Stocks

Sensex ends 106 points higher; ITC surges over 6%

Agencies Mumbai | Updated on January 11, 2018 Published on May 22, 2017

Supply side: The Centre and SEBI need to do more to increase the supply of quality stocks

GST tax overhaul lifts sentiment

The BSE benchmark index Sensex ended higher at 30,570 in steady trade today as FMCG counters buzzed following finalisation of GST rates for bulk of the items.

The BSE Sensex resumed higher at 30,638.88, and hit a high of 30,712.15 and low of 30,516.87, before closing the day at 30,570.97, up 106.05 points or 0.35 per cent. The index had gained 30 points on Friday.

The broader 50-share NSE Nifty gained 10.35 points or 0.11 per cent at 9,438.25, after shuttling between 9,498.65 and 9,427.90 intra-day.

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 FMCG sector continued to remain buyers fancy on the back of the GST Council fixing rates for most of the items last week. 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.

Hindustan Unilever gained over 1 per cent.

Trading sentiment also got a boost after the defence ministry last week broadly finalised a policy under which select private firms will be roped in to build military platforms like submarines and fighter jets in India in partnership with foreign entities.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 988.70 crore last Friday, as per provisional data from the stock exchanges.

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.

Consumer durables index rose (0.61 per cent), capital goods (0.50 per cent), teck (0.34 per cent) and IT (0.34 per cent).

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).

Bank stocks log losses

Stocks of state—run lenders Bank of India crashed 11.23 per cent despite the company narrowing net loss to Rs 1,045.54 crore for the fourth quarter of last fiscal.

SBI lost 4.46 per cent, Bank of Baroda fell by 3.13 per cent, Allahabad Bank lost 4.78 per cent, Syndicate Bank shed 4.95 per cent and IDBI Bank fell 3.99 per cent.

The broader markets, however, remained under pressure as investors indulged in cutting their bets at prevailing levels with a view to book profits, pulling down the BSE mid—cap index by 1.21 per cent and small—cap index by 1.14 per cent.

Global markets

In the Asian region, the key indices such as Hong Mong’s Hang Seng rose 0.86 per cent, Japan’s Nikkei by 0.45 per cent, while Shanghai Composite finished 0.48 per cent.

In the Europe, Paris CAC rose 0.07 per cent, while Frankfurt’s up 0.04 per cent in their early deals. London’s FTSE was up 0.39 per cent.

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Published on May 22, 2017
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