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Market Wrap, January 7: Sensex up 155 pts, Nifty ends at 10,772; Real estate shares rally on hopes of GST rate cut
Today On Market Wrap: 1. Titan Company gains 4% on Q3 business update 2. Real estate shares rally on hopes of GST rate cut 3. Sensex up 155 pts, Nifty ends at 10,772
The benchmark indices ended nearly 0.5 per cent higher on Monday led by a rise in information technology (IT) and realty stocks.
The S&P BSE Sensex ended at 35,850, up 155 points or 0.43 per cent, while the broader Nifty50 index settled at 10,772, up 44 points or 0.41 per cent.
Among the sectoral indices, the Nifty IT rose 1.1 per cent led by MindTree, Infosys and Tata Consultancy Services (TCS). The Nifty Realty, too, rose 1.2 per cent led by Godrej Properties and Sobha.
Shares of real estate companies had rallied up to 20 per cent on the BSE in intra-day trade on hopes of cut in the goods and services tax (GST) rate for under-construction and finished houses to 5 per cent.
Among individual stocks,  Bandhan Bank and Gruh Finance fell around 5 per cent on the BSE amid reports of a merger between the two. According to media reports, Bandhan Bank and Housing Development Finance Corporation (HDFC)-controlled Gruh Finance are set to merge through a share swap deal. Bandhan Bank fell 5.2 per cent to end the day at Rs 501 on the BSE. The stock traded lower for the fourth straight day. Gruh Finance slipped 4.5 per cent to settle at Rs 304.
Shares of Titan Company were up 4 per cent to Rs 964 a piece on BSE in the early morning trade after the company said it saw good growth momentum across all its businesses in the seasonally strong third quarter. For the jewellery division, strong same-store sales growth (SSSG) continues to occur, expects growth for full-year to be around 22 per cent as the customer demand remained buoyant in the festive season.
The stock of Tata Group Company was trading close to its all-time high price of Rs 1,006 touched on April 18, 2018, in the intra-day trade. The stock settled Rs 15 up at Rs 944.