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 signs off week with gains after GST rate freeze
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.

S Korea's new leader discusses N Korea, defense system with China's Xi
He took office just one day after the presidential election because South Korea has had an acting president since last December. Moon has said the decision had been made hastily and his government should have the final say on whether to deploy it.


Man United's Shaw set for another spell on sidelines
Missing from action are the long-term injuries to Chris Smalling, Phil Jones, Marcos Rojo and Zlatan Ibrahimovic. In comparison, Swansea have played 19 games fewer - exactly half an entire league season.


Health care actions create more questions
Also, the increases primarily impact the 3 percent of Americans who buy full-price plans directly from the private market. The AHCA puts health care out of reach for women by weakening protections for pre-existing conditions.


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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