Live: Sensex, Nifty regain momentum, FMCG stocks jump on GST tax slabs

By Rob 0

Mumbai: The BSE Sensex opens higher on Friday. The NSE’s Nifty 50, too, rises. The Indian rupee, tracking Asian currencies, rises against the US dollar in the opening trade. The shares of ITC and HUL rise, while the shares of Cummins India fall on Friday.

9.30am: BSE Sensex trades higher by 174 points, or 0.57%, to 30,609, while the Nifty 50 rises 55 points, or 0.58%, to 9,484.

9.29am: Bank of Baroda rose 4% to Rs194.65 after it reported March quarter profit of Rs154.72 crore from a loss of Rs3,230.14 crore a year ago. Provisions and contingencies dropped 61.8% from a year ago to Rs2,622.97 crore

9.28am: CESC Ltd shares rise 6.3% to Rs881.65 after announcing a four-way split of its flagship firm, CESC Ltd. The diverse businesses of CESC are being split into separate entities with the aim of “unlocking value for shareholders”, the company said in a regulatory filing.

9.27am: Fast and moving consumer goods stocks were trading higher after items such as cereals, which were taxed earlier at 5%, will now be zero-rated. Coffee, sugar, tea and edible oil will attract a lower GST rate of 5%. Capital goods, a key asset for the manufacturing sector, will be taxed at 28%. Several daily-use items such as hair oil, toothpaste and soap have been kept in the 18%-slab instead of at 28%. ITC Ltd jumped 6%, HUL up 1.9%, Jayshree Tea 6.5%, Goodricke Group Ltd rose 4.8%, Tata Coffee Ltd 4.4%, Avanti 4%, Godfrey Phillips India 4%, Marico 3.5%, Kwality 3% and Golgate Palmolive India Ltd rose 6.4%.

9.25am: Cummins India Ltd fell 6.5% to Rs777 after the company reported 5.1% decline in its net profit in March quarter to Rs158.46 crore against Rs167.01 crore a year ago.

9.20am: State Bank of India rose 1.3% to Rs307 ahead of its March quarter earnings. According to 21 Bloomberg analyst estimates, the bank may post a net profit of Rs2,670.50 crore.

9.15am: The rupee opened at 64.75 a dollar. At 9.15am, the rupee was trading at 64.70 a dollar, up 0.25% from its Thursday’s close of 64.85.

9.10am: The 10-year bond yield was trading at 6.681% compared to its previous close of 6.677%. Bond yields and prices move in opposite directions.

9.05am: Indonesian rupiah was down 0.3%, South Korean won 0.21%, Philippines peso 0.13%, Taiwan dollar 0.11%, China offshore 0.06% and China renminbi 0.05%. However, Japanese yen was up 0.31%.

9.00am: US markets closed slightly higher. S&P 500 gained 0.37% to 2,365 points on better economic data. Asian markets opened mixed.

First Published: Fri, May 19 2017. 09 44 AM IST

[Source: livemint.com]