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Friday, 5 August 2016

Weekly Wrap by Moneymaker Research

The Sensex rose 248.62 points or 0.89% to settle at 28,051.86, in the week ended 29 July 2016. The Nifty 50 index gained 97.30 points or 1.14% to settle at 8,638.50. The BSE Mid-Cap index gained 3.13%. The BSE Small-Cap index rose 1.67%. Both these indices outperformed the Sensex.According to reports, the government on Friday, 29 July 2016, listed the much- awaited GST bill for consideration and passage in RajyaSabha's agenda for the next week.

Minister of state for parliamentary affairs Mukhtar Abbas Naqvi, while making a statement regarding government business for the week starting 1 August in the Upper House, reportedly said that the GST constitutional amendment bill will be taken up for consideration and passage in the RajyaSabha.. For the GST bill to become a law, the bill also needs to be approved by half the state assemblies after its passage in the parliament. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. The month-long monsoon session of the parliament will conclude on 12 August 2016


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