Sensex touches new record as consumer goods stocks surge
- Author: Stacy Houston May 20, 2017,
May 20, 2017, 0:56
The key indices, which opened on a higher note following a rebound in global cues and the Goods and Services Tax (GST) Council's fitment of 1,211 goods in the tax slabs, were pulled lower during afternoon trade. Sensex up 45 points at 30,480 and Nifty up 6 points at 9,435.
The NSE index has gained 0.69 percent so far this week, while the BSE index has risen 1.29 percent. Among the BSE sectoral indices, FMCG rose 1.86 per cent, Bankex 0.39 per cent and Telecom 0.28 per cent while Consumer Durable fell 1.04 per cent, Oil&Gas 0.80 per cent, IT 0.70 per cent, Energy 0.65 per cent, Auto 0.59 per cent and Teck 0.56 per cent. The market breadth continued to remain negative as 1,789 stocks closed lower, 957 finished higher while 165 ruled steady.
State Bank of India, the country's biggest lender by assets, rose 1.7% to 308.15 rupees on Friday and added about 4% for the week, after posting a 123% increase in on-year in net profit for the quarter ended Mar.31.
China's Shanghai Composite index was quoting in red, down by 0.18 per cent.
WWE confirms Braun Strowman injury, will miss up to six months
Sad News out of Birmingham, Alabama as Braun Stroman underwent surgery to prepare his injured elbow. Plus, the new partnership between Raw Women's Champion Alexa Bliss and Nia Jax continues.
Allahabad Bank shares closed 1.96 percent lower at Rs 88 apiece on the BSE.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 56.30 points or 0.60 per cent higher at 9,485.75 points.
Coal India rallied 2.6%, followed by NTPC and PowerGrid as the GST rate on the hydrocarbon was pegged at 5% as compared with the current tax burden 11.69%, which will make electricity cheaper. The government on Thursday finalised Goods and Services Tax rates for substantial items clearing a major hurdle towards July 1 rollout of much awaited nationwide Goods and Services Tax.
Other than locking in profit by investors, political as well as economic uncertainties stemming from US President Donald Trump's recent executive decisions had their bearing on the market direction. The US Dow Jones Industrial Average ended 0.3% higher on Thursday.