Sensex rose 1 percent on Friday, tracking higher Asian markets after the Bank of England launched a larger-than-expected stimulus package, though the benchmark index was headed for flat to lower for the week.
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This is the biggest single-session gain since July 11 when it had gained 499.79 points.
The Sensex was up 1 percent, but headed for a 0.2 percent fall for the week.
The government on Monday listed the constitutional amendment Bill for GST for consideration and passage in the Upper House on Wednesday amid strong indications that the most far-reaching tax reform in independent India would be backed by the Congress and other major parties.
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.
Short covering, along with positive global indices and a firm rupee lifted the Indian equity markets during the late-afternoon trade session on Friday. The NSE Nifty-50 index was trading higher by 78.15 points, or 0.91 per cent, at 8,629.25.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,069.12 points, provisionally closed at 27,981.71 points (at 3.30 p.m.) – down 21.41 points or 0.08 per cent from the previous close at 28,003.12 points.
European indices advanced in early session after BoE’s announcement of the rate cut and a larger than expected stimulus package while investors waited for release of key United States non-farm payroll data.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, headed for a 0.9 per cent weekly gain. On the flip side, Bharti Airtel down by 1.38%, Sun Pharma Inds down by 0.83%, Infosys down by 0.80%, TCS down by 0.36% and Wipro down by 0.29% were the top losers.
While, Asian Paints fell by 1.78 per cent, Lupin 1.32 per cent, Infy 1.18 per cent, Coal India 0.75 per cent, M&M 0.74 per cent and Cipla 0.60 per cent.
The BSE market breadth was skewed in favour of the bears – with 1,762 declines and 980 advances.
Snowman Logistics : The shares of Navi Mumbai-based Snowman Logistics slumped 2.46 per cent to Rs 77 even as the company reported a net profit of Rs 1.8 crore in Q1 compared to a profit of Rs 5.46 crore in the corresponding quarter of last fiscal year.
Consequently, both the key indices traded in the negative territory during the mid-afernoon trade session as heavy selling pressure was witnessed in automobile, capital goods and fast moving consumer goods (FMCG) stocks.
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Total turnover firmed up to Rs 3,687.67 crore, from Rs 3,167.03 crore yesterday.
