Sensex, Nifty Pare Some Gains After Buoyant Start
(RTTNews) - Indian stocks opened higher Friday morning, tracking gains in Asian markets amid hopes stimulus packages announced by central banks will help revive economic growth.
The mood, however, was cautious, with investors looking ahead to the outcome of the GST Councing meeting. investors are hoping the government will take some key decisions such as rationalizing GST rates to boost growth.
The benchmark BSE Sensex rose to 36,250.43 in early trades, gaining nearly 160 points in the process, but eased to 36,184.90 subsequently, and was up 91.43 points, or 0.25 percent, from previous close.
The National Stock Exchange's Nifty50 was up 21 points, or 0.2 percent, at 10,725.80, after rising to a high of 10,746.80 earlier.
On Thursday, the benchmark BSE Sensex ended down 470.41 points, or 1.29 percent, at 36,093.47, while the National Stock Exchange's Nifty50 closed lower by 135.85 points, or 1.25 percent, at 10,704.80.
Automobile stocks advanced on hopes the GST Council may consider reducing tariffs on automobile to revive sagging growth.
Maruti Suzuki, Mahindra & Mahindra, Eicher Motors and Hero Motocorp gained 1 to 2%.
Yes Bank shares rose more than 4.5%. Morgan Credits sold 2.3 percent stake out of the 3.03 percent it held in the bank. Morgan Credits said it will use the proceeds to prepay a substantial portion of its outstanding non-convertible debentures.
HDFC Bank, Adani Ports and Kotak Bank also posted solid gains.
Zee Entertainment Enterprises shares plunged more than 9% after a Delhi High Court-appointed arbitrator ordered Chairman Subhash Chandra not to sell unpledged shares because of an ongoing dispute with Indiabulls Housing Finance Limited.
Shares of Indiabulls Housing Finance gained about 3%.
NTPC, Power Grid Corporation, ONGC and Coal India shed 1.3 to 2%.