Sensex rebounds 209 points as GST Council freezes tax rates

Riding on Modi euphoria and positive sentiment the Sensex jumped 26.78% while the Nifty was up 32.06% in three years ended 16 May 2017

Riding on Modi euphoria and positive sentiment the Sensex jumped 26.78% while the Nifty was up 32.06% in three years ended 16 May 2017

Mumbai: Markets made a somersault of sorts today as the benchmark Sensex rebounded 209 points to 30,643 on the GST Council's finalisation of tax rates for bulk of the items except six categories.

The Sensex surged 278 points, or 0.9%, to touch a peak at 30,712.35 while the Nifty reclaimed the 9,500-level to tick 9,505.75.

The NSE 50-share Nifty was also up 52.20 points or 0.55 per cent at 9,481.65 at 1100 hrs. As per the GST tax rates announced recently, the impact is very positive and signals that the mass consumption items will be taxed lower. In the Eurozone, Paris CAC was up 0.78 per cent, while Frankfurt's DAX 40 rose 0.42 per cent in early deals.

For the week, China's Shanghai Composite index advanced 0.2% while Japan's Nikkei 225 index fell 1.5%.

The BSE Mid-Cap index was up 0.56 percent while the Small-Cap index rose 0.89 percent.

Nasdaq closed in red, down by 2.64 per cent while FTSE 100 was down by 0.25 per cent at the closing on Wednesday.

Major gainers in the Sensex pack were ITC 2.82 percent, HUL 2.04 percent, Axis Bank 1.83 percent, SBI 1.72 percent, Tata Motors 1.08 percent, Cipla 0.86 percent, Lupin 0.77 percent, NTPC 0.60 percent, Tata Steel 0.53 percent, Bharti Airtel 0.47 percent and Adani Ports 0.36 percent.

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.

Foreign portfolio investors (FPIs) were net sellers of Indian equities worth Rs 731 crore while domestic institutional investors ended up as net buyers of stocks worth Rs 615 crore according to provisional data published by the National Stock Exchange. The market breadth continued to remain negative as 1,789 stocks closed lower, 957 finished higher while 165 ruled steady.

ITC Ltd is now trading at Rs 294.15, up by Rs 16.1 or 5.79% from its previous closing of Rs 278.05 on the BSE. The reconstitution in BSE indices will be effective from June 19, Asia Index said.

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