Benchmark indices scuttled between gains and losses to finally settle the day marginally higher as 2-day GST Council meet ends where rates for various goods and services were decided.
The government today decided that most of the services would be taxed at the rate of 18% under the GST regime. Rates for more than 1,200 items under the GST were announced with products like hair oil, soaps and toothpaste down to 18% from 22-24%.
Earlier in the day, S&P BSE Sensex rose as much as 278 points to reach a fresh high of 30,712, surpassing its previous milestone of 30,691 hit on May 17 as FMCG surged on GST boost. The index has hit a new high for the fourth time in five sessions.
The S&P BSE Sensex settled at 30,465, up 30 points, while the broader Nifty50 ended at 9,427, down 1 point.
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Benchmark indices slumped by almost 3% tracking weak global cues after US bond yields soared on expectations US President-elect Donald Trump’s policies would stoke inflation. Further, demonetisation move by the government dampened investor sentiment especially with fast moving consumer goods and consumer discretionary sectors to have an impact in the short term. In an effort to curb black money and counterfeiting the government in a surprising move announced the demonetisation of Rs 500 and 1,000 currency notes with effect from midnight Tuesday.
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The Sensex continued to struggle around the 28,000 mark to finish lower on Friday even as benchmark indices gained on the week. The weakness in Indian equities was in line with the subdued mood in Asian markets.
The Sensex closed at 28,051.86, down 156.76 points over its previous close, and the Nifty shed 27.80 points to close at 8,638.50.
For the week, the Sensex rose 0.9 percent, and the Nifty by 1.1 percent.
About 1221 shares have advanced, 1462 shares declined, and 209 shares are unchanged.
- Nifty 50 closed at 8638.5 with 0.3% loss today. 24 stocks advanced whereas 26 stocks declined and 1 stocks unchanged
- With 6.6% increase EICHERMOT was the top gainer in Nifty. ADANIPORTS, ZEEL increased 3.3% and 2.9% respectively
- ICICIBANK with a loss of 3.6% was the biggest loser in the Nifty. BHARTIARTL , BHEL lost 2.8% and 2.4% respectively
- FIIs bought net 84.6 crores worth of index futures and bought net 1392.9 crores worth of index options
- FIIs sold net 865.8 crores worth of stock futures and bought net 7.2 crores worth of stock options
- Daily volume in ICICIBANK surged 116%, highest growth among NSE stocks
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Equity benchmarks ended the last session of the week on a negative note. The Sensex fell 74.59 points to 27126.90 and the Nifty declined 14.70 points to 8323.20.
The market breadth was negative as about 1545 shares declined against 1161 advancing shares on Bombay Stock Exchange. Tata Motors, Asian Paints and Hero Motocorp
Tata Motors, Asian Paints and Hero Motocorp topped buying list on Sensex, up more than 2 percent while Bharti Airtel and GAIL fell over 2 percent.
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The market ended with super gains boosted by index heavyweights. The Sensex closed up 286.92 points or 1 percent at 26653.60, and the Nifty was up 79.90 points or 0.9 percent at 8149.55. About 1401 shares have advanced, 1173 shares declined, and 189 shares are unchanged.
SBI gained 9 percent while Sun Pharma was up 6 percent. Adani Ports, Reliance and Bajaj Auto were other gainers in the Sensex. Among losers were ONGC, Axis Bank, ITC, GAIL and NTPC.Here are some picks from the week gone by.
Here are some picks from the week gone by.
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The original article appears here on the website of Forbes India.
The quality of the people running the show can make or break an investment decision, says master investor Nemish Shah
Nemish Shah is a reclusive man. He has not met the media for over 15 years. Even after Axis Bank took over his firm Enam Securities in 2010, he was neither seen at press conferences nor were his pictures bandied about in the media. So when he agreed to talk to Forbes India about his investment philosophy, we were excited. We met him at his sprawling office in downtown Mumbai’s Express Towers with stunning vistas of the Arabian Sea. The office is simple with light brown furniture and plenty of open space. There is no receptionist. It is quiet but it does not have the coldness of a private equity firm.
Shah, 59, co-founder and director of Enam Holdings, comes out and smiles warmly. He ushers us into his room at the appointed time of 12.15 pm. Tall and fit, the master investor, walks in a brisk manner. And we quickly get down to business.
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So far we have informed our readers on how StockArchitect brings to you the views of analysts. Not only do we bring to you the views of analysts, we also capture and bring to you the views of top anchors. In short, we have readied for your reference the views of the people who matter. After all, our mission is to help you make informed decisions.
Here are the views of some of the people from the week that went by.
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