Sensex signs off week with gains after GST rate freeze

by Dwayne Torres May 20, 2017, 0:55
Sensex signs off week with gains after GST rate freeze

The Sensex rose 30 points to close at 30,465 and Nifty closed 1.55 points lower at 9,428.

The 30-scrip Sensitive Index (Sensex) was trading 208.82 points or 0.69 per cent higher during the early session.

The broader 50-issue NSE Nifty rose by 57.45 points, or 0.61 per cent, to quote at 9,486.90. As per the GST tax rates announced recently, the impact is very positive and signals that the mass consumption items will be taxed lower.

Shanghai Composite shed 0.06 per cent.

Japan's Nikkei was down 0.16 per cent, Hong Kong's Hang Seng advanced 0.15 per cent and Taiwan Weighted was down 0.04 per cent.

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On Thursday, Asian indices were showing a negative trend.

On Wednesday, JSW Steel closed 2.48 percent higher at Rs 207 apiece on the BSE while HUL hit a fresh 52-week high of Rs 1,010 before ending at Rs 1,006. 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. In the 30-share Sensex, 16 ended in green while 14 closed with losses.

Foreign portfolio investors (FPIs) were net sellers of Indian equities worth Rs 731 crore while domestic institutional investors ended up as net buyers of stocks worth Rs 615 crore according to provisional data published by the National Stock Exchange. 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.

However, Asian Paints fell 2.43 percent, Gail India 1.48 percent, M&M 1.35 percent, HDFC 1.16 percent, TCS 1.08 percent, Power Grid 1.06 percent, Hero Motoco 0.96 percent and Dr Reddy's 0.83 percent. The reconstitution in BSE indices will be effective from June 19, Asia Index said.

BSE 100 index would see Bajaj Finserv, Petronet LNG, Piramal Enterprises, Shree Cement, MRF, Container Corp Of India, Pidilite Industries, Havells India, Bharat Electronics, Apollo Hospitals Enterprise and IDFC Bank coming in.


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