Sensex up 331 pts as mkts get GST boost
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.
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