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Sensex up 331 pts as mkts get GST boost

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Mumbai: Stock markets reversed losing streak on Wednesday as a string of key government decisions including release of model GST law improved trading sentiment. Cabinet nod for aviation policy also helped. State-run SBI jumped on reports that the Centre has given approval to the merger of five associate banks with itself. The bank topped the gainers list, rising 3.90 per cent to Rs 215.65.

State Bank of Bikaner and Jaipur and State Bank of Tranvancor rallied 20 per cent each to hit upper limit of Rs 599.60 and Rs 478.90, respectively.¬†Airlines were also in limelight on the Centre’s approval to the much-awaited civil aviation policy that seeks to strengthen regional connectivity and tap the sector’s growth potential. Spicejet soared 3.51 per cent to Rs 66.40, InterGlobe Aviation rose by 1.90 per cent to Rs 1,008 while Jet Airways gained 0.21 per cent to Rs 561.
The benchmark BSE Sensex opened gap-up and hovered between 26,752.59 and 26,446.59 before closing at 26,726.34, showing a gain of 330.63 points or 1.25 per cent. The 50-issue NSE Nifty surged 97.75 points or 1.21 per cent to end above the crucial 8,200-level at 8,206.60.

Out of the 30-share Sensex pack, 25 scrips ended higher while only five closed lower. Major gainers were NTPC (3.88 pc), Larsen (3.38 pc), Bharti Airtel (2.82 pc) and Maruti (2.50 pc). However, Dr Reddy’s declined marginally by 0.51 per cent, Axis Bank fell 0.35 per cent and Adani Ports fell 0.22 per cent.

Among the S&P sectoral indices, capital goods rose by 2.26 per cent followed by utilities 2.06 per cent, power 1.99 per cent, bankex 1.38 per cent, IT 1.31 per cent, finance 1.16 per cent and oil&gas 1.14 per cent. The market breadth remained positive as 1,674 stocks ended higher, 954 closed lower while 176 ruled steady.

Overseas, most Asian markets reversed its morning losses to end higher despite continued jitters over the possibility the UK may opt to exit the European Union as well as concerns over the outcome of the Fed meeting. Key Asian indices, China, Hong Kong, Japan, Taiwan and Singpaore rose by 0.21 per cent to 1.58 per cent while South Korea’s Kopsi eased 0.16 per cent.

-Source:- http://www.thehansindia. com/posts/index/Business/2016-06-16/Sensex-up-331-pts-as-mkts-get-GST-boost/235441

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