Sensex, Nifty continue to trade in positive terrain

Stock markets were trading in positive terrain in early noon session due to buying in Auto, IT and Consumer discretionary sectors. ICICI Bank, Bharti Airtel and Bajaj Auto were contributing gains to Sensex. Investors got support as the Goods and Services Tax (GST) Council has cut tax rate on under-construction housing properties to 5 per cent without input tax credit (ITC), from the existing 12 per cent. The Council also slashed GST rate on affordable housing to 1 per cent from the current 8 per cent and expanded the scope of affordable housing to those costing up to Rs 45 lakh and measuring 60 sq metre in metros and 90 sq metre in non-metro cities. Sentiment remained upbeat as Niti Aayog Vice-Chairman Rajiv Kumar has expressed hope that the current size of the Indian real estate market, which is already $120 billion dollar, will grow over five-fold to $650 billion by the year 2040. However, gains remained limited as Foreign portfolio investors sold debt securities worth over Rs 1,900 crore in February amid escalation of cross-border tensions in the wake of Pulwama terror attack. A total of Rs 1,949 crore was withdrawn during the February 1 to 22 period.

On the global front, Asian markets were trading mostly in green with hopes of a Sino-US trade deal after US President Donald Trump pushed back the planned increase in tariffs on Chinese imports from March 1. Back on streets, Pension fund regulator PFRDA is working on a minimum assured return scheme (MARS) for subscribers of the flagship social security programme - National Pension System (NPS). NPS, having an asset under management (AUM) of Rs 2.91 lakh crore, had subscriber base of 1.21 at the end of January. In scrip specific development, Bharti Airtel edged up on joining hands with Nokia to put on trial a homogenous fronthaul solution for 4G and 5G and enterprise services through a common platform.

The BSE Sensex is currently trading at 35962.29, up by 90.81 points or 0.25% after trading in a range of 35901.06 and 36033.51. There were 16 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.33%, while Small cap index was up by 0.62%.

The top gaining sectoral indices on the BSE were Auto up by 0.88%, IT up by 0.59%, Consumer discretionary up by 0.57%, Healthcare up by 0.56% and Realty was up by 0.52%, while Metal down by 0.41%, Industrials down by 0.27%, PSU down by 0.23%, Telecom down by 0.23%, Oil & Gas was down by 0.20% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 1.44%, Bharti Airtel up by 1.09%, Bajaj Auto up by 1.00%, Hero MotoCorp up by 0.95% and Infosys was up by 0.77%. On the flip side, ONGC down by 0.77%, Bajaj Finance down by 0.62%, Vedanta down by 0.62%, NTPC down by 0.50% and Tata Steel was down by 0.49% were the top losers.

Meanwhile, Central Board of Indirect Taxes and Customs (CBIC) has formed three working groups to study and recommend measures to improve tax compliance, trade, and promote exports. The groups will consult stakeholders, including the export promotion councils and relevant wings of the Ministry of Commerce and Industry, and submit report within two months.

The working groups will focus on export promotion and facilitation with emphasis on boosting exports through e-commerce, addressing the trade facilitation barriers faced in India's export market and improving the quality of logistics services for exporters. It will also work towards enhancing compliance, plugging loopholes to improve customs revenue collections and curb Integrated GST (IGST) refund frauds.

Further, the groups will focus on improving the legislative structure of customs tariff and update it to suit the emerging and future needs of the economy and industry. Also, special focus would be given to create a comprehensive export tariff structure to enhance India's export competitiveness.

The CNX Nifty is currently trading at 10809.75, up by 18.10 points or 0.17% after trading in a range of 10788.05 and 10830.10. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were UPL up by 2.65%, Dr. Reddys Lab up by 1.68%, ICICI Bank up by 1.36%, Bharti Airtel up by 1.16% and Hero MotoCorp was up by 1.11%. On the flip side, Adani Ports &Special down by 7.95%, Bharti Infratel down by 2.26%, BPCL down by 1.34%, ONGC down by 0.91% and Vedanta was down by 0.91% were the top losers.

Asian markets were trading mostly in green, Hang Seng increased 16.56 points or 0.06% to 28,832.86, Nikkei 225 surged 104.24 points or 0.49% to 21,529.75, Jakarta Composite soared 12.83 points or 0.2% to 6,514.21, Taiwan Weighted strengthened 68.01 points or 0.66% to 10,390.93 and Shanghai Composite was up by 108.53 points or 3.87% to 2,912.76. On the other hand, Straits Times trembled 3.66 points or 0.11% to 3,266.24 and KOSPI was down by 0.26 points or 0.01% to 2,230.24.