Indian shares fall on heels of global slump

Caution prevailed ahead of the roll-out of the GST on July 1.

india trader
A broker (L) watches a TV news channel as another monitors share prices at a brokerage firm in Mumbai. REUTERS

Indian shares started the July derivative series on a negative note, as investors barced for caution ahead of the goods and services tax (GST) rollout while weak global cues further dampened sentiment.

At 06:45 GMT, the benchmark S&P BSE Sensex fell 0.13 percent at 30,817 while the broader NSE Nifty declined 0.16 percent at 9,488.

The July futures and options series saw a bumpy start amid a weak equity trend in Asia, tracking losses in the U.S.

Sentiment across globe was subdued after major central banks signalled an end to easy money and need for rate increase.

The MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 percent after hitting a two-year high on Thursday.

Back home, caution prevailed ahead of the rollout of the GST on July 1, with its complex structure and myriad exceptions adding to confusion for businesses.

Telecom index was the worst performer in Friday's trade. Shares of Bharti Airtel, Reliance Com and Bharti Infra declined 1 to 1.9 percent.

Other sectoral losers included the S&P BSE Realty index and the S&P BSE Industrials index, shedding 0.7 percent each.

Bank index also fell 0.3 percent, dragged lower by ICICI Bank's 1.4 percent fall along with IndusInd Bank, which lost 0.7 percent.

Shares of Central Depository Services surged 80 percent on debut.

Unichem Laboratories also rose 3 percent the company said it got establishment inspection report for its Goa facility from the U.S. drug regulator.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.