Friday, April, 20, 2018
  • Nation
  • World
  • States
  • Cities
  • Business
  • Sport
    • IPL
    • Commonwealth Games 2018
  • Entertainment
  • Galleries
  • Videos
  • Life Style
  • Specials
  • Opinions
  • All Sections  
    States Tamil Nadu Kerala Karnataka Andhra Pradesh Telangana Odisha
    Cities Chennai DelhiBengaluru Hyderabad Kochi Thiruvananthapuram
    Nation World Business Sport Cricket Football Tennis Other Education
    Entertainment English Hindi Kannada Malayalam Tamil Telugu Review Galleries Videos
    Auto Life style Tech Health Travel Food Books Spirituality
    Opinions Editorials Ask Prabhu Columns Prabhu Chawla T J S George S Gurumurthy Ravi Shankar Shankkar Aiyar Shampa Dhar-Kamath Karamatullah K Ghori
    Today's Paper Edex Indulge Event Xpress Magazine The Sunday Standard E-paper
Home Business

Sensex hits record high as consumer stocks surge

By Reuters  |   Published: 19th May 2017 10:16 AM  |  

Last Updated: 19th May 2017 02:07 PM  |   A+A A-   |  

0

Share Via Email

Sensex

(File Photo | Reuters)

The benchmark BSE index rose as much as 0.9 percent to a record high on Friday, scaling an all-time peak for the fourth time in five sessions, as consumer goods makers surged after the government finalised rates for its upcoming goods and services tax (GST).

India set GST rates for more than 1,200 items on Thursday, and analysts said the outcome had largely benefited the fast-moving consumer goods sector after rates for products like hair oil, soaps and toothpaste were brought down to 18 percent from 22-24 percent.

The Nifty FMCG index surged as much as 4.4 percent to a record high with constituents ITC and Hindustan Unilever Ltd rising to their highest ever as well.

But some analysts warned markets were at a risk of correction should global markets tumble amid ongoing political turbulence around U.S. President Donald Trump.

"The finalisation of GST is very positive for the markets and the gains are expected to continue," said Vaibhav Chowdhry, head of research at KR Choksey Investment Managers.

"If the political situation in the United States takes a turn for the worse, domestic shares could correct by 10-15 percent, but it will only be temporary."

The benchmark BSE Sensex was 0.59 percent higher at 30,614.02 as of 0535 GMT, while the broader NSE Nifty was up 0.51 percent at 9,477.35.

The NSE index has gained 0.69 percent so far this week, while the BSE index has risen 1.29 percent. Both the indexes are on track for a second straight weekly gain.

Among other gainers, Bank of Baroda Ltd rose as much as 4.5 percent after the public sector lender reported a net profit of 1.55 billion rupees ($23.92 million) for the March quarter, compared with a net loss in the year-ago period.

State Bank of India was up 2.1 percent ahead of its March-quarter results later in the day.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
TAGS
SENSEX Nifty NSE BSE

O
P
E
N

More from this section

LAVA launches India's first all-women operated service centre in Noida

Oops...Deutsche Bank makes 28 billion euros transfer in error

sensex, stock exchange, bombay, BSE, Nifty,

Key equity indices trade in red during afternoon session

Latest

Small plane crashes in Pennsylvania, killing two

Legendary manager Arsene Wenger to leave Arsenal 

WB: Rail blockade at Chengail on Kathua case 

Petrol price in Delhi touches Rs 74.08, highest since September 2013

Former Delhi HC Chief Justice Rajinder Sachar passes away 

FIR against BJP MLA for 'Hindu vs Muslim' remark during Karnataka rally

11-year-old girl raped, killed in Chhattisgarh

2G scam: Essar Group's response sought on plea against acquittal

IPL2018
Videos
Plane skids off runway during take off in Nepal
New season of Hulu's 'Handmaid's Tale' dark but inspiring, stars say
arrow
Gallery
Ola co-founder Bhavish Aggarwal, Bollywood actress Deepika Padukone, Indian cricket captain Virat Kohli and Microsoft's Indian-born CEO Satya Nadella have been named in TIME magazine's 100 most influential people in the world this year, an annual list of honorees that includes US President Donald Trump. 'TIME's annual list of the world's most influential people is a designation of individuals whose time, in our estimation, is now,' the magazine said.
TIME magazine’s 100 most influential people: From Virat Kohli to Deepika Padukone, these Indians featured on the list
Ghostbox Cowboy: What happens when a Texan businessman lands in China's Silicon Valley? This film by John Maringouin describes the character's (Jimmy Van Horn played by David Zellner) experience in Shenzhen, a city which was once a simple fishing village. (Photo | Tribecca official website)
Tribecca Film Festival: Here are 10 films with intriguing titles from the diverse lineup
arrow

Trending

FOLLOW US

Copyright - newindianexpress.com 2018

Dinamani | Kannada Prabha | Samakalika Malayalam | Malayalam Vaarika | Indulgexpress | Edex Live | Cinema Express | Event Xpress

Contact Us | About Us | Careers | Privacy Policy | Search | Terms of Use | Advertise With Us

Home | Nation | World | Cities | Business | Columns | Entertainment | Sport | Magazine | The Sunday Standard