Sensex signs off week with gains after GST rate freeze

Riding on Modi euphoria and positive sentiment the Sensex jumped 26.78% while the Nifty was up 32.06% in three years ended 16 May 2017
Sensex, Nifty hit new peaks
Author

20 May, 2017

The key indices, which opened on a higher note following a rebound in global cues and the Goods and Services Tax (GST) Council's fitment of 1,211 goods in the tax slabs, were pulled lower during afternoon trade. The Nifty too, was up by 13.50 points or 0.14 per cent.

The NSE index has gained 0.69 percent so far this week, while the BSE index has risen 1.29 percent.

JSW Steel's net profit zoomed to Rs 1,003 crore from Rs 367 crore in the corresponding period last year while income from operations rose 60 percent to Rs 16,952 crore as against Rs 10,615 crore in the year-ago period, the company said in a statement. SBI's standalone net profit, not including contributions from subsidiaries, jumped to Rs. 2,815 crore for the three months to March 31 from Rs. 1,264 crore a year earlier.

The S&P BSE mid-cap index fell 0.72 percent while the small-cap index declined 0.88 percent. The market breadth continued to remain negative as 1,789 stocks closed lower, 957 finished higher while 165 ruled steady.

Karur Vysya Bank advanced 1.5 percent on reporting a 58 percent increase in quarterly profit. ITC was the top Nifty gainer, up 4 per cent at Rs 289.

Orioles blow early lead to drop series finale in Detroit, 6-5
Miguel Cabrera was a late scratch from Detroit's starting lineup Wednesday night against Baltimore because of a sore left side. Martinez is working on five-days rest after allowing three runs on seven hits in six innings Saturday against the Athletics.


Ford updates its 2016 vehicles to support Android Auto and Apple CarPlay
Those equipped with the Sync 3 platform will begin to receive the smartphone-friendly tools via a simpl software update. Ford is offering Android Auto and Apple CarPlay software to many of its customers who missed out on the technology.


Japan cabinet approves bill allowing emperor's abdication
But current Japanese law has no provision for abdication, thus requiring politicians to craft legislation to make it possible. Only males can inherit the throne and there was a succession crisis until 2006 as both the emperor's sons had only daughters.


However, Asian Paints fell 2.43 percent, Gail India 1.48 percent, M&M 1.35 percent, HDFC 1.16 percent, TCS 1.08 percent, Power Grid 1.06 percent, Hero Motoco 0.96 percent and Dr Reddy's 0.83 percent.

Overseas, Asian stocks were mixed as investors were cautious due to uncertainties surrounding US President Donald Trump after reports that he tried to influence a federal investigation. Hong Kong's Hang Seng index and South Korea's Kospi index ended 0.1% higher each.

Back home, foreign institutional investors sold shares worth Rs 361 crore on Thursday while domestic institutional investors bought shares worth Rs 898 crore on Thursday, according to the data available on the National Stock Exchange.

Companies that will be declaring their Q4 results on Thursday include CESC, Coffee Day Enterprises, Bank of Baroda, IDBI Bank and Tata Coffee.


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