Sensex rises on GST push, makes second weekly gain

Lawrence Kim
May 20, 2017

The Sensex of the BSE shed 223.98 points or 0.73 per cent to close at 30,434.79 points.

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.

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.

Key Indian equity market indices opened in the green on Friday following Goods and Services Tax (GST) Council's fitment of 1,211 goods in the tax slabs. In the Eurozone, Paris CAC was up 0.78 per cent, while Frankfurt's DAX 40 rose 0.42 per cent in early deals.

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

Karur Vysya Bank advanced 1.5 percent on reporting a 58 percent increase in quarterly profit.

Reflecting the upbeat mood, barring metal, all the sectoral indices led by technology, FMCG, IT, auto and consumer durables ended in the positive zone. ITC was the top Nifty gainer, up 4 per cent at Rs 289.

Likewise, the 50-scrip NSE barometer Nifty slipped from its all-time high to finish at 9,429.45, down 96.30 points, or 1.01 percent. Stock market analysts said this is likely to be a major trigger for markets today.

The Dow Jones Industrial Average rose 56.09 points, or 0.27 percent, to end at 20,663.02, the S&P 500 gained 8.69 points, or 0.37 percent, to finish at 2,365.72 and the Nasdaq Composite added 43.89 points, or 0.73 percent, to close at 6,055.13.

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

Visaka Industries, Teamlease Services, Siyaram Silk Mills, Sharda Cropchem, State Bank of India, Muthoot Capital Services, Jayaswal Neco Industries, were some of the other stocks that touched their 52-week high on NSE on Friday.

Other reports by Click Lancashire

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