Sensex up by 150 Points; Nifty Near 9,200
The National Stock Exchange benchmark index, Nifty, opened above its important crucial psychological level of 9,200. The Indian shares have been scaling new highs after the Bharatiya Janata Party (BJP) under the leadership of Prime Minister Narendra Modi won state assembly elections in Uttar Pradesh with a historic majority. Analysts say that formation of a BJP government in Uttar Pradesh may accelerate economic progress in India’s most populous state as greater economic cooperation between the central and state governments will result in faster implementation of central and state projects.
After the Federal Reserve signalled that there will not be pick-up in pace of tightening interest rates going ahead in the US also boosted sentiment in Indian equities and the rupee.
Meanwhile, in opening deals, the Sensex advanced as much as 170 points and Nifty touched high of 9,218.
The Indian shares have been on a tear, rallying over 10 per cent since the start of this year on the back of better than expected third quarter earnings by Indian companies, a supportive Union Budget and influx of foreign funds amid a rally in global markets.
Foreign institutional investors bought shares worth Rs. 1,360 crore on Thursday while domestic institutional investors were net sellers to the tune of Rs. 88 crore.
ITC was among the top Nifty gainers, the stock rallied over 5.5 per cent to Rs. 283.20 after the government levied cess on sales of cigarettes in GST. Macquarie in a note said it sees no negative implication from GST cess and need more clarification on cess rates at length of cigarette.
Tata Steel, Lupin, Adani Ports, Hero MotoCorp, Tata Motors and axis Bank were also among the gainers.
On the other hand, Bharti Airtel, Zee Entertainment, Idea Cellular, Larsen & Toubro and State Bank of India were among the laggards.
On the sectoral front, select banking, IT and capital goods were witnessing selling pressure while buying was seen in FMCG, realty and metal shares.
As of 9:35 am, the Sensex was up 155 points at 29,741 and Nifty was at 9,186, up 33 points.
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Source:Ndtv
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