Sensex climbs 330 pts, Nifty crosses 8300 mark on global rally
Mumbai: The benchmark BSE Sensex rose for the third day ending about 330 points higher on buying in banking, FMCG and auto stocks amid firming trends in global markets.
The wider Nifty of NSE reclaimed the 8,300-mark amid positive domestic factors after the introduction of GST Bill in the Lok Sabha on Friday. The 50-share index soared by 98.80 points, or 1.20 per cent to close at 8,324.
The 30-share Sensex spurted by 329.95 points, or 1.21 per cent, to 27,701.79. It touched the day’s high of 27,725.27.
Of the 30-Sensex scrips, 26 stocks ended with gains.
Mahindra and Mahindra rose the most by 4.09 per cent among Sensex stocks, followed by Coal India which gained 3.61 per cent.
State-run BHEL spurted by 2.67 per cent to Rs 265.75 after company bagged a 16.96 million euro contract for a thermal power project in Turkey.
HDFC Bank, HDFC Ltd, GAIL, ONGC, NTPC, Tata Motors, Bharti Airtel, Axis Bank and Hero MotoCorp also contributed to the Sensex rally.
Brokers said buying emerged on hopes of acceleration in economic reforms after the much-awaited GST Bill, which provides for an overhaul of the taxation system, was introduced in the Lok Sabha on Friday.
Asian and European markets extended gains on a rally in crude prices which supported the rally at domestic markets, brokers said.
Sectorally, the BSE PSU sector index gained the most by rising 1.72 per cent, followed by Power index (up 1.48 pc), FMCG index (up 1.47 pc) and Banking index (1.47 pc).
Auto index rose by 1.40 pc, Consumer Durables index by 1.33 pc, metal index by 1.28 pc, Oil & Gas index by 1.18 pc and Realty index 1.06 pc.
In line with overall trends Midcap index gained 0.92 per cent and Smallcap index by 0.35 per cent.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 668.85 crore on last Friday as per provisional data.