Nifty advances as government cuts GST rates, up by 75 pts

The NSE Nifty rose by 74.55 points to close at 11,084.75 as FMCG, PSU bank, realty, metal, media and banking stocks rallied on buoyant investor sentiment after the rate cut by the GST Council last weekend.

The key indices resumed positive despite mixed Asian trend, sentiments were bouyed by the Narendra Modi led government winning the no-confidence motion. Investors also gave thums-up to reduction in tax rates on 88 goods and services in the GST Council meet held on Saturday.

The broader NSE Nifty closed at 11,084.75, showing a rise of 74.55 points, or 0.68 per cent. It shuttled between 11,093.40 and 11,010.95.

The broader mid-cap and small-cap also ended with substantial buying.

It saw an intra-day movement of about 82.45 points.

On the sectoral front, FMCG climbed by 2.46 per cent, followed by PSU bank 2.37 per cent, realty 1.71 per cent, metal 1.52 per cent, media 0.79 per cent, private bank 0.66 per cent, bank 0.50 per cent, pharma 0.47 per cent, financial service 0.37 per cent and auto 0.17 per cent, while energy fell by 0.23 per cent and IT by 0.12 per cent.

Major index gainers were UPL 15.01 per cent followed by Vedl 4.55 per cent, Bharti Airtel 3.92 per cent, Bajaj Fin Service 3.89 per cent and ITC 3.70 per cent.

Losers included Hero Motoco 6.26 per cent, Bajaj Auto 5.47 per cent, Wipro 2.31 per cent, Grasim 1.88 per cent and Tech Mahindra 1.65 per cent.

The market breadth, indicating its overall health, was in favour of gainers. On the NSE, 1,093 stocks advanced, 681 declined and 93 remained unchanged.

Total securities that hit their price bands were 258.

Turnover in the cash segment rose to Rs 31,562.17 crore from Rs 29,179.54 crore as on last Friday.

A total of 14,606.69 lakh shares changed hands in 10,878,107 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,46,33,213 crore.