Sensex, Nifty drag after RS passes GST Bill; auto, infra gainers

New Delhi, Aug 4 : With the clearance of the Goods and Services Tax (GST) Bill, the biggest tax reform since Independence, the market opened on a strong note and is still holding gains amid pressure.

The Sensex is trading up 72.03 points or 0.3 percent at 27769.54, while the Nifty is up 17.40 points or 0.2 percent at 8562.25.

Auto, Capital Goods, Healthcare and Metal indices are up with Tata Motors, Tata Steel, Bajaj Auto, Hero MotoCorp and Adani Ports are among the top gainers.

ICICI Bank, Lupin, Infosys and Asian Paints are among the losers. Oil prices rose, extending gains from the previous session following a large draw in the US gasoline inventories and a big drop in the dollar since the end of July.

The US-dollar has lost two percent of its value since late July against a basket of other leading currencies as expectations of another rate increase faded.

Despite the price gains on Wednesday and Thursday, the traders said overall oil market conditions remained weak as production overhangs in both crude and refined products continuing to weigh on markets.

Source: ANI