The Indian stock market landed moderately in positive territory on Friday, June 30 despite bearish sentiment in early trading, with automotive names taking a beating ahead of implementation of the goods&services tax (GST). Notably, GST, scheduled to take effect on July 1, will phase out a number of consumer taxes. GST is expected to change the rules of business in the medium term, eliminate tax overlaps, enhance India’s competitiveness and investment flows as well as create new jobs. In addition to automotive names, the session’s underperformers included energy and banking equities, while high-tech stocks logged gains. Recapping the benchmarks, the Nifty 50 advanced 0.18% to 9,520.90, and the BSE Sensex closed up 0.21% at 30,921.61. By 10:35 GMT, USD/INR traded down 0.15% to 64.700, while EUR/INR slid 0.28% to 73.7687. The 10-year Indian government bond yield stood at 6.515%. Tata Motors shed 0.7%, while Infosys and ITC picked up 0.6% and 3.87%, respectively. IndiGO, which owns InterGlobe Aviation, plunged 5.7% on news that it is considering buying a stake in state-owned Air India. To remind, the Indian government decided to privatize Air India, which has piled up massive debts in recent years. Central Depository Services (India) shot up 80% in its debut trading session. Notably, the company raised INR 5.2 bn (USD 80.43 mn) in an IPO. The daily chart shows that the BSE Sensex has retraced within Bollinger bands after repeatedly having broken out of its lower line, while the Slow Scholastic Oscillator remains in overbought territory. This portends a correctional upturn in the short term. $SENSEX, S&P BSE SENSEX INDEX / D