Economy

Sensex Rallies 215 Points, Nifty Above 9950

Sensex Rallies 215 Points, Nifty Above 9950”

Tata Steel shares were the lead gainer on Sensex after the company posted a 23% jump in steel sale in H1 FY 2018.

Shares of Venky's (India) had rallied 26.6% in the preceding five trading sessions to settle at Rs 2,480.10 yesterday, 5 October 2017, from its close of Rs 1,959 on 27 September 2017.

Positive global cues with most other Asian markets ending higher, tracking another record close on Wall Street following more buoyant USA data and hopes for tax reform, fuelled the rally.

The NSE Nifty also moved up by 40.80 points, or 0.41 per cent, to quote at 9,929.50.

Financial markets in China are closed for a week-long holiday.

The scrip was the top performer among the 30-share index.

Expectations built up that today's meeting of the GST Council may provide some relief to exporters and SMEs in terms of faster refunds and compliance. Meanwhile, the Nifty was trading higher by 66.30 points or 0.67% at 9,955.00 with 37 components gaining. The stocks of heavyweight companies such as Reliance Industries, Infosys, NTPC, Tata Steel, L&T, SBI, Sun Pharma, HUL, and TCS contributed the most to the index gains. The S&P BSE Mid-Cap index advanced 145.85 points or 0.93% at 15,837.66. The government may cut its stakes in state-run banks to 52 percent, Sanjeev Sanyal, principal economic adviser at the finance ministry, said at a World Economic Forum event in New Delhi.

The stock gained 4.73 per cent to settle at Rs 691.40 on BSE.

The BSE market breadth was bullish - 1,714 advances and 785 declines.



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