Nifty turns flat after hitting record high above 9,200 in early trade; ITC holds fort with 7% surge

FIIs on Thursday purchased shares to the tune of Rs 1,360.10 crore, according to provisional data

FP Staff March 17, 2017 12:31:24 IST
Nifty turns flat after hitting record high above 9,200 in early trade; ITC holds fort with 7% surge

After a firm start in early Friday trade that saw key equity benchmark equity indices, Sensex & Nifty, surge ahead, gains have tapered off a bit in noon trades on the back of select profit taking.

The benchmark Nifty breached 9,200-mark for the first time and touched a high of 9,218.40, up 64 points, while Sensex gained 239 points to touch a high f 29,824.62 in early trade.

At 12:15 pm, the 30-share BSE S&P Sensex was at 29,661.02, up 75.17 points, or 0.2 percent from previous close, while the broader 50-stock Nifty was flat at 9,154.

The prospects of a steady approach to US rate hike removed a big uncertainty, which gave markets enough to cheer for.

Nifty turns flat after hitting record high above 9200 in early trade ITC holds fort with 7 surge

Reuters

The GST Council on Thursday cleared the two remaining pieces of supporting legislation, paving the way for their introduction in Parliament and state legislatures for the planned rollout of the indirect tax reform in July.

The stocks have been spurred by buying in key FMCG heavyweight shares. Investors bet that favourable liquidity will continue to spur the rally in emerging markets.

FMCG major ITC stock was the biggest gainer in the Sensex pack so far, rising 7 percent as the market is relieved following clarity over GST rate.

Others such as Lupin, Wipro and Maruti were up around a percent each.

On the other hand, Bharti Airtel led the losers pack, falling 2.5 percent. While SBI declined 1.4 percent, ICICI Bank was down 1.2 percent.

Other laggards such as L&T, Bajaj Auto, Tata Motors, M&NM and Gail were down over 1 percent each.

Foreign institutional investors continued to view India as a bright spot among the emerging markets, particularly after BJP's win in recent state elections that reinstated confidence of continuity in reforms going ahead.

Remaining net buyers of equities in the current month so far, FIIs on Thursday purchased shares to the tune of Rs 1,360.10 crore, according to provisional data.

Asian stocks extended their previous climb. US stocks closed mostly lower yesterday as modest gains in financial stocks failed to offset declines in healthcare and utilities stocks.

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