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Business News/ Market / Stock-market-news/  Sensex, Nifty close marginally higher ahead of GST launch
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Sensex, Nifty close marginally higher ahead of GST launch

Ahead of GST launch tonight, BSE Sensex closed higher by 64 points to 30,922, while the Nifty 50 rose 17 points to 9,521. Here are the latest updates

The BSE Sensex and NSE Nifty closed slightly higher on Friday ahead of GST. Photo: MintPremium
The BSE Sensex and NSE Nifty closed slightly higher on Friday ahead of GST. Photo: Mint

Mumbai: Stock markets showed some strength on the first session of the new derivatives July series on Friday, with the BSE Sensex gaining over 64 points to 30,921.61 as investors took to optimistic buying ahead of GST rollout, expecting some hiccups on the way in the short-term.

For the week, the Sensex recorded a fall of 216.60 points, or 0.69%, while the broader Nifty lost 54.05 points, or 0.56%.

FMCG, healthcare and consumer durable stocks led by ITC Ltd, Sun Pharma, Cipla and Dr Reddy hogged the limelight on the back of fresh round of buying by investors and domestic institutional investors, helping the key indices to reverse losses to close in the positive terrain.

The fag-end buying, spread over to a broad front, came in the face of start of July futures and options series in the derivatives segment, dealers said.

The stage is set for the launch of a nationwide goods and services tax (GST) at midnight today.

Anupam Singhi, COO of William O’Neil India said, “Today, the D Street has embraced a cautious stance ahead of the crucial switch to the new indirect tax regime. However, the market ended the day in green due to a bout of buying in the last hour of trade."

Despite opening lower, the 30-share Sensex stayed in the negative zone for the most part and touched a low of 30,680.66 as investors were seen trimming their positions despite beginning of July series in the derivatives segments.

The gauge finally settled higher 64.09 points, or 0.21%, at 30,921.61. The index had gained 23.20 points in the previous session.

The 50-share NSE Nifty too ended higher by 16.80 points, or 0.18%, at 9,520.90, after touching a low of 9,448.75 and a high of 9,535.80.

“Despite global weaknesses, investors focus on sector specific buying ahead of GST implementation helped the market to recoup intra-day losses. Flight of foreign funds from equity and weakness in INR continue to alert investors as the short term benefit from GST is likely to be disruptive," Vinod Nair, Head of Research, Geojit Financial Services Ltd said.

ITC Ltd gained the most, up 4%, to 323.85, followed by Sun Pharma 2.97% and Tata Steel 1.80%.

Other gainers were Cipla (1.76 pc), Dr Reddy’s (1.59%), PowerGrid (1.40 pc), TCS (1.27 pc), Axis Bank (0.86 pc), Kotak Bank (0.75 pc) and Infosys (0.60 pc). However, market heavyweight RIL fell 0.91% to 1,380.25, while Hero MotoCorp went down 1.25% to 3,672.65 and ICICI Bank fell 1.23%, to 290.10.

Among the BSE sectoral indices, FMCG gained the most by surging 2.24%, followed by consumer durables (2.07%), healthcare (1.47%), power (0.56%), IT (0.56%), teck (0.39%) and PSU (0.35%).

The broader markets too showed an upward trend with small-cap rising 0.66% and mid-cap edging up 0.63% as investors raised their bets. Central Depository Services (India) Ltd (CDSL) made a remarkable stock market debut today, listing at a premium of nearly 68% from the issue price of 149 and settled over 75% higher at 261.60. Foreign portfolio investors (FPIs) net sold shares worth 1,140.77 crore, while Domestic Institutional Investors (DIIs) bought shares worth 600.23 crore yesterday, provisional data showed.

Among the Asian markets, Shangnhai Composite Index rose 0.14%, Japan’s Nikkei was down 0.92%. Hong Kong’s Hang Seng too settled down 0.77%. European markets were higher in their late morning trade with Paris Frankfurt and London stock exchanges in the green.

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Published: 30 Jun 2017, 09:42 AM IST
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