Sensex rebounds 209 points in early trade today

Equity markets close flat; FMCG, banks stocks gain (Roundup)
Second weekly gains for market: FMCG stocks register gains on GST Council decision
Author

20 May, 2017

Benchmark Sensex ended in the green at 30,464 in see-saw trade today as FMCG counters buzzed following finalisation of GST rates for bulk of the items.

The BSE Sensex closed 30.13 points up to close at 30,464.92, while NSE Nifty dipped 1.55 points to end at 9,427.90.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 56.30 points or 0.60 per cent higher at 9,485.75 points. As per the GST tax rates announced recently, the impact is very positive and signals that the mass consumption items will be taxed lower.

In the Asian region, Japan's Nikkei was up 0.2%, Hong Kong's Hang Seng rose 0.3%, Shanghai Composite 0.12% in early deals. BSE mid-cap index falls 1.18 per cent and small-cap index slips 0.85 per cent.

Other gainers that supported the recovery were ITC Ltd, Hindustan Unilever, ICICI Bank, Tata Motors, Axis Bank, Tata Steel, Hero MotoCorp, Lupin, ONGC, Bajaj Auto, Adani Ports and Reliance Industries, rising by up to 4.44 per cent. SBI's standalone net profit, not including contributions from subsidiaries, jumped to Rs. 2,815 crore for the three months to March 31 from Rs. 1,264 crore a year earlier.

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On Wednesday, the gauge had closed at a fresh lifetime peak of 30,658.77 after climbing to a new intra-day record- high of 30,692.45. The BSE IT index was down 0.82 per cent; TS, Infosys, Wipro, Tech Mahindra, HCL Technologies, Hexaware and Tanla Solutions were among the losers.

Coal India rallied 2.6%, followed by NTPC and PowerGrid as the GST rate on the hydrocarbon was pegged at 5% as compared with the current tax burden 11.69%, which will make electricity cheaper.

Major losers in the 30-share index were Asian Paints (2.35%), Tata Consultancy Services (1.68%), Maruti Suzuki India (1.46%), Housing Development Finance Corporation (1.40%), Dr Reddy'S Laboratories (1.25%), and G A I L (India) (1.23%).

ITC Ltd is now trading at Rs 294.15, up by Rs 16.1 or 5.79% from its previous closing of Rs 278.05 on the BSE.

Further, a host of changes have been made in BSE 100, BSE 200, BSE 500, Sensex Next 50 and sectoral indices such as Teck and carbonex.


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