GST hopes lift markets
Markets extend gains for the third straight session on Wednesday as the investors are shown buying interest on banks and IT majors.
Sensex up 174, Nifty reclaims 7,750
Mumbai: Markets extend gains for the third straight session on Wednesday as the investors are shown buying interest on banks and IT majors.
Analysts say the markets are matured and poised for a rise, while assuring that there is no need for worry over expected raise in the US interest rates. They say the markets have already factored US rate hike, and now poised on a value buying.
Sensex ended at 25,495, up by 174 points and Nifty up 50 points at 7,750. Interestingly, the broader markets underperformed the headline index, gave up partial gains at close.
On sectoral front, the bank, IT and pharma sectors gained while auto and FMCG declined. The O&G segment surged following recovery in the oil prices as Cairn India, ONGC, RIL gained up to 4 per cent each.
Also OMCs surged as the fuel prices increased with BPCL, OIL, IOC and HPCL up by 3 per cent each.Following apex court's decision to restrict registration of diesel and luxury cars, the auto shares declined with M&M closed nearly 5 per cent.
The gainers: ONGC, up 3.99 per cent at Rs 226.55; Bharti Airtel, up 3.83 per cent at Rs 320.20; ICICI Bank, up 2.29 per cent at Rs 252; Lupin, up 2.03 per cent at Rs 1,826.45; and NTPC, up 1.75 per cent at Rs 133.70.
The losers: Mahindra and Mahindra, down 5.44 per cent at Rs 1,218.90; ITC, down 0.96 per cent at Rs 319.50; Wipro, down 0.64 per cent at Rs 555; Hindalco Industries, down 0.32 per cent at Rs 78.55; and Hindustan Unilever, down 0.30 per cent at Rs 853.75.