A businessman is reflected on an electronic board displaying a graph of an index. (Photographer: Yuriko Nakao/Bloomberg)

Sensex Ends At Record High As Modi Slashes Tax, Wins Trust Vote

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Sensex Ends At Record As Modi Slashes Tax, Wins Trust Vote

India's S&P BSE Sensex rose to a record closing high as investors cheered Prime Minister Narendra Modi's trust vote win and Goods and Services Tax (GST) rate cut.

The S&P BSE Sensex rose 0.61 percent or 222 points to 36,718.60 and the NSE Nifty 50 index climbed 0.68 percent or 75 points to 11,084.75.

Rally in today’s session was led by FMCG and consumer durable shares after a government panel cut GST rates on over 50 goods including refrigerators, televisions, footwear and paints etc. to 18 percent from 28 percent.

All sector gauges barring the Nifty IT index ended higher led by the Nifty FMCG index's 2.46 percent gain.

The mid- and small-cap shares outperformed their larger peers as the Nifty Midcap 100 index rose 1.1 percent and Nifty Smallcap 100 index advanced 0.7 percent.

Sensex Hits Fresh Record Led By FMCG Shares

Sensex Ends At Record High As Modi Slashes Tax, Wins Trust Vote

UPL. VST Industries among Fab Four Stocks Of The Day

  • UPL: The Mumbai-based fertilizer maker rose as much as 15.5 percent, the most in over four years, to Rs 635 after brokerages gave thumbs up to Arysta Deal saying it would be value accretive.
  • VST Industries: The Hyderabad-based cigarette maker rose as much as 20 percent, the most in over 10 years, to Rs 2,993 after it reported June earnings. Its net profit rose 54 percent to Rs 61 crore on revenue of Rs 243 crore.
  • Shalimar Paints: The Kolkata-based paint maker rose as much as 7.8 percent to Rs 125.50 after government panel cut goods and Services Tax (GST) rate on paints and varnishes to 18 percent from 28 percent.
  • Bajaj Finserv: The Pune-based insurance and consumer finance company rose as much as 4.89 percent to record high of Rs 6,990 on heavy volumes. Trading volume was 3.2 times its 20-day average.

GMR Infra Rises After Multiple Bock Deals

  • GMR Infra has 5.34 crore shares change hands in a four block deals. Stock up 2.5 percent at Rs 18.25.

Buyers and sellers were not immediately known

Source: Bloomberg