Sensex pares some gains, Nifty below 9,500; broader markets slip in red

The benchmark indices pared some of morning gains in the noon deals with consumer stocks such as ITC leading, as investor sentiment got a boost after the government last week finalised rates for the upcoming goods and services tax (GST).

The government on Friday unveiled four bands of rates under the GST for services in line with those applying to goods, a big departure from the current single rate of 15% applied on most services.

At 1:15 pm, the S&P BSE Sensex was trading at 30,537, up 72 points, while the broader Nifty50 was ruling at 9,433, up 6 points.

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices slipped in red to trade 0.7% and 0.4% lower, respectively.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,374 shares fell and 1,106 shares rose. A total of 157 shares were unchanged.

Nifty FMCG (up 3%) was the best peeforming sectoral index led by gains in United Spirits (up 8%), ITC (up 5%), Marico (up 2%), UBL (up 1%), Britannia (up 0.9%) and HUL (up 0.8%).  

ITC was the leading gainer on Sensex and Nifty both, and hit its new high of Rs 300 in today's trade.

Renewable energy co Suzlon Energy Ltd surged as much as 8% to its highest since Jan 6, 2016 after the company posted a March quarter consolidated net profit compared with loss a year earlier.

Tata Power, down as much as 4.3% at its lowest since February, was among the top losers on the NSE index. The company reported a lower-than-expected March quarter consolidated net profit on Friday.

Motherson Sumi Systems (MSSL) hit a record high of Rs 441, up 4% on the BSE, extending its Friday’s 3.5% gain, after the company reported 12% year-on-year (YoY) growth in its consolidated net profit at Rs 475 crore for the quarter ended March 2017 quarter (Q4FY17).

Overseas, Asian equities were trading higher, following the continued recovery on Wall Street last week. Investors shrugged off a weekend missile test by North Korea that raised further concerns on its ability to deliver a nuclear warhead as far as the US states of Hawaii and Alaska.

(With inputs from Reuters)