.30 per cent higher at 29,236.78 levels while the S&P BSE SmallCap index was up 0.47 per cent at 33,467.43 points.