With GST soon to become a reality, Nifty ends at 8683 and Sensex at 28078.35
The market has ended on a strong note with the Nifty above 8650. The 50-share index is up 132.05 points or 1.5 percent at 8683.15. The Sensex is up 363.98 points or 1.3 percent at 28078.35.
About 1820 shares have advanced, 915 shares declined, and 171 shares are unchanged. Hero MotoCorp, Bajaj Auto, M&M, Axis Bank and Tata Motors are top gainers while Bharti, Sun Pharma, Infosys, TCS and Wipro are losers in the Sensex.
The domestic stock market rose in line with other Asian markets, which were trading higher after the Bank of England (BoE) lowered policy rate to 0.25 per cent from 0.5 per cent earlier for the first time in seven years and announced big stimulus package to support growth.
The Rajya Sabha (RS) earlier this week passed the (122nd) Constitution amendment bill in a bipartisan manner, paving the way for the introduction of GST in India. The government should be able to implement GST from April 1, 2017.
The Nifty50 formed a ‘Hammer’ like pattern on Thursday, suggesting that a short-term bottom has been formed and it would attract buying interest once it surges past the 8,600 level.
FPI investors consider the domestic market as a preferred destination for investment given its superior macros, ongoing economic reforms, and long-term growth prospects, market experts said. They have poured in over Rs 30,000 crore in the equity market so far in 2016.
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