Benchmark
Nifty closed at an all-time high of 9,173.75 while the Sensex rose
for the third straight session today on optimism surrounding the GST
amid expiry of derivatives contracts. The Lok Sabha yesterday cleared
four GST legislations to pave the way for the rollout of the new
indirect tax regime from July 1, boosting market sentiment. Sustained
foreign capital inflows and covering up of short positions on the
last trading session of March series derivatives contracts supported
the momentum, traders said. The 50-share NSE Nifty edged higher by
29.95 points, or 0.33 per cent to a record closing of 9,173.75 after
hovering between 9,183.15 and 9,136.35. This is Nifty's highest
closing since March 17, when it had ended at 9,160.05. The 30-share
Sensex, after touching the day's high of 29,684.54, succumbed to
profit-booking and hit a low of 29,521.65 before settling 115.99
points, or 0.39 per cent higher at 29,647.42. The gauge had gained
294.28 points in the previous two sessions. "Market sentiment
got a boost after the Lok Sabha yesterday passed four bills relating
to the implementation of the Goods and Services Tax (GST)...,"
said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP
Paribas Mutual Fund. Meanwhile, foreign portfolio investors (FPIs)
bought shares worth a net Rs 460.98 crore yesterday, as per
provisional data released by the stock exchanges. Logistics stocks
saw increased buying after the GST legislations were cleared by the
Lok Sabha. Shares of Arshiya Ltd, Allcargo Logistics, Transport Corp
of India, Blue Dart Express, Snowman and Container Corp of India
ended higher by up to 4.98 per cent. Adani Ports was the top
performer in the Sensex pack, surging 5.77 per cent to Rs 338.85,
followed by HDFC Bank (2.51 per cent to Rs 1,463.75). Other gainers
included Bharti Airtel, GAIL, RIL, Wipro, Cipla, SBI, HUL and L&T,
gaining up to 1.67 per cent. Auto stocks, including M&M, Hero
MotoCorp, Maruti Suzuki and Ashok Leyland, recovered on value buying,
a day after recording steep losses following the Supreme Court's
decision banning sale and registration of BS-III vehicles from April
1. The broader markets too were in a better shape as investors
widened their bets, lifting the BSE small-cap index by 0.95 per cent
and mid-cap index by 0.39 per cent. Sector-wise, realty gained the
most by rising 2.17 per cent, followed by consumer durables (1.38 per
cent), bank (0.82 per cent), capital goods (0.55 per cent) and power
(0.37 per cent). Market breadth turned positive as 1,739 stocks ended
higher, 984 declined, while 232 ruled unchanged. The total turnover
fell to Rs 4,606.56 crore from Rs 14,854.52 crore yesterday.
Globally, other Asian markets saw a lower trend, with Japan's Nikkei
falling 0.80 per cent, Hong Kong's Hang Seng losing 0.37 per cent and
Shanghai Composite Index shedding 0.96 per cent. European stocks were
slightly better in their early trade with London's FTSE rising 0.12
per cent, Paris CAC up 0.10 per cent and Frankfurt gaining 0.11 per
cent.
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