Sensex Rises Over 200 Points On GST Boost, Global Rebound

Buying was visible across the sectors, although metal, pharma and realty gained the most.

Indian equity markets rebounded on Wednesday tracking positive global markets which rose as concerns about North Korea’s firing of a missile over Japan ebbed. The Sensex gained as much as 235 points to 31,624 while the NSE benchmark Nifty rose as much as 80 points to trade firm above the 9,850 level. Meanwhile, markets also got a boost from GST collection for the month of July, which came in at Rs. 92,283 crore, higher than the target of Rs. 91,000 crore.

Asian shares traded higher on Wednesday tracking positive close on Wall Street. Hang Seng was up 0.75 per cent, Nikkei advanced 0.55 per cent while Taiwan Weighted rose 0.49 per cent. Overnight, Dow Jones rose 0.26 per cent, S&P 500 gained 0.08 per cent while Nasdaq added 0.30 per cent.

Buying was visible across the sectors, although metal, pharma and realty gained the most. Among Nifty stocks, Hindalco was the top gainer, up 2.11 per cent followed by Auro Pharma, Yes Bank, Eicher Motors and Ambuja Cements, which advanced between 1.5 to 2 per cent. Vedanta, Bank of Baroda, Adani Ports, Indiabulls Housing Finance and HDFC were the other major gainers in the Nifty. Among the 51 stocks in Nifty, four were in red while 47 stocks were in green.

Meanwhile, broader markets outperformed the benchmark indices. The BSE Midcap index rose 0.95 per cent and the BSE Smallcap index advanced 1.17 per cent. As of 9:32 am, Sensex was up 0.69 per cent or 219 points at 31,607.50 and the Nifty50 index was trading 0.77 per cent or 75 points higher at 9,871.50.

Yesterday, the Sensex fell over 362 points, tracking a global selloff after North Korea fired a missile over northern Japan, fueling worries of fresh tension between Washington and Pyongyang.