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Sensex signs off week with gains after GST rate freeze

Press Trust of India  |  Mumbai 

Benchmark ended in the green at 30,464 in see-saw trade today as FMCG counters buzzed following finalisation of rates for bulk of the items.

However, global volatility arising out of political developments in the US and emerging markets like held back the gains, brokers said.

The resumed higher and hit its all-time high of 30,712.35 (intra-day), the fourth in five sessions, but later eased to a low of 30,338.52 before settling 30.13 points, or 0.10 per cent higher at 30,464.92.

The broader 50-share 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.

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.

FMCG stocks hogged the limelight after the Council fixed rates for most of the items. Common use products such as hair oil, soaps and toothpaste will cost less from July 1 when is due to set in.

"The market traded between gains and losses due to concern over US political chaos and sharp fall in which is a key part of EMs.

"Some confusion was seen in the market regarding the likely GST rate, especially for consumer discretionary... But later it was understood that the broad effective rate will be neutral to the economy while consumer staples and FMCG will see some benefits," said Vinod Nair, Head of Research, Geojit Financial Services.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 360.59 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 897.96 crore yesterday, as per provisional data released by the stock exchanges.

In the Asian region, Japan's Nikkei rose 0.19 per cent, Hong Kong's Hang Seng gained 0.15 per cent, while Shanghai Composite Index inched up 0.02 per cent.

In the Eurozone, Paris CAC was up 0.78 per cent, while Frankfurt's DAX 40 rose 0.42 per cent in early deals. London's FTSE rose 0.52 per cent.

Back home, SBI shares gained 1.72 per cent after the net profit of the country's largest lender more than doubled to Rs 2,814.82 crore for the March quarter.

In the FMCG space, Colgate Palmolive topped the gainers list by surging 3.59 per cent, followed by Tata Coffee (3.07 per cent), Jayshree Tea (3.04 per cent), ITC Ltd (2.82 per cent), Emami (2.46 per cent), Heritage Food (2.14 per cent), HUL (2.04 per cent), KRBL (1.31 per cent), Dabur (1.12 per cent) and Marico (1.32 per cent).

In the 30-share Sensex, 16 ended in green while 14 closed with losses.

Major gainers in the pack were ITC 2.82 per cent, HUL 2.04 per cent, Axis Bank 1.83 per cent, SBI 1.72 per cent, Tata Motors 1.08 per cent, Cipla 0.86 per cent, Lupin 0.77 per cent, NTPC 0.60 per cent, Tata Steel 0.53 per cent, Bharti Airtel 0.47 per cent and Adani Ports 0.36 per cent.

However, Asian Paints fell 2.43 per cent, Gail India 1.48 per cent, M&M 1.35 per cent, HDFC 1.16 per cent, TCS 1.08 per cent, Power Grid 1.06 per cent, Hero Motoco 0.96 per cent and Dr Reddy's 0.83 per cent.

Among the 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.

The S&P mid-cap index fell 0.72 per cent while the small-cap index declined 0.88 per cent.

The market breadth continued to remain negative as 1,789 stocks closed lower, 957 finished higher while 165 ruled steady.

The total turnover on BSE fell to Rs 4,134.78 crore from Rs 4,311.27 crore registered during the previous trading session.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 19 2017. 17:42 IST