Sensex climbs 227 points on global rally in stocks
23 May, 2017, 01:55 | Author: Elaine Woods
Indian shares closed marginally higher on Monday, with consumer stocks leading the gains as sentiment remained upbeat after the government finalised rates for the upcoming Goods and Services Tax. "Nifty is likely to touch lower levels near 9,400-9,390 in the next trading session where a close below could prove even worse for the near-term", Sushanshu added.
The NSE 50-share Nifty index opened higher at 9,480.25 and hovered between 9,498.65 and 9,427.90 before finishing at 9,438.25, a modest rise of 10.35 points, or 0.11 per cent.
However, the key indices pared some gains as investors were cautious in view of global political turmoil as well as ahead of derivatives expiry. Common use products such as hair oil, soaps and toothpaste would cost less from July 1 when GST is expected to roll out, brokers said. This was on the back of reports suggesting that the defence ministry had nearly finalised a policy under which private firms will be brought in to build submarines and fighter jets in India.
Among the sectoral index, FMCG rose the most by surging 3.09 per cent as stocks of ITC Ltd, Nestle, Britannia, Marico and Dabur India gained between 0.54 and 6.21 per cent.
Adani Ports rose by 1.39 per cent and TCS by 0.95 per cent. HUL and Hero MotoCorp rose by around 1 per cent.
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The dollar index, which measures the greenback's value against a basket of six major currencies, eased 0.1 percent to 98.805. The dollar index, which tracks the US currency against a basket of six major rivals, was last at 98.118, flat on the day.
Eleven of the 30 Sensex constituents ended higher, while overall declining issues beat advancing ones 1,844 to 877 and 190 stocks were unchanged. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 988.70 crore on May 19, as per provisional data from the stock exchanges. A gauge of fast moving consumer goods on the BSE rose 3.1%. At 3:30 pm, stock of Kotak Mahindra Bank closed 0.19% up at Rs 939.20 while that of Tata Motors DVR closed 0.60% down at Rs 265.10.
Stocks of state-run lenders Bank of India crashed 11.23 % despite the company narrowing net loss to Rs 1,045.54 crore for the fourth quarter of last fiscal.
SBI was the biggest index loser along with Lupin.
The BSE Mid-cap Index is trading down 1.08% at 14,485, while BSE Small-cap Index is trading down 0.95% at 15,082.
The US Dow Jones Industrial Average ended 0.69 per cent higher on Friday.
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Israeli Prime Minister Benjamin Netanyahu attends the weekly cabinet meeting at his office in Jerusalem , Sunday, May 21, 2017. The Palestinians want to establish a state in the West Bank and in the Gaza Strip, with East Jerusalem as its capital.
During his briefing, Jones presented photographs showing some evidence of the building believed to be a crematorium . The Syrian Foreign Ministry dismissed the claims as "a new Hollywood story detached from reality ".
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Expectations of a rate increase in June fell to 74 percent compared to 84 percent last week, according to the CME Fedwatch. US crude fell 0.49 percent to $48.61 per barrel and Brent was last at $51.62, down 0.39 percent on the day.
However, they will have to rely on a backup power system until the repairs, expected to take up to two hours, can take place. It flies about 420 kilometers (250 miles) above Earth and orbits the planet once about every 90 minutes.
The American rider is being taken care of at the Maurizio Bufalini Hospital in Cesena but the medic's report isn't that good. American motorcycle racer Nickey Hayden sustained multiple injuries in a cycling accident in Italy.
This American government official's statement allegedly caused a storm among the Israeli trip organizing staff. Friedman arrived Monday and immediately visited the Western Wall, praying there and kissing the sacred site.
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