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Markets soar: Sensex jumps over 200 pts, Nifty on the rise; FMCG stocks rally on GST rates
BT Online
New Delhi, Friday, May 19, 2017 | 10:04 IST
Markets soar: Sensex jumps over 200 pts, Nifty on the rise; FMCG stocks rally on GST rates

In a complete reversal from yesterday's trade, the Indian markets zoomed into the green on the strike of the opening bell in trade on Friday.

At 9.54 am, the BSE Sensex was trading at 30,676.05, surging 241.26 points (0.79%) while the Nifty50 was ruling at 9,496.30, up 66.85 points (0.71%).

"We would continue with the positive bias as long as Nifty manages to hold the important support of 9,372. Only a sustainable move below this level would apply brakes on ongoing optimism. However, as of now, we do not want enter this bandwagon. We would rather expect the index to reclaim the 9,500 mark soon," said an Angel Broking report.  

The bourses were tracking a rebound from global markets. In the domestic front, investors cheered the GST Council for finalising rates of 1,211 goods.

Reacting to this, FMCG stocks were uptick in morning trade. Nifty FMCG was the leading sectoral gainer, logging a 4 per cent high.

Gains were led by Colgate Palmolive (up 6 per cent), ITC (5.5 per cent), Marico (up 4 per cent), Tata Global (3.5 per cent) and Emami (up 2.2 per cent).

ITC was the top gainer on the BSE 30, posting 5.92 per cent gains, followed by Hindustan Unilever.

BSE's Fast Moving Consumer goods index was up nearly 4 per cent with 26 stocks out of 30 trading in the green.

Gains were led by Jay Shree Tea & Industries Ltd that rose over 6.20 per cent.

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