Shares of logistics companies including Gati, Snowman Logistics, Allcargo Logistics and VRL Logistics ended with gains on Tuesday after economic affairs secretary Shaktikanta Das expressed optimism on GST rollout on July 1 this year.
Gati gained 4.67 percent to close at Rs 129, Snowman Logistics ended 6.2 percent higher at Rs 61, Allcargo Logistics jumped 3.2 percent and closed at Rs 170 and VRL Logistics gained 2.52 percent to close at Rs 297. Gateway Distriparks, however, ended lower at Rs 247.
The BSE Sensex closed 70 points lower at 28,743 while the NSE Nifty ended 17 points down at 8,879. Top Sensex losers were Coal India, Bajaj Auto and NTPC while index stocks that gained include Bharti Airtel, Asian Paints and Adani Ports.
"GST should be implemented by July 1. All states have agreed (on the date)," Shaktikanta Das told reporters in New Delhi on Tuesday, according to the IANS.
The Goods and Services Tax (GST) will replace all indirect taxes currently applicable to most of the goods and services and is expected to usher in a smooth, transparent and efficient indirect tax regime in India. The goods and services will be slotted under four tax slabs: 5 per cent, 12 per cent, 18 per cent and 28 per cent.
On Tuesday, foreign portfolio investors (FPIs) were net buyers of Indian equities at Rs 1,146 crore and domestic institutional investors bought stocks worth Rs 268 crore, according to provisional data released by the National Stock Exchange.
The Indian rupee closed 2 paise higher at 66.69 to the US dollar.
The trigger for stock markets tomorrow is likely to be volume sales data for February to be reported by automobile companies such as Maruti Suzuki, Ashok Leyland, Eicher Motors, Tata Motors, Hero Motocorp, Bajaj Auto and TVS Motor Co.