Sensex touches new record as consumer goods stocks surge

Riding on Modi euphoria and positive sentiment the Sensex jumped 26.78% while the Nifty was up 32.06% in three years ended 16 May 2017

Indian shares rose notably on Friday after the government finalized Goods and Services Tax rates for substantial items, clearing a major hurdle towards July 1 rollout of the country's biggest indirect reform to create one unified market.

The 50-share NSE Nifty, too, maintained its bull run and touched a new peak of 9517.20. The BSE Mid-Cap index was up 0.56% while the Small-Cap index rose 0.89%.

JSW Steel's net profit zoomed to Rs 1,003 crore from Rs 367 crore in the corresponding period last year while income from operations rose 60 percent to Rs 16,952 crore as against Rs 10,615 crore in the year-ago period, the company said in a statement. Late Thursday, the state-owned lender announced a net profit of 1.55 billion rupees ($24 million) for the quarter ended Mar.31 against a loss of 32.3 billion rupees a year earlier. Gross non-performing assets as a percentage of total advances are likely to come in at 7.1 per cent compared with 7.2 per cent in the previous quarter.

Reflecting the upbeat mood, barring metal, all the sectoral indices led by technology, FMCG, IT, auto and consumer durables ended in the positive zone.

Coal India rallied 2.62 per cent, followed by NTPC and PowerGrid. On the other hand, Asian Paints, Infosys, Wipro, TCS and Indiabulls Housing Finance were among the laggards.

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The NSE index Nifty also slipped from record and slumped by 77 points, or 0.80 per cent, to 9,448.75.

"Trading members are requested to note that futures and options contracts (F&O) for five underlying securities shall be available for trading in the equity derivatives segment with effect from May 26, 2017", the BSE said in a circular today.

Japan's Nikkei was down 0.16 per cent, Hong Kong's Hang Seng advanced 0.15 per cent and Taiwan Weighted was down 0.04 per cent.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 235.33 crore yesterday, while domestic institutional investors sold shares worth Rs 65.77 crore, according to provisional data released by the stock exchanges.

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