Sensex moves up 163 points

Sensex moves up 163 points

Indian shares closed marginally higher on Monday, with consumer stocks leading the gains as sentiment remained upbeat after the government finalised rates for the upcoming Goods and Services Tax.

The 30-share index closed at 30,570.97 points, up by 106.05 points, or 0.35 per cent over the last close.

The S&P BSE Sensex gained 106 points to end at 30,570 against Friday's close of 30,464.

"FMCG sector stocks witnessed strong buying support, led by ITC and Marico". Common use products such as hair oil, soaps and toothpaste would cost less from July 1 when GST is expected to roll out, brokers said.

The NSE FMCG index gained as much as 2.9 percent to a record high.

In the midcap and smallcap segments, the S&P BSE Midcap index slumped 177 points, thanks to a free fall in the shares of Bank of India, Bajaj Finserv and Bajaj Holding.

Hindustan Unilever gained over 1 %. On Friday, the Sensex had closed at 30,464.92, up by 30.13 points, while the Nifty50 ended the day at 9,427.90, down by 1.55 points.

In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold stocks worth Rs 321.27 crore, while domestic institutional investors (DIIs) purchased scrips worth Rs 1,262.64 crore.

Consumer durables index rose (0.61 per cent), capital goods (0.50 per cent), teck (0.34 per cent) and IT (0.34 per cent). Of the 30 Sensex stocks, L&T surged 1.61 %, Adani Ports (up 1.36 %), Tata Motors (up 1.23 %), HDFC Bank (up 1.02 %), TCS (0.90 %), Reliance Ind (up 0.40 %), Wipro (up 0.27 %), Axis Bank (0.24 %) and Infosys (0.19 %).

Bank of India slumped 11.2% to 158.45 rupees after the state-run lender reported a net loss of 10.46 billion rupees in the January-March quarter.

SBI lost 4.46 per cent, Bank of Baroda fell by 3.13 per cent, Allahabad Bank lost 4.78 per cent, Syndicate Bank shed 4.95 per cent and IDBI Bank fell 3.99 per cent.

The BSE market breadth was bearish - with 1,844 declines and 877 advances.

Key indices in Hong Kong, Japan, South Korea and Taiwan firmed up by 0.50 per cent to 0.86 per cent while indices in Shanghai Composite of China and Singapore straits times moved down by 0.10 per cent to 0.48 per cent.

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