Sensex adds to gains for 2nd day, Nifty hits 15-month high

Stocks kept their winning run going for a second session as the BSE Sensex gained over 184 points to 28,208.62 -- a nearly one-year high -- on more positive signals on GST bill and improvement in corporate earnings.

PTI| Last Updated: Jul 28, 2016, 19:27 PM IST
Sensex adds to gains for 2nd day, Nifty hits 15-month high

Mumbai: Stocks kept their winning run going for a second session as the BSE Sensex gained over 184 points to 28,208.62 -- a nearly one-year high -- on more positive signals on GST bill and improvement in corporate earnings.

Besides, the broader NSE Nifty perked up by 50.50 points to touch a fresh 15-month high at 8,666.30.

Shares of Asian Paints hit record high after rising 6.14 percent to Rs 1,126.95 following 18.46 percent jump in consolidated net profit to Rs 552.56 crore.

Automaker Maruti Suzuki India surged 4.47 percent to Rs 4,762.70 after it announced plans to have 250 Nexa outlets by March and said the premium sales and service outlets to contribute 15 percent of the company's sales by 2020.

The government meanwhile reached out to leaders of several opposition parties, including Congress and Samajwadi Party, over the contentious GST bill which is likely to be taken up by Rajya Sabha next week.

Traders said covering-up of short positions on expiry of July series of derivative contracts and participants carrying positions to new series also boosted sentiment.

"But low F&O rollovers suggest that sharp spikes recently may have prompted a wait-and-watch approach, especially with the outcome of both GST and RBI monetary policy out in less than a fortnight," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.

After opening strong, the Sensex rose further to hit a high of 28,240.20 before settling 184.29 points or 0.66 percent higher at 28,208.62 -- its highest closing since August 7 when it had ended at 28,236.39.

The 50-share Nifty after shuttling between 8,674.70 and 8,625.25, settled 50.50 points or 0.59 percent higher at 8,666.30. This is the highest closing since April 16 last year at 8,706.70.

Shares of Multi Commodities Exchange of India (MCX) rose 0.84 percent to Rs 1,068.30 after the government raised the foreign investment limit in stock exchanges to 15 percent.

Overseas, the US Federal Reserve yesterday kept interest rates at ultra-low level after the conclusion of a two-day monetary policy meeting. The ultra-loose policy is expected to encourage heavy investments into emerging markets.

Asian stocks ended largely lower with Japan's Nikkei falling by 1.13 percent, while other indices like China, Hong Kong, Singapore and South Korea moved down by 0.20 percent to 0.62 percent.

European markets were mixed with London's FTSE falling 0.19 percent, Paris' CAC down 0.14 percent and Frankfurt up 0.02 percent.