Equity benchmarks rebounded in afternoon trade, with the Nifty inching towards 9650 level on the back of support from Reliance Industries, HDFC and Infosys.
The 30-share BSE Sensex was up 56.64 points at 31,278.26 and the 50-share NSE Nifty rose 21.10 points to 9,636.10.
Experts expect the Nifty to hold 9,600 level during the week. After current consolidation, it may start moving towards 9,700 level. According to them, the next resistance for the Nifty could be 9,800.
GST Impact: Like all big transformations, Motilal Oswal believes GST will create disruption in the near term. However, in the long term, it is expected to simplify and rationalize taxes, shift trade from the unorganised to the organised segment, and improve efficiency in the system, it feels.
On the macro front, it believes this will be revenue accretive for the government, with the tax base expanding though tax rates on various products remain close to the current effective tax rates.
Battery price hikes: Automotive battery manufacturer Exide Industries has raised prices by 2-11 percent across segments w.e.f July 1, reports CNBC-TV18 quoting sources of Cogencis.
The company raised inverter, e-rickshaw battery prices by 7-8 percent, automotive battery prices by 2-3 percent and motorcycle battery prices by 10-11 percent.
Meanwhile, Amara Raja also hiked automotive battery prices by 3.5 percent and motorcycle battery prices by 5 percent.
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