Sensex rises on GST push, makes second weekly gain

Posted May 20, 2017

Both the indices recorded their second straight weekly gains by rising 276.77 points, or 0.91 per cent, and 27 points, or 0.28 per cent, respectively. Among the BSE sectoral indices, FMCG rose 1.86 per cent, Bankex 0.39 per cent and Telecom 0.28 per cent while Consumer Durable fell 1.04 per cent, Oil&Gas 0.80 per cent, IT 0.70 per cent, Energy 0.65 per cent, Auto 0.59 per cent and Teck 0.56 per cent.

According to market observers, investors were also cautious over the ongoing two-day meet of the Good and Services Tax (GST) Council in Srinagar, which will finalise tax slabs on services and commodities in the country. 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.

Major losers in the 30-share index were Asian Paints (2.35%), Tata Consultancy Services (1.68%), Maruti Suzuki India (1.46%), Housing Development Finance Corporation (1.40%), Dr Reddy'S Laboratories (1.25%), and G A I L (India) (1.23%). Gross non-performing assets as a percentage of total advances are likely to come in at 7.1 per cent compared with 7.2 per cent in the previous quarter. ITC was the top Nifty gainer, up 4 per cent at Rs 289. The broader 50-share NSE Nifty touched a high of 9,505.75 at the outset, but succumbed to profit-booking and settled 1.55 points, or 0.02 per cent, down at 9,427.90.

Coal India rallied 2.62 per cent, followed by NTPC and PowerGrid.

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Other than locking in profit by investors, political as well as economic uncertainties stemming from US President Donald Trump's recent executive decisions had their bearing on the market direction.

For the week, China's Shanghai Composite index advanced 0.2% while Japan's Nikkei 225 index fell 1.5%. The US Dow Jones Industrial Average ended 0.27 per cent higher yesterday.

Shares of India's biggest bank State Bank of India will be in focus today as it will report its March quarter and full year earnings later in the day.