Sensex up 106 pts; FMCG stocks save the day
- Author: Zachary Reyes May 23, 2017,
May 23, 2017, 1:38
The benchmark BSE Sensex rose further by 106 points following a rally in FMCG, consumer durables and capital goods stocks after the GST Council finalised rates for bulk of the goods and services last week. "Nifty is likely to touch lower levels near 9,400-9,390 in the next trading session where a close below could prove even worse for the near-term", Sushanshu added.
The Bombay Stock Exchange Sensex on Monday climbed 106.05 points to end at 30,570.97, while the National Stock Exchange Nifty soared 10.35 points to settle at 9,438.25.
The FMCG sector continued to remain buyers' fancy on the back of the GST Council fixing rates for most of the items last week.
The gauge had gained 30.13 points in the previous session on Friday.
Adani Ports rose by 1.39 per cent and TCS by 0.95 per cent. HUL and Hero MotoCorp rose by around 1 per cent.
In the sectoral landscape, FMCG stocks advanced the most, pushing the S&P BSE FMCG index 3 per cent higher to 9,924.
Eleven of the 30 Sensex constituents ended higher, while overall declining issues beat advancing ones 1,844 to 877 and 190 stocks were unchanged.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 988.70 crore last Friday, as per provisional data from the stock exchanges.
BSE FMCG gained 3 per cent, BSE IT gained 0.34 per cent, BSE Consumer durables was up by 0.61 per cent.
Stocks of state-run lenders Bank of India crashed 11.23 % despite the company narrowing net loss to Rs 1,045.54 crore for the fourth quarter of last fiscal.
Key indices in Hong Kong, Japan, South Korea and Taiwan firmed up by 0.50 per cent to 0.86 per cent while indices in Shanghai Composite of China and Singapore straits times moved down by 0.10 per cent to 0.48 per cent.
SBIN fell by 4.45 per cent, while other notable losers were Lupin (3.96 per cent), Auro Pharma (3.38 per cent), Bank Of Baroda (3.15 per cent), ambuja cement (3.14 per cent) and Eicher Motor 2.95 per cent.
BSE healthcare was down by 1.64 per cent, BSE Auto index closed down by 0.77 per cent, BSE Bankex was down by 0.61 per cent, BSE Oil & Gas was down by 1.28 per cent, BSE Realty was down by 1.29 per cent and BSE Metal was down by 0.56 per cent. In the Europe, Paris CAC rose 0.07 %, while Frankfurt's up 0.04 % in their early deals.