Sensex up more than 250 points on GST hopes

 

GST hopes, monsoon cheer and the seventh pay commission buoyed domestic stock markets. Sensex closed 259.33 points up at 26999.72, while Nifty settled 83.75 points up at 8,287.75.

 

In the 50-share index, BHEL, Grasim, Dr Reddy’s Labs, Axis Bank and Tata Steel gained between 3 per cent and 5.05 per cent. On the other hand, Sun Pharma, Infosys , Bosch, Cipla and Gail slid between 0.08 per cent and 0.76 per cent.

 

Asian peers also closed mostly higher on Thursday, as sterling crawled higher and the yen held steady against its rivals on easing concerns over Britain’s exit from the European Union.

 

2.40 pm: Gayatri Projects shares rallied over 4 per cent on Thursday after Hyderabad-based infrastructure and construction company bagged a contract worth Rs 306 crore for the four laning of a highway on the Andhra Pradesh-Tamil Nadu border.

 

2.19 pm: Nifty crossed 8,300 mark. The index was trading 101.95 points up at 8,305.

 

2.17 pm: Torrent Pharmaceuticals, one of the leading pharma companies of the country, has entered into a binding agreement to acquire the Vizag API manufacturing unit of Hyderabad-based Glochem Industries’ along with a few Drug Master Files (DMF) as a going concern on slump sale basis. The company currently has five formulation manufacturing units and with this acquisition it will have 3 API facilities for the regulated markets. Shares of the company were trading 1.09 per cent up at Rs 1,365.

 

1.39 pm: Meanwhile, Sensex reclaimed 27,000 mark on account of firm global cues. The index was trading 268 points up at 27,009.

 

1.30 pm: Sensex was up 251 points at 26,991 while Nifty was trading 78.65 points up at 8,282.

 

1.20 pm: Bond yields traded lower on Thursday as investors expect robust demand at the weekly debt auction, after the recent rally in prices. Meanwhile, investors got some comfort with Parliamentary Affairs Minister Venkaiah Naidu’s statement that the government will seek to ensure that the bill on a pan-India goods and services tax (GST) will be passed in the upcoming session of parliament, scheduled from July 18 to August 12.

 

12.53 pm: In the Nifty pack, BHEL and Tata Motors were trading higher by 3.49 per cent and 2.79 per cent, respectively.

 

12.51 pm: Sensex was trading 154 points up at 26,895. Sentiment was bolstered on hopes that the long-awaited GST Bill may be passed in the upcoming monsoon session of Parliament.

 

12.22 pm: All the sectoral indices on BSE were trading in green.