Mumbai: Equity benchmarks ended flat with a positive bias after a consolidation on Thursday as investors digested the passage of a long-awaited Goods & Services Tax (GST) Bill.
The Sensex started off on a strong note, rallying more than 200 points in opening but immediately wiped out gains to trade in a tight range for rest of the session.
The 30-share BSE Sensex was up 16.86 points at 27714.37 and the Nifty gained 6.25 points at 8551.10 while the broader markets mildly outperformed benchmarks, up 0.4 percent on positive breadth. About 1432 shares advanced against 1267 declining shares on the BSE.
"Indian equities have been rallying over the last quarter in anticipation of the GST legislation going through.
With the event out of the way, near term we look for consolidation and shedding of some froth," Bharat Iyer of JP Morgan says. However, he remains positive with one year view. The market rallied more than 21 percent on more than Rs 47,000 crore worth of inflow of foreign money since March, especially on hopes of the GST Bill getting passed in the monsoon session of Parliament and also due to delay in rate hike by Federal Reserve. The Rajya Sabha passed the GST Constitutional Amendment Bill in a bi-partisan manner on Wednesday, paving the way for the introduction of GST regime in India.
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