Nifty at a new record high
BJP’s spectacular win in Uttatr Pradesh and Uttarakand assebley elections and the consequent optimism for refroms have spurred foreign capital inflow into the country as a result Nifty ended at a new peak of 9,160 while the Sensex notched up minor gains, with liquidity keeping confidence level high.
Buying picked up after the GST Council on last Thursday cleared the two remaining pieces of supporting legislation, paving the way for their introduction in Parliament and state legislatures for its planned rollout in July and sparking interest in FMCG stocks.
The NSE Nifty crossed the key 9,200-mark for the first time in early hours to hit an all-time high of 9,218.40. But it ended at 9,160.05 -- a new high -- up 6.35 points, or 0.07 per cent, surpassing yesterday’s close of 9,153.70.
The Sensex closed up 63.14 points, or 0.21 per cent, at 29,648.99.
In weekly terms, the Sensex rallied 702.76 points, or 2.42 per cent, and the Nifty 225.50 points, or 2.52 per cent, adding to the gains for the second straight week.
“There was definitely pressure to liquidate, given the stellar gains of the week, but GST positivity ensured investors remained interested. Extended decline in VIX as well as continued FII buying have also propped up sentiment,” said Anand James, Chief Market Strategist, Geojit Financial Services.
The BSE gauge had gained 187.74 points in the previous session after the prospects of a gradual approach to US rate hike removed a big uncertainty.
Globally, shares turned weak. Investors were concerned about lack of detail about US President Donald Trump’s tax reforms and spending promises in his first budget.
Shares of cigarette makers were in the limelight after the GST Council approved a proposal to cap cess on demerit goods such as tobacco and cigarettes. VST Industries led gains by surging 7.55 per cent. Godfrey Phillips rose too.
The same theme played out in the 30-share Sensex kitty. Cigarette giant ITC Ltd climbed the most by 4.85 per cent, followed by Infosys (1.12 per cent). Other movers were Wipro, Maruti Suzuki, Axis Bank, HDFC Bank and TCS.
Meanwhile, foreign funds bought a massive net `1,360.10 crore last Thursday, showed provisional data.
“Markets continued to move upwards for yet another session on the back of robust foreign fund inflows, powered by BJP’s huge win in UP and Uttarakhand,” said Deepak Pahwa, a Delhi-based stock broker.
BSE FMCG index gained a whopping 2.41 per cent, followed by realty, IT and technology.
However, broader markets registered a mixed trend, with the small-cap index advancing and mid-cap retreating.
Major Asian indices struggled. In Europe, the direction of stocks was mixed. Of the 30-share Sensex pack, 11 scrips ended higher and 19lower.
The market breadth turned negative as 1,575 shares ended lower, 1,243 higher while 203 ruled steady. The total turnover on BSE amounted to `4,594.86 crore, lower than `7,287.65 crore registered in the previous session.
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