India : Sensex, Nifty up 0.5 pct ; Midcap Smallcap outperform, SBI up
Equity benchmarks continued to rise high ahead of expiry of July derivative contracts while the broader markets outperformed with the BSE Midcap and Smallcap indices rising over one percent.The 30-share BSE Sensex was up 141.41 points at 27942.88 and the 50-share NSE Nifty up 42.0 points to 8583.30. About two shares advanced for every share declining on the Bombay Stock Exchange.
Axis Bank lost 1.2 percent after disappointing set of earnings in Q1. Profit fell 21 percent on account of sharp spike in provisions for bad loans and also NPA worsened.
Overseas investors have infused more than USD 2 billion into the Indian capital markets so far this month on rising hopes of passage of the GST Bill in the Rajya Sabha and expectations of better corporate earnings.The investment in July is followed by an outflow of Rs 4,373 crore in the preceding two months (May-June). The pullout was mainly due to outflows in debt markets.
According to depositors’ data, the net investment of foreign portfolio investors (FPI) stood at Rs 8,086 crore in the stock market during July 1-22 while it was Rs 6,917 crore in the debt market, taking the total inflows to Rs 15,003 crore (USD 2.2 billion).
Experts are hopeful that the Goods and Services Tax (GST) Bill will be passed in the Upper House of Parliament.
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