ibusinesslines.com
ibusinesslines.com June 27, 2017


Sensex Soars 255 Points; Nifty Ends Above 9650

19 June 2017, 06:28 | Kelvin Horton

Banks and financial stocks are likely to be in focus on Monday

Banks and financial stocks are likely to be in focus on Monday

The markets saw a flurry of buying as investors sensed NPA resolution gaining traction after the Reserve Bank asked lenders to initiate bankruptcy proceedings against large defaulters.

Mumbai: The Sensex made a good start today latching onto the progress made on the GST front by bouncing over 146 points and the NSE Nifty retook 9,600 amid a rising trend in Asia.

Globally, all eyes are on political events in Europe as negotiations by UK Brexit Secretary David Davis with European Union will begin soon and French President Emmanuel Macron secured a majority in the parliamentary election over the weekend.

"The Market is back to the buoyed sentiment due to relaxation in return filing timeline to minimize the impact of transition to GST". BSE Small-cap index closed lower by 0.08 points at 15653 level.


The 30-share BSE Sensex was up 255.17 points at 31,311.57 and the 50-share NSE Nifty rose 69.50 points to 9,657.55, aided by banking & financials, metals, FMCG stocks and Reliance Industries.

The gauge had lost 99.51 points in the previous two sessions.

Risk-on improved after the GST Council on Sunday relaxed return filing rules for businesses for the first two months of the tax rollout even as it stuck to the July 1 launch date.

On the other hand, Infosys (1.17%), Sun Pharmaceutical Industries (0.77%), Dr Reddy'S Laboratories (0.76%), Coal India (0.59%), Oil & Natural Gas Corporation (0.48%), and Tata Motors (0.33%) were the biggest losers in the Sensex. China's Shanghai Composite was too up by 0.44 per cent. Broader market indices performed in line with the major indices but slipped in the red zone at the closing bell.



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