BSE Sensex soars over 250 points supported by HDFC Bank, RIL stocks; NSE Nifty reclaims 8,600

The benchmark BSE Sensex bounced back in style, bucking the sluggish global cues and were trading near the highs of the day in the early noon session.

At 12:21 pm, BSE Sensex traded 258.25 points up at 28,440.39. NSE Nifty traded 79.20 down at 8,608.65

At 10:57 am, BSE Sensex traded 160.46 points up at 28,342.60. NSE Nifty traded 46.70 down at 8,576.15

At 10:11 am, BSE Sensex traded 97.40 points up at 28,279.54. NSE Nifty traded 17.70 down at 8,547.15

At 9:56 am, BSE Sensex traded 54.10 points up at 28,236.24. NSE Nifty traded 0.60 down at 8,528.85.

At 9:27 am, BSE Sensex traded 107.65 points down at 28,074.49. NSE Nifty traded 17.05 down at 8,512.40.

At 9:17 am, BSE Sensex traded 69.17 points down at 28,112.97. NSE Nifty traded 27.30 down at 8,502.15.

Recovering from the initial hiccups the major indices started moving higher supported by surge in some blue-chip stocks like Reliance and HDFC Bank and reached near the crucial psychological levels of 28400 (Sensex) and 8600 (Nifty) levels intraday.

Though, there was mild profit booking too but markets were managing to hold their gains intact. Traders were also getting some support with GST panel submitting its report to Rajya Sabha, proposing three modifications related to clause 12, 18 and 19.

The first modification is regarding 1 percent additional tax on inter-state supply in Clause 18, which the panel has said that may lead to cascading effect on taxes.

The panel said the term ‘supply’ should be clarified and proposed term ‘Band’ be defined within GST limit. The panel has recommended compensation for GST loss for 5 years. Back on street, the broader markets too were moving neck-in-neck to the benchmarks, while most of the sectoral indices were moving higher.

The telecom stocks were a bit under whether after telecom regulator TRAI said that most of the telecom companies in Delhi and Mumbai are not meeting the prescribed standards.

Also, the telecom department has written to telecom operators to take steps to optimise radio frequencies in their networks and analyse the reasons for call drops, and report back to the government on the action they have taken to deal with the matter by July 31.

Some profit booking in Infosys and cautiousness ahead of Apple’s first earnings since Apple Watch debut was keeping the IT and tech stocks under pressure.

On the other hand, the FMCG stocks that were laggard of the last session due to disappointing numbers to HUL, too have moved higher. HUL itself was up by around 3%, while other FMCG major ITC has gained 1%.

The broader indices were moving in tandem to the benchmarks; the BSE Mid cap index was up by 0.71%, while Small cap index gained 0.70%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.78%, FMCG up by 0.79%, Auto up by 0.74%, PSU up by 0.69%, Bankex up by 0.48%, while Metal down by 0.72%, IT down by 0.36%, TECK down by 0.33%, Consumer Durables down by 0.14% were the losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 2.75%, Hindustan Unilever up by 2.64%, Bajaj Auto up by 2.34%, Sun Pharma Inds. up by 2.32% and HDFC up by 2.24%. On the flip side, Vedanta down by 3.92%, Lupin down by 2.16%, Hindalco down by 1.57%, TCS down by 1.25% and Bharti Airtel down by 1.18% were the top losers.

The top gainers on Nifty were Zee Entertainment up by 3.28%, Hindustan Unilever up by 2.77% Reliance Industries up by 2.70%, BPCL up by 2.48% and Bajaj Auto up by 2.44%. On the flip side, Vedanta down by 3.74%, Cairn India down by 2.40%, Idea Cellular down by 2.36%, Lupin down by 1.98% and Hindalco down by 1.80% were the top losers.