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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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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