Sensex rebounds on positive infra data; GST meet in focus
|Source: The Hitavada Date: 04 Jan 2017 09:08:25|
REVERSING its previous day’s losses, the Sensex Tuesday staged a comeback to end with a paltry gain of 48 points at 26,643, buoyed by pick-up in infrastructure sector in November coupled with firm global cues. The overall recovery received some support from banking stocks which recouped their losses to an extent after being hit by profitability fears in the wake of lending rate cuts.
After a higher opening, the Sensex advanced to hit the day’s high of 26,724.40. But profit-booking later on made the barometer hit a low of 26,488.37 before it closed up 47.79 points, or 0.18 per cent, at 26,643.24. It had lost 31.01 points in the first trading session of 2017 yesterday. The NSE Nifty also moved up by 12.75 points, or 0.16 per cent, to end at 8,192.25, after moving between 8,219.10 and 8,148.60.
Investors are closely tracking the 2-day GST Council meet that started today. The Council met representatives of six crucial sectors, including IT, telecom, banking and insurance, to assess implementation hurdles under the new regime.
PowerGrid led from the front, with a gain of 2.48 per cent, with Axis Bank notching up 1.90 pc, Coal India 1.53 pc, Cipla 1.46 pc, GAIL 1.10 pc and ICICI Bank 1.07 pc. Bharti Airtel ended with most losses, down 2.36 per cent, after it unveiled a free 4G data plan.