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Nifty, Sensex Post Best Gains In 3-Weeks

Indian consumer goods shares rise, with the benchmark set for its biggest gain in 3-wks. 

A trader at the BFAM Partners Ltd. office in Hong Kong, China (Photographer: Justin Chin/Bloomberg)
A trader at the BFAM Partners Ltd. office in Hong Kong, China (Photographer: Justin Chin/Bloomberg)
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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.

Nifty, Sensex Post Best Gains In 3-Weeks

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
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Bank Shares Lead The Way

Nifty, Sensex Post Best Gains In 3-Weeks

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.


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