Sensex, Nifty up after GST tax rates are announced

Posted May 23, 2017

FMCG stocks extended their rally for the second straight session on Monday, surging up to 14%, after the GST Council finalised rates for bulk of the items last week. The stock would be included in the BSE 30-stock Sensex, effective June 19, according to an exchange notice on Friday.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 30,638.88 points, traded at 30,574.27 points (at 12.45 p.m.) - up 109.35 points or 0.36 per cent from its previous close at 30,464.92 points.

"FMCG sector stocks witnessed strong buying support, led by ITC and Marico".

In the midcap and smallcap segments, the S&P BSE Midcap index slumped 177 points, thanks to a free fall in the shares of Bank of India, Bajaj Finserv and Bajaj Holding. 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.

The Sensex has so far touched a high of 30,712.15 points and a low of 30,569.62 points.

ICICI Bank, Infosys and Reliance Industries were also trading with gains of up to 1 per cent.

US Claims Assad Regime Operating Crematorium at Saydnaya Prison
The official Syrian government response to the February report was to declare the allegations as "baseless". Syrian activists say a number of rockets struck the opposition-controlled suburb, killing several people.

India's benchmark indexes Sensex and the Nifty ended a tad higher on Monday, although overall market breadth remained negative, reflecting investor caution at higher levels after recent sharp gains.

BSE healthcare was down by 1.64 per cent, BSE Auto index closed down by 0.77 per cent, BSE Bankex was down by 0.61 per cent, BSE Oil & Gas was down by 1.28 per cent, BSE Realty was down by 1.29 per cent and BSE Metal was down by 0.56 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 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.

SBIN fell by 4.45 per cent, while other notable losers were Lupin (3.96 per cent), Auro Pharma (3.38 per cent), Bank Of Baroda (3.15 per cent), ambuja cement (3.14 per cent) and Eicher Motor 2.95 per cent.

In the Europe, Paris CAC rose 0.07 per cent, while Frankfurt's up 0.04 per cent in their early deals.