In sync with strong global stocks after the Bank of England announced a rate cut and fresh stimulus, the Sensex rallied 364 points to close above 28,000, helped by auto and oil and gas.For the week, both indices – the Sensex and the Nifty-rose 26.49 points, or 0.09 per cent, and 44.65 points, or 0.51 per cent, respectively.
Trading in the green throughout the day, the benchmark BSE Sensex added 363.98 points, or 1.31 per cent, to end at 28,078.35 after shuttling between 28,110.37 and 27,795.74. It had gained 16.86 points in yesterday’s choppy session.This is the biggest single-session gain since July 11 when it had gained 499.79 points.
Investor sentiment got a shot in the arm after the long-pending indirect tax reform Goods and Services Tax (GST) Constitutional Amendment Bill was passed by the Rajya Sabha on Wednesday and is likely to be tabled in the Lok Sabha on August 8.
Meanwhile, Moody’s Investors Service on Thursday said the GST implementation will be positive for the country’s economic growth without any significant impact on inflation.The broader NSE Nifty retook the crucial 8,600-mark and hit a high of 8,689.40 before settling up by 132.05 points, or 1.54 per cent, at 8,683.15.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 559.49 crore yesterday, as per provisional data.Most Asian markets remained firm, with Hong Kong’s Hang Seng rising 1.44 per cent. Japan’s Nikkei ended steady.
European indices advanced in early session after the Bank of England announced a post—Brexit interest rate cut and a larger than expected stimulus package while investors awaited key US non—farm payroll data.
