Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Domestic equity markets were trading in the positive zone in the first hour of trade on Tuesday amid hopes that the Goods and Services Tax (GST) will be implemented on time as Finance Minister Arun Jaitley has tabled four-key GST Bill in the Lok Sabha on Monday.
In Union government wants to implement the GST from July 1, 2017.
At 11.25 am, the Sensex was trading 183 points or 0.64 per cent higher at 29,424 while the Nifty50 was trading 59 points or 0.65 per cent lower at 9,104.
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In the broader markets, BSE Midcap index jumped 0.7 per cent while BSE Smallcap Midcap index surged 0.8 per cent.
All the BSE sectoral indices, except Oil & Gas, were trading in the positive with Telecom index leading the gains, up over 1 per cent. Auto (up 0.8 per cent) Bankex (up 0.8 per cent), Meetal (down 0.7 per cent) and Realty (down 0.7 per cent) indices were other notable gainers. Oil & Gas index slipped 0.2 per cent.
Top gainers in the Sensex-30 pack: Axis Bank (up 2.4 per cent), Tata Motors (up 1.3 per cent), Sun Pharma (up 1.3 per cent), HDFC (up 1.1 per cent) and Asian Paints (up 1 per cent).
Top losers in the Sensex-30 pack: ONGC (down 1.2 per cent), Gail (down 0.7 per cent), Coal India (down 0.5 per cent), Hero Motocorp (down 0.2 per cent) and Dr Reddy’s Labs (down 0.1 per cent).
Among the Asian markets, Japan’s Nikkei 225 Index jumped 1 per cent, Singapore’s Straits Times Index gained 0.9 per cent, Hong Kong’s Hang Seng index shined 0.6 per cent, Korea’s KOSPI index rose 0.2 per cent and China’s Shanghai Composite Index declined 0.5 per cent.
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