Wednesday, July 8, 2020
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Sensex stages rebound, rises 64 pts on eve of GST




 The BSE Sensex today gained over 64 points to 30,921.61 as investors took to optimistic buying ahead of GST rollout, expecting some hiccups on the way in the short-term.

          For the week, the Sensex recorded a fall of 216.60 points, or 0.69 per cent, while the broader Nifty lost 54.05 points, or 0.56 per cent.

          FMCG, healthcare and consumer durable stocks led by ITC Ltd, Sun Pharma, Cipla and Dr Reddy hogged the limelight on the back of fresh round of buying by investors and domestic institutional investors, helping the key indices to reverse losses to close in the positive terrain.

          The fag-end buying, spread over to a broad front, came in the face of start of July futures and options series in the derivatives segment, dealers said.

     The stage is set for the launch of a nationwide goods and services tax (GST) at midnight today.

        Despite opening lower, the 30-share Sensex stayed in the negative zone for the most part and touched a low of 30,680.66 as investors were seen trimming their positions despite beginning of July series in the derivatives segments. The gauge finally settled higher 64.09 points, or 0.21 per cent, at 30,921.61.

          The index had gained 23.20 points in the previous session.

          The 50-share NSE Nifty too ended higher by 16.80 points, or 0.18 per cent, at 9,520.90, after touching a low of 9,448.75 and a high of 9,535.80.

          Among the BSE sectoral indices, FMCG gained the most by surging 2.24 per cent, followed by consumer durables (2.07 per cent), healthcare (1.47 per cent), power (0.56 per cent), IT (0.56 per cent), teck (0.39 per cent) and PSU (0.35 per cent).

          The broader markets too showed an upward trend with small-cap rising 0.66 per cent and mid-cap edging up 0.63 per cent as investors raised their bets.






Editorial

Précis 2017
From asking his party men to ‘live a simple life and serve the people’ to taunting the BJP for its ‘crocodile tears’, Chief Minister and BJD supremo Naveen Patnaik has not only become politically invincible, he seems to be so in the coming years too.

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