Nifty, Sensex Post Best Gains In 3-Weeks
Indian consumer goods shares rise, with the benchmark set for its biggest gain in 3-wks.
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Market Wrap
Closing Bell
Indian shares climbed, with key equity benchmarks posting their best performance in a month as the government cleared the way for tax changes that will lower prices for most mass-consumption products.
Sentiment was also boosted after market regulator SEBI said it plans to relax norms for direct registration of foreign investors and fast-track the listing process for companies as part of efforts to make the Indian stock market more attractive.
The S&P BSE gained 0.8 percent to 31,311 while the NSE Nifty advanced 0.7 percent to 9,655. The market, however, was tilted in favour of the sellers. About 3 stocks declined to every 1 that gained on the NSE.
The Nifty is likely to remain in the 9,500-9,700 zone at least until GST rolls out, said Dinesh Rohira, founder and CEO of 5nance.com adding, “… a breakout on the downside may be possible after that”.
Rohira said investors can treat every dip as a buying opportunity. He advised investing in the real estate stocks while the so-called defensives pharma and I.T. remain an avoid.
BQSpotted
Sudden Spike In Idea Cellular Shares
- The stock gains as much as 4.9 percent, most since May 10
- Trading volume over 1.2 times the 20-day average
- Closing in on its 52-week of Rs 81.95
#BQSpotted | Sudden spike in Idea Cellular, reports @soumeet_sarkar. pic.twitter.com/XmLQPtwtai
— BloombergQuint (@BloombergQuint) June 19, 2017
Bank Shares Lead The Way
The Nifty Bank Index rose as much as 1.3 percent, the most since May 25, to touch a new record high of 23,806.65.
NDA has nominated Bihar Governor Ram Nath Kovind for Presidential Polls: BJP President @AmitShah. pic.twitter.com/pQWPqkBQsw
— BloombergQuint (@BloombergQuint) June 19, 2017