Sensex recovers 245 pts on value-buying, global cues

09 November, 2017

Mumbai: The BSE Sensex recovered about 245 points in opening trade today, breaking its two-session losing streak on value-buying by investors and optimism ahead of GST Council meeting. Buying by domestic institutional institutions (DIIs) and a firm trend on other Asian bourses, tracking overnight gains in the US markets, influenced trading sentiment.     

Expectations that the GST (goods and services tax) Council might give some relief to some sectors by slashing the indirect tax rates at its meeting which begins today also supported the rebound, brokers said. The 30-share barometer, which had lost 512.38 points in the previous two straight sessions, was trading higher by 244.99 points, or 0.73 percent, to 33,463.80, with all the sectoral indices led by oil & gas, realty, PSU and metal trading in green.   

On similar lines, the NSE Nifty rose 65.30 points, or 0.63 percent, to 10,368.45.   Major gainers were Hindustan Unilever, Tata Steel, SBI, Sun Pharma, Reliance Industries, ONGC, NTPC, Dr Reddy's, Asian Paint, Axis Bank, ICICI Bank, Wipro, Infosys and Bharti Airtel, posting gains of up to 2.14 percent.     

Tata Motors also rose 1.82 percent ahead of its Q2 earnings to be announced later in the day.   Among other Asian markets, Hong Kong's Hang Seng was up 0.96 percent, while Japan's Nikkei rose 1.98 percent in early trade. China's Shanghai Composite Index was up 0.05 percent.   The US Dow Jones Industrial Average ended 0.03 percent higher in yesterday's trade. PTI