India's BSE index hits record high as consumer stocks surge

The BSE Mid-Cap index was up 0.56% while the Small-Cap index rose 0.89%.

The company is selling shares between Rs 98 to 100 per share, and will become the second infrastructure investment trust to list in the country after IRB InvIT Fund had a tepid debut on Thursday.

The largest lender SBI rose 1.98 per cent to Rs 308.95 ahead of its earnings to be announced later in the day. Both the indices hit a record high in early trade, driven by gains in consumer stocks after a government panel tasked to look at tax rates under the Goods and Services Tax - likely to be rolled out from July 1 - set rates on most consumption-related goods at lower than current levels.

Shanghai Composite shed 0.06 per cent. The index closed up by 1.21 per cent bucking the overall market trend. The BSE IT index was down 0.82 per cent; TS, Infosys, Wipro, Tech Mahindra, HCL Technologies, Hexaware and Tanla Solutions were among the losers.

The BSE fast moving consumer goods index gained as much as 4% as Hindustan Unilever, ITC, Colgate Palmolive, Jayshree Tea, Emami, Britannia, Marico and Tata Coffee were up over 3-5% each.

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However, Asian Paints fell 2.43 percent, Gail India 1.48 percent, M&M 1.35 percent, HDFC 1.16 percent, TCS 1.08 percent, Power Grid 1.06 percent, Hero Motoco 0.96 percent and Dr Reddy's 0.83 percent.

Likewise, the 50-scrip NSE barometer Nifty slipped from its all-time high to finish at 9,429.45, down 96.30 points, or 1.01 percent.

Other than locking in profit by investors, political as well as economic uncertainties stemming from US President Donald Trump's recent executive decisions had their bearing on the market direction.

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.

It was followed by Yes Bank (Rs. 537.48 million), I T C (Rs. 533.47 million) and State Bank Of India (Rs. 464.19 million).

(Copyright © 2015. All Rights Reserved.)
 
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