Thursday, Mar 28th 2024
Trending News

Sensex ends 323 pts up, above 28,500; Nifty at 8,633; highest close since April 17

By FnF Desk | PUBLISHED: 22, Jul 2015, 17:10 pm IST | UPDATED: 22, Jul 2015, 17:10 pm IST

 Sensex ends 323 pts up, above 28,500; Nifty at 8,633; highest close since April 17 New Delhi: The 30-share BSE Sensex ended the session up 322.79 points, or 1.15 per cent, at 28,504.93 after rallying as much as 364 points in trade today.

The broader 50-share Nifty settled up 104.05 points, 1.22 per cent, at 8.633.50. Bank Nifty settled the day 273.6 points higher at 18,997. 22 of the 30 Sensex stocks closed the day in the green.

The market sentiment was lifted by hopes that GST and other major reforms will get passsed in the ongoing monsoon session of Parliament.

During the trading hours, a select committee on the Goods and Services Tax (GST) Bill presented its report in the upper house (Rajya Sabha) of the Parliament.

"Two days of correction. I think it was overdone and some amount of buying activity was seen at lower levels," said Gaurang Shah, vice-president at Geojit BNP Paribas.

Shah expects the market to remain range-bound in the short-term, unless there was any major development on the reforms front.

Meanwhile, foreign brokearge Credit Suisse said that India's return on equity (ROE) bottomed at 13.7 per cent in March 2015, and has risen to 14.1 per cent, since then. However, a recovery in ROE from the current 14.1 per cent to 19.8 per cent (expected) appears to be priced in, it added.

European stocks were trading in the red. France's CAC 40 was down 0.35 per cent, German DAX lost 0.38 per cent while Britain's FTSE 100 fell over 1 per cent.

Weak corporate earnings in the US, most notably at Apple Inc, the world's largest company, pushed global stocks lower for the day as investors flock to take shelter in bonds. US markets had closed 1 per cent lower on Tuesday and futures trading suggested a weak start for the US markets today.

Earlier in the day, most Asian markets ended on a mixed note tracking weak US cues. Japan's Nikkei settled down 1.19 per cent, or 248.30 points, at 20,593.67. Hong Kong's Hang Seng ended the day down 0.99 per cent, or 253.81 points at 25,282.62. Chinese Shanghai Composite closed the session with marginal gains of 0.12 per cent, or 8.37 points at 4,026.04.