Indian Stock Market after GST boost: Titan jumps most in over 8 years

Retail Stocks Rally on GST Boost:

Shares of the retail companies rallied anywhere between 19% and 2% after the final GST rates announced on footwear and apparel were closer to the current tax structure.

Movement of various companies can be traced as:

• Mandhana Retail (+19%)
• V-Mart (+13%)
• Future Lifestyle Fashions (+6.4%)
• Future Retail (+5.2%)
• Aditya Birla Fashion (+4.2%)
• Shoppers Stop (+4.1%)
• Trent (+1.7%)

Jewellery Stocks Surge on GST Boost:

Shares of jewellery makers jumped anywhere between 15% and 2% on the back of the GST rates announced on 03. June. 2017.

Titan jumped climbed almost 16.9 %, PC Jeweller (+8%), Tara Jewels (+6%) Gitanjali Gems (+5%) and TBZ Jewellers (+4%).

NDTV Drops:

Shares of the media firm dropped as much as 7% after the Central Bureau of Investigation (CBI) carried out searches at different properties owned by the company, and its promoters Prannoy and Radhika Roy.

India Services PMI Rises to 52.2 in the past month:

The Nikkei India Services Purchasing Managers’ Index, or PMI, rose to 52.2 in May from April’s 50.2, marking the highest since October. It can be observed that may’s growth was supported a quicker rise in new business inflows.

Reliance Communications Gains After Lenders Float Lifeline:

Shares of the Anil Ambani-owned firm gained as much as 5.3 percent after lenders agreed to a seven-month moratorium on the telecom company’s debt payments.

Spice Jet Pares Some Losses:

Shares of the low-cost carrier dropped as much as 4.1 percent before paring most of its losses after it reported weak set of earnings during the weekend.

For other companies, Jet Airways (+0.4%), InterGlobe Aviation (+1.6%) and Global Vectra Helicopter (+2.3%).

Tata Elxsi Gains after Deal:

Shares of the Tata group firm gained as much as 5 percent, the most since March 17, after it signed a licensing and integration support deal for a driverless car program.

Rupee Moves Higher:

The rupee gained12 paise to 64.32 against the dollar in early trade on sustained selling of the U.S. currency by exporters and banks.

Stocks to Watch:

Yen and gold retained their gains, while U.S. and Australian bonds rallied as wage growth and hiring strength in the American labour market came below forecasts.