MARKET COMMENT Jayant Manglik, President, Religare Broking Nifty settled with decent gains today and inched closer to its record high. The news of GST Council reduced on list of over 100 items and simplification of return filing brings in some cheer. Selective index majors from FMCG, auto, realty and metal fuelled the rally which further supported by rebound in banking pack. Besides, some relief was also witnessed on broader front. Both Nifty and Bank Nifty have reached closer to their immediate and crucial hurdle of 11100 and 27100 respectively and a decisive breakout will trigger fresh surge ahead. But, we're in expiry week so volatility tends to remain high. We suggest maintaining positive yet cautious approach in the key indices, considering the mixed sentiment. Traders should focus more on the money management aspects and avoid taking unnecessary risk
The S&P BSE Sensex ended at a record high of 36,719, up 222 points. The index had hit an intra-day high of 36,749.69. The broader Nifty50 index settled at 11,085, up 75 points.
Among sectoral indices, the Nifty FMCG index gained nearly 2.5%, led by a rise in the share prices of Godrej Consumer Products and ITC. The Nifty PSU Bank index also ended 2.4% higher led by Bank of Baroda and Punjab National Bank.
Asian shares dipped on Monday while the dollar fell after US President Donald Trump criticised the Federal Reserve's monetary policy and amid reports Japan's central bank could wind back its massive fund purchases.
(with wire inputs)