Sensex Barrels Ahead To Record Peak, Nifty Tops 9600

Cornelia Mascio
Giugno 19, 2017

Global cues turned positive as Asian markets ruled firm following weekend record closing at the Wall Street and a commanding majority for President Emmanuel Macron in French parliamentary elections.

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

In intra-day trade, the 30-share Sensex gained as much as 305 points to 31362.15. "On the other hand, RBI's insistence that the banks start the bankruptcy proceedings which will improve bank's asset quality & strengthen the balance sheet, led the index to climb by 1 per cent", said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Around 2.55 p.m., the Sensex traded at 31,320.72 points - up 264.32 points or 0.85 per cent from its previous close at 31,056.40 points. The 50-share Nifty scaled a high of 9,673.30 before ending up 69.50 points, or 0.72 per cent, at 9,657.55.

Other banks witnessing gains included SBI, ICICI Bank and HDFC Bank - settling up to 1.4 per cent higher. Broader market indices performed in line with the major indices but slipped in the red zone at the closing bell. Tata Steel, Adani Ports, Hindalco Industries, Bosch, Vedanta and Axis Bank were among the top Nifty gainers - logging gains between 2 per cent and 3.5 per cent. The S&P BSE mid-cap index was a tad up by 0.07 per cent, while the small-cap index was a bit lower by 0.08 per cent.

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