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Indian Indices: Indian equity indices extended their gains and were hovering near the highest point of the day in late afternoon session, on continued buying by investors in Banking, PSU, and Utilities stocks. Sentiments remained optimistic with Finance Minister ArunJaitley’s statement that the government is keen to roll out the GST on July 1 and other aspects like bringing petroleum and land under its ambit will be considered after the first year of implementation of the new system of indirect tax collection. The GST bill will be introduced in Parliament next week. 

Meanwhile, the government has exempted FIIs from taxation of indirect transfers of Indian assets made after 2011 but has left prior period cases open for interpretation. On sectoral front, stocks of some public sector undertakings (PSU) were trading in green with the Nifty PSU Bank index gaining more than 4% with the private report that Finance Minister ArunJaitley.

The BSE Sensex is currently closed at 29,233.44 down by 187.96 points or 0.64% after trading in a range of 29163.54 and 29420.70. There were 6 stocks advancing against 24 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index was down by 0.34%, while Small cap index was down by 0.13%.

The CNX Nifty is currently shut down at 9045.20, down by 62.80 points or 0.69% after trading in a range of 9024.65 and 9094.85. There were 12 stocks advancing against 39 stocks declining on the index.

Crporate Front:

India's finance minister ArunJaitley paved the way for landmark tax reforms on Monday, introducing four bills on the goods and services tax (GST) in the lower house of parliament. The legislation, which has broad support and is expected to pass parliament with ease, is part of the biggest tax reform thegovernment has undertaken since India's independence in 1947.

Macroeconomic front: State-run Indian Renewable Energy Development Agency (IREDA) has said that it will sanction Rs 13,000 crore for clean energy projects next fiscal in the country, vying for around 20 per cent of the loan market share.As per reports, with the government aiming at adding around 15 to 16 GW of clean energy projects, including solar and wind, there would be total credit market size of around Rs 65,000 crore.

On the global front:

On the global front, European markets were trading in red as investors adopted a cautious tone on the back of U.S. President Donald Trump's surprise failure to deliver swift health-care reform. Asian markets were also trading in red. Back home, in scrip specific development, Dr. Reddy's Laboratories traded higher after the company entered into an exclusive distribution agreement with Integra LifeSciences Holdings Corporation. Under the agreement, Dr. Reddy's will market and distribute DuraGen Plus and SuturableDuraGen Dural Regeneration Matrices for use in patients in India.

Commodity Updates:

Top Sectoral& Stock Screening:The sole gaining sectoral index on the BSE was Consumer Durables up by 0.43%, while Metal down by 2.69%, Energy down by 1.70%, Oil & Gas down by 1.03%, Telecom down by 0.95% and Basic Materials down by 0.95% were the losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Bank of Baroda up by 1.98%, Indusind Bank up by 1.20%, SBI up by 1.10%, BHEL up by 0.72% and Dr. Reddy’s Lab up by 0.51%. On the flip side, Idea Cellular down by 3.41%, Tata Steel down by 3.27%, Hindalco down by 2.87%, Reliance Industries down by 2.82% and AurobindoPharma down by 2.49% were the top losers..

Global Signals:

Asian markets were trading mostly in red; Nikkei 225 decreased 276.94 points or 1.44% to 18,985.59, Hang Seng decreased 164.57 points or 0.68% to 24,193.70, Jakarta Composite decreased 31.76 points or 0.57% to 5,535.37, Taiwan Weighted decreased 26.21 points or 0.26% to 9,876.77, KOSPI Index decreased 13.29 points or 0.61% to 2,155.66 and Shanghai Composite decreased 2.49 points or 0.08% to 3,266.96. On the flip side, FTSE Bursa Malaysia KLCI increased 0.77 points or 0.04% to 1,746.52.

All European markets were trading in red; Germany’s DAX decreased 109.81 points or 0.91% to 11,954.46, UK’s FTSE 100 decreased 75.4 points or 1.03% to 7,261.42 and France’s CAC decreased 44.9 points or 0.89% to 4,976.00.