Sensex rallies 216 pts on govt wage bonanza, GST hopes

Shaking off Brexit jitters, market today rallied nearly 216 points on the back of a string of government measures aimed at reviving the economy and talk that the GST Bill may be passed in the upcoming monsoon session of Parliament.
Auto and retail stocks were the big movers after the government approved implementation of the 7th Pay Commission for its employees and pensioners, which had recommended an overall hike of 23.5 per cent.
There was more upside in store after the government today asserted that it has "enough" numbers on its side for passage of the GST Bill in the monsoon session, which commences on July 18.

The Sensex stayed in the positive terrain throughout and closed up 215.84 points, or 0.81 per cent, at 26,740.39.
The 50-share NSE Nifty took back the crucial 8,200 level and ended the day at 8,204.00, a gain of 76.15 points, or 0.94 per cent -- its biggest single-session jump since June 15.
From the 30-share Sensex pack, 24 scrips ended higher and one remained unchanged.

Short-covering too helped as buying gathered pace after a firming trend in Asia, in line with overnight gains in the US, boosted by hopes that global policymakers will come up with strong measures and fresh stimulus to neutralise Brexit spillover.

Appreciation in the rupee gave more ammo to bulls, though caution prevailed ahead of tomorrow's monthly derivative expiry, dealers said.
Hero MotoCorp emerged as the top gainer, climbing 3.95 per cent on hopes that vehicle sales might pick up after the government cleared 7th Pay panel recommendations.
Bajaj Auto, M&M, Maruti Suzuki and Tata Motors all advanced by up to 1.53 per cent.
NTPC too rose 2.36 per cent, followed by Wipro 2.21 per cent, Power Grid 2.60 per cent and TCS 1.54 per cent.
BSE realty topped the chart rising 3.15 per cent, with power racking up 1.66 per cent, auto 1.51 per cent and IT 1.39 per cent.

Broader markets too were in a bullish form, with BSE small-cap rising 1.31 per cent and the mid-cap up 0.98 per cent.
Foreign portfolio investors net sold shares worth Rs 190.43 crore yesterday, according to provisional data.
Japan's Nikkei ended 1.59 per cent higher while Hong Kong's Hang Seng rose 1.31 per cent. The Shanghai composite index gained 0.65 per cent.
Moving to the domestic market, 17 scrips out of the
30-share Sensex ended lower.
Major losers included Bharti Airtel 2.70 per cent, HDFC 1.92 per cent, Wipro 1.32 per cent, L&T 1.20 per cent, Asian Paints 1.09 per cent and RIL 1.03 per cent.

However, Adani Ports rose 2.95 per cent followed by Lupin 2.15 per cent, Bajaj Auto 1.89 per cent, Cipla 1.83 per cent, HUL 1.47 per cent, Tata Steel 1.27 per cent, M&M 1.01 per cent and Sun Pharma 0.72 per cent.
Among the BSE sectoral indices, telecom fell by 1.64 per cent followed by consumer durables 0.92 per cent, capital goods 0.73 per cent, bankex 0.63 per cent, metal 0.63 per cent and finance 0.53 per cent
However, auto, healthcare and utilities inched up.
The market breadth turned negative as 1,457 stocks ended in red and 1,224 scrips closed higher while 214 ruled steady.

Total turnover fell to Rs 3,671.73 crore from Rs 4,042.79 crore yesterday.