Sensex hits record high as consumer stocks surge

Sensex hits record high as consumer stocks surge

ITC, Yes Bank, Axis Bank, Hindustan Unilever, State Bank of India, Tata Motors, Lupin, Cipla were also among the gainers. 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. Sensex up 45 points at 30,480 and Nifty up 6 points at 9,435. It was quoting at 30,619.16 at 1100 hrs, showing a rise of 184.37 points or 0.61 per cent.

BSE Bankex closed down by 1.25 per cent, BSE Capital Goods index closed down by 2.09 per cent, BSE Metal index closed down by 2.76 per cent, BSE Oil & Gas closed down by 1.52 per cent, BSE Power index closed down by 2.14 per cent while the BSE Realty index closed down by 3.12 per cent.

The S&P BSE mid-cap index fell 0.72 per cent while the small-cap index declined 0.88 per cent. On BSE, the ITC counter has clocked a volume of almost 1.96 million shares so far in the session, more than 3 times the average daily volume the counter had witnessed in the past two weeks. On the other hand, Asian Paints, Infosys, Wipro, TCS and Indiabulls Housing Finance were among the laggards.

More news: Supreme Court reserves verdict on Triple Talaq

However, on Friday, uncertainty over the U.S. President Donald Trump's economic agenda following his reported interference with a federal investigation forced investors to take profits on intraday gains, dealers said. Hong Kong's Hang Seng index and South Korea's Kospi index ended 0.1% higher each.

Foreign portfolio investors (FPIs) were net sellers of Indian equities worth Rs 731 crore while domestic institutional investors ended up as net buyers of stocks worth Rs 615 crore according to provisional data published by the National Stock Exchange.

Shares of India's biggest bank State Bank of India will be in focus today as it will report its March quarter and full year earnings later in the day.

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