Sensex rises on GST push; makes 2nd weekly gain

Sensex, Nifty hit new peaks

Sixteen of the 30 Sensex constituents ended higher, while overall declining issues beat advancing ones 1,789 to 957 and 165 stocks were unchanged.

However, the 30-scrip Sensitive Index (Sensex) of the BSE touched a new intra-day high of 30,712.35 points. 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. As per the GST tax rates announced recently, the impact is very positive and signals that the mass consumption items will be taxed lower. The Nifty too, was up by 13.50 points or 0.14 per cent.

For the week, China's Shanghai Composite index advanced 0.2% while Japan's Nikkei 225 index fell 1.5%. London's FTSE rose 0.52 per cent. 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.

All sectoral indices flashed red, down by up to 1.19 per cent, with realty, consumer durables, bank and auto registering much losses.

The overall market breadth was extremely bearish as 1,786 shares ended lower while 962 closed higher on the BSE.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs. 360.59 crore yesterday, as per provisional data released by the stock exchanges. Bank of Baroda, Hindustan Unilever, Coal India, NTPC, UltraTech Cement, State Bank of India and Power Grid were also among the gainers. 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.

ITC Ltd is now trading at Rs 294.15, up by Rs 16.1 or 5.79% from its previous closing of Rs 278.05 on the BSE. State-owned GAIL will move out of the Sensex, Asia Index - an equal venture between S&P Dow Jones Indices LLC and the BSE - said in a circular. The reconstitution in BSE indices will be effective from June 19, Asia Index said.

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