Sensex Opens Higher as GST Council Clears All Draft Bills

Asian equity markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.34%, while the Hang Seng is down 0.33%. The Shanghai Composite is trading down by 0.15%. European & the US stock markets closed higher in their previous trading session.

Meanwhile, Indian share markets have opened the day on a firm note after the goods and services tax (GST) councilcleared the two supporting Bills - State GST Bill and Union Territory GST (UTGST) Bill, thereby setting the stage for implementing the landmark tax reform by 1 July 2017.

The BSE Sensex is trading up by 138 points while the NSE Nifty is trading up by 54 points, hitting a fresh record high to open above 9,200-mark for the first time ever. The BSE Mid Cap index opened up by 0.5%, while BSE Small Cap index opened up by 0.3%.

Sectoral indices have opened the day on a mixed note with fast moving consumer goods sector and metal sectorleading the pack of gainers. While, consumer durable stocks and information technology stocks are witnessing maximum selling pressure. The rupee is trading at 65.38 to the US$.

ITC share price surged 6.7% in early trade after GST (goods and services tax) panel has said that the cess levied, in the case of cigarettes and chewing tobacco, could be either 290% or Rs4,170 per thousand sticks or a combination of both.

Pharma stocks are trading mixed with Elder Pharma and Dishman Pharma being the most active stocks in this space. As per an article in a leading financial daily, Lupin Limited (Lupin) announced the launch of Mibelas 24 Fe (Norethindrone Acetate and Ethinyl Estradiol Chewable Tablets, 1 mg/0.02 mg and Ferrous Fumarate Tablets, 75 mg) having received an approval from the United States Food and Drug Administration (USFDA) earlier.

Lupin share price opened the day up by 0.7%.

Moving on to the news from stocks in engineering sector. According to a leading financial daily, Larsen & Toubro's electrical and automation unit has bagged an order worth Rs 5 billion from the Qatar Rail Company (QRAIL) for Phase 1 of Doha Metro.

L&T share price & Bhel share price opened the day down by 0.3% & 0.1% respectively.

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