Sensex climbs 227 points on global rally in stocks

Alicia Cross
May 23, 2017

A rally in FMCG stocks following the government's decision to exempt food items from the purview of Goods and Services Tax (GST) lifted the Indian equity markets on Monday. The NSE Nifty closed at 9,427.90 points, while the BSE Sensex closed at 30,464.92 points. ITC was the top index gainer and single-handedly pulling Sensex up thus allowing the benchmark index to close 106 points up or 0.35 per cent, at 30570.97 levels.

However, the key indices pared some gains as investors were cautious in view of global political turmoil as well as ahead of derivatives expiry.

The GST Council has kept commonly used products like hair oil, soaps and toothpaste at 18%.

Gains in FMCG stocks like ITC, which surged over 6 per cent, IT stocks and Larsen & Toubro helped Sensex to advance for a second day.

The S&P BSE mid-cap index slipped by 1.21 per cent and the small-cap index by 1.14 per cent.

The Nifty FMCG index ended up 3.6 percent after touching a record high earlier in the session.

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The Sensex touched a high of 30,712.15 points and a low of 30,638.88 points in the trade so far. 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.

Of the 30 Sensex stocks, L&T surged 1.61 per cent, Adani Ports (up 1.36 per cent), Tata Motors (up 1.23 per cent), HDFC Bank (up 1.02 per cent), TCS (0.90 per cent), Reliance Ind (up 0.40 per cent), Wipro (up 0.27 per cent), Axis Bank (0.24 per cent) and Infosys (0.19 per cent).

PSU banks fell broadly, with Bank of India plunging 11 percent after the state-run bank reported a net loss of Rs. 1,046 crore for the fourth quarter ended March on the back of higher provisions for bad loans.

In other Asian markets, Hong Kong's Hang Seng was up 0.75 per cent, while Japan's Nikkei rose 0.30 per cent. Shanghai Composite Index, however, was marginally down by 0.11 per cent.

Laggards on the bourses were: SBI 4.46 per cent, Lupin 3.95 per cent, Gail 2.48 per cent, Bajaj Auto 1.98 per cent, M&M 1.95 per cent, Sun Pharma 1.87 per cent, Dr Reddy's 1.82 per cent and Power Grid 1.82 per cent.

As many as 903 shares advanced, as 1,852 shares declined and 161 shares remained unchanged.

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