New DelhiThe Sensex fell over 154 points and the Nifty went below 9,500 in the beginning on Friday as the July derivative series took off on a negative note amid anxiety ahead of GST rollout.
Capital outflow by foreign funds and weak global shares only added to concerns.
Investors kept their fingers crossed ahead of the landmark tax reform Goods and Services Tax (GST), which is set for a mid-night launch today.
The 30-share Sensex tumbled 154.23 points, or 0.50 per cent, to 30,703.29. It had gained 23.20 points in the previous session though.
Realty, capital goods, auto, banking, metal and consumer durable stocks dealt a blow, falling by up to 1.55 per cent.
The 50-share Nifty hit 9,460.20, down 43.20 points, or 0.45 per cent.
The July futures and options (F&O) series saw a bumpy start amid a weak equity trend in Asia, tracking losses in the US.
Hong Kong’s Hang Seng was down 0.90 per cent, Shanghai Composite 0.26 per cent and Japan’s Nikkei 1.09 per cent.
The US Dow Jones Industrial Average ended 0.78 per cent lower on 29 June.
GST launch will be third midnight joint parliamentary session ever
We as a country will enter a uniform indirect tax regime at midnight on Friday. The Goods and Services Tax (GST) will be launched at a midnight joint parliamentary session from the Central Hall of the Parliament in the presence of President Pranab Mukherjee, Vice-President Hamid Ansari, Prime Minister Narendra Modi, Lok Sabha Speaker Sumitra Mahajan, cabinet minister, MPs, chief ministers, officials and special invitees. There will be a gathering of about 600 people at the event.
In the history of independent India, there are only two instances when similar midnight sessions were held, but they were celebratory in nature. A joint midnight session was held on occasion of the 50th anniversary of the Quit India Movement in 1992, and then to mark the 50th anniversary of the Independence Day in 1997.
This is the first time that a joint parliamentary session at midnight would be held to welcome an economic change aimed at better future. Opposition parties have called the event a drama and most of their political leaders have announced to stay away.
As per the events programme, the GST launch will be done through a laptop, followed by screening of two short films on the subject.
The Congress has been criticising the manner in which GST is being implemented even as it is the brainchild of the party. (Agencies)
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