Benchmark indices were trading without fervor in afternoon trade with Nifty50 trading near 9,650 amid lack of any strong global and domestic cues.
Some gains were erased as investors stay on the sidelines ahead of GST. Finance Minister Arun Jaitley in a press conference today confirmed GST will be officially rolled out on the midnight of June 30. “Expects the size of formal economy to increase under GST but one must be prepared for short-term challenges,” the FM said.
Asian shares were also trading flat. Japan's Nikkei earlier rose more than 1% to a near two-year high tracking gains in US hi-tech shares as investors bet on solid growth in the economy and corporate profits globally.
At 2:25 pm, the S&P BSE Sensex was trading at 31,296, down 15 points, while the broader Nifty50 was ruling at 9,651, down 6 points.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap added 0.2% and 0.3% respectively.
Shares of IT companies rose following overnight rebound in US technology stocks, while gains were capped as banks fell after the Punjab state government waived farm loans.
The Nifty IT index was up 0.5%, with Infosys, up 1.4%, gaining the most. The stock had fallen in the last three sessions.
The Nifty PSU Bank pared losses to become flat after falling as much as 1.05%. Punjab National Bank was the top percentage loser on the Nifty PSU Bank index, declining as much as 2.5% on loan waiver
Among individual stocks, SpiceJet rose as much as 2.9 % to Rs 128.20, its highest in over two decades, after the budget airline said it has committed to buy 737 MAX 10 planes worth $4.7 billion from Boeing.
Tata Steel hit a fresh 52-week high of Rs 534, up 1%, extending its Monday’s 3.4% gain on BSE, after the company said that it proposes to sell 83.6 million equity shares of face value of Rs 2 each of Tata Motors to Tata Sons.
Emkay Global Financial Services advanced to its 9-year high of Rs 171, up 4% in intra-day trade, extending its two-week long rally on the BSE. In the past one week, the stock rallied 26% after the Emkay Global Financial Services said it has entered into an exclusive pact with DBS Bank arm DBS Vickers Securities (Singapore) for sharing knowledge, co-branding and distribution of equity research to the latter's global clients.