Sensex surges to record high in late morning trade

Sensex surges to record high in late morning trade

Sensex surges to record high in late morning trade

Meanwhile, the Nifty was trading lower by 20.80 points or 0.22% at 9,408.65 with 38 components falling. However, global volatility arising out of political developments in the USA and emerging markets like Brazil held back the gains, brokers said.

Meanwhile, the BSE benchmark Sensex, which had advanced to a new high of 30,712.35 earlier in the session, is now down 78.16 points or 0.26% at 30,356.63, slightly off the day's low of 30,338.52.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 56.30 points or 0.60 per cent higher at 9,485.75 points.

The broader markets underperformed the Sensex, with the S&P BSE mid-cap index slipping by 2.16 per cent and the small-cap index by 2.04 per cent.

FMCG stocks hogged the limelight after the GST Council fixed rates for most of the items. Foodgrains and common-use products like hair oil, soaps and toothpaste will cost less from July 1 when GST is due to be rolled out. "The market traded between gains and losses due to concern over USA political chaos and sharp fall in Brazil which is a key part of EMs".

"The finalisation of GST is very positive for the markets and the gains are expected to continue", said Vaibhav Chowdhry, head of research at KR Choksey Investment Managers.

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For the week, China's Shanghai Composite index advanced 0.2% while Japan's Nikkei 225 index fell 1.5%.

Nasdaq closed in red, down by 2.64 per cent while FTSE 100 was down by 0.25 per cent at the closing on Wednesday.

The company posted a consolidated net loss for the quarter ended March 31 of Rs 247 crore, compared with a profit of Rs 82.95 crore a year earlier. In the 30-share Sensex, 16 ended in green while 14 closed with losses.

Similarly, the broader 50-issue NSE Nifty rose by 57.45 points, or 0.61 per cent, to quote at 9,486.90.

Major Sensex losers were: Tata Motors, down 2.55 per cent at Rs 438.20; Axis Bank, down 2.15 per cent at Rs 491.85; Dr Reddy's Lab, down 1.96 per cent at Rs 2,678.35; Bajaj Auto, down 1.94 per cent at Rs 2,973.85; and Mahindra and Mahindra (M&M), down 1.92 per cent at Rs 1,351.30.

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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