1. Sensex, Nifty going strong as GST boost continues, Rupee gains, crude rises on extended output cut

Sensex, Nifty going strong as GST boost continues, Rupee gains, crude rises on extended output cut

After ending Friday's volatile session on a flat note, Indian markets today opened on a strong positive note today as GST rates announced last week continue to boost investor sentiment and the impact of uncertainty over Donald Trump’s future wanes away.

By: | Updated: May 22, 2017 10:17 AM
BSE Sensex opened 173.96 points higher at 30638.88 points while NSE Nifty, the broader gauge, opened 52.35 points higher at 9,480.25 points. At 9:40 am, BSE Sensex was trading at 30,643.51 points, up 0.59% while NSE Nifty was trading at 9465.55 points, up 0.40%.

After ending Friday’s volatile session on a flat note, Indian markets today opened on a strong positive note today as GST rates announced last week continue to boost investor sentiment and the impact of uncertainty over Donald Trump’s future wanes away. BSE Sensex opened 173.96 points higher at 30638.88 points while NSE Nifty, the broader gauge, opened 52.35 points higher at 9,480.25 points. At 9:40 am, BSE Sensex was trading at 30,643.51 points, up 0.59% while NSE Nifty was trading at 9465.55 points, up 0.40%.

Current Gainers on the BSE include ITC up 4.58% to Rs 299.00; Adani Ports up 2.10% to Rs 365.55; TCS up 1.63% at Rs 2,547.65, while current laggards include Sun Pharma down 1.45% at Rs 643.00; GAIL down 1.45% at Rs 395.30 and SBI down 1.35% at Rs 304.00.

Last Thursday, GST rates were declared for nearly 1211 items under four tax brackets of 5%, 12%, 18% and 28%. GST, the most comprehensive tax reform ever launched, is expected to lead to lower prices for most of the essential everyday use items, giving a boost to FMCG firms.

Asian stocks rose Monday, on the back of a late rally on Wall Street on Friday and the relative calmness in US politics as US President Donald Trump began his first official trip overseas. Trump is on a visit to Saudi Arabia where on Saturday, US and Saudi Arabian companies signed business deals worth over $200 billion.

At the end of Friday’s trading session, the Dow Jones Industrial Average was up 141.82 points, or 0.69 percent, to 20,804.84, the S&P 500 had gained 16.01 points, or 0.68 percent, to 2,381.73 and the Nasdaq Composite had added 28.57 points, or 0.47 percent, to 6,083.70. A day prior, US markets recovered from their biggest sell-off in the current year after reports of President Donald Trump interfering in a Federal investigation surfaced.

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Indian Rupee opened higher by 12 paise at 64.52 a dollar as against the Friday’s closing level of 64.64. The dollar index, which tracks the US dollar against a basket of six world currencies, slipped more than 2 percent last week. It fell 0.75 percent on Friday to reach its lowest level since 9 November 2016.

Oil prices rose on Monday, supported by reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up prices. Brent crude futures were up 32 cents, or 0.6 percent, from their last close at $53.93 per barrel at 0145 GMT. U.S. West Texas Intermediate (WTI) crude futures were back above $50 per barrel, trading up 32 cents, or 0.6 percent, at $50.65. Both benchmarks have risen more than 10 percent from their May lows early in the month.

Crude prices have risen because of expectations that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (BPD) would be extended to March 2018, instead of covering just the first half of this year.

Bank of India, Engineers India Limited, GAIL India, Godrej Industries will announce their fourth quarter results today. NSE has banned Future & Options of 13 stocks for trading today. These stocks include names like Bharat Financial, CEAT, IDBI, Infibeam Incorporation, Jindal Steel, Jain Irrigation Systems, JP Associates, JSW Energy, Oriental Bank of Commerce, TV18 Broadcast.

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