dglobalnews.com Sensex hits record high as consumer stocks surge
Published: Sat, May 20, 2017
Culture&Arts | By Orlando Mckenzie

Sensex hits record high as consumer stocks surge

Sensex hits record high as consumer stocks surge

Other gainers that supported the recovery were ITC Ltd, Hindustan Unilever, ICICI Bank, Tata Motors, Axis Bank, Tata Steel, Hero MotoCorp, Lupin, ONGC, Bajaj Auto, Adani Ports and Reliance Industries, rising by up to 4.44 per cent. Both the indices hit a record high in early trade, driven by gains in consumer stocks after a government panel tasked to look at tax rates under the Goods and Services Tax - likely to be rolled out from July 1 - set rates on most consumption-related goods at lower than current levels.

The 50-share NSE Nifty, too, maintained its bull run and touched a new peak of 9517.20. It was quoting at 30,619.16 at 1100 hrs, showing a rise of 184.37 points or 0.61 per cent.

Japan's Nikkei moved down by 1.44 per cent while Hong Kong's Hang Seng fell 0.25 per cent in early trade on Thursday.

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.

The S&P BSE mid-cap index fell 0.72 per cent while the small-cap index declined 0.88 per cent.

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Major losers in the 30-share index were Asian Paints (2.35%), Tata Consultancy Services (1.68%), Maruti Suzuki India (1.46%), Housing Development Finance Corporation (1.40%), Dr Reddy'S Laboratories (1.25%), and G A I L (India) (1.23%).

The NSE index Nifty also slipped from record and slumped by 77 points, or 0.80 per cent, to 9,448.75.

Overseas, Asian stocks were mixed as investors were cautious due to uncertainties surrounding US President Donald Trump after reports that he tried to influence a federal investigation.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 360.59 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 897.96 crore yesterday, as per provisional data released by the stock exchanges.

State Bank of India was up 2.1 percent ahead of its March-quarter results later in the day.

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