Sensex, Nifty hit new record close for third day

Jay Anderson
May 19, 2017

It touched a high of 30,575.83 points and a low of 30,393.72 points during intra-day trade. FMCG shares were witnessing huge demand after passage of lower GST rates, the BSE FMCG index surged 3.42 per cent. Power, metal, banking, realty, capital goods and auto indices were also up 0.5-1.5 per cent each.

According to market observers, investors were also cautious over the ongoing two-day meet of the Goods and Services Tax (GST) Council in Srinagar, which will finalise tax slabs on services and commodities in the country.

The Sensex resumed higher at 30,539.65 and advanced to 30,712.35.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent, on track for a weekly loss of 0.5 per cent. Japan's Nikkei was nearly 0.1 per cent higher, headed for a decline of 1.6 per cent for the week. Domestic investors, on the other hand, purchased shares worth a net Rs 614.51 crore. ITC was the top Nifty gainer, up 4 per cent at Rs 289. Coal India rallied 2.62%, followed by NTPC and PowerGrid.

Wipro, TCS, Infosys, Lupin, Sun Pharma and Asian Paints made headway on sustained buying and cushioned the fall.

Oil prices fall further amid oversupply fears
Money managers have already cut their net long positions, a bet on a further price rally, by a third in the last two months. At the next meeting on May 25, the cartel will decide whether to expand their agreement to lower crude production.

Around 1 p.m., the wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 51.45 points or 0.54 per cent to 9,474.30 points. 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.

Taking a cue from global markets, the key Indian equity market indices on Thursday opened lower.

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.

Foreign portfolio investors (FPIs), after remaining buyers for the past few sessions, sold shares worth a net Rs 731.39 crore yesterday, as per provisional data.

Aditya Birla Nuvo, Bajaj Auto, Bank of Baroda, Coffee Day Enterprises, Cummins India, IDBI Bank, Jyothy Labs and VIP Industries are some of the companies that are scheduled to report their quarterly earnings today.

Other reports by BadHub

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