Sensex climbs 162 points on renewed hope of U.S. tax cuts

Gladys Abbott
April 21, 2017

Meanwhile, the broad based NSE Nifty fell by 17.00 or 0.19% at 9,119.40 with 36 components registering drop.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,575.66 points, closed at 29,365.30 points - down 57.09 points or 0.19 per cent from the previous close at 29,422.39 points.

"The quarterly results till date have painted a mixed picture while concerns over upcoming French election is adding risk to the market".

The 30-share index had soared about 162 points to hit a high of 29,584.34 in early trade, but surrendered gains in mid-session selling, which dragged it down to 29,259.42.

The BSE market breadth was bullish - with 1,766 advances and 886 declines.

However, broader markets continued their upward trend and ended in the positive zone.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the benchmark indices failed to sustain gains and witnessed volatility throughout the session.

More news: UK Retail Sales Drop in March as Inflation Hits Consumers

"Sentiment was also boosted as regional markets gained, lifted by bets on strong USA earnings and tax reform".

European stocks were mixed in early trade as French election uncertainty prevailed and data showed United Kingdom retail sales posted their biggest quarterly fall in seven years during the first three months of 2017, a worrying sign for the economy amid rising prices since last year's Brexit vote.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 168.84 crore on Thursday, as per provisional data.

"Both the indices failed to sustain at higher levels and now traded with volatile sentiments".

All sectoral indices led by oil&gas, FMCG, PSU, metal and bank were in the green, gaining up to 0.72%.

Among the prominent decliners, Grasim Industries, Adani Ports, ITC, Cipla, Bank of Baroda, Wipro and Sun Pharma fell 2-3 percent.

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