Sensex Soars 255 Points; Nifty Ends Above 9650

Gladys Abbott
June 19, 2017

Indian shares rose sharply to hit fresh record highs on Monday, with banks leading the surge, after the Reserve Bank of India asked lenders to start bankruptcy process against 12 large loan defaulters.

The benchmark BSE Sensex was trading higher by over 150 points on positive global cues and on account of progress made on the GST front. "European market was in positive mood after French President Emmanuel Macron's party won a parliamentary majority at the weekend", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

"The Market is back to the buoyed sentiment due to relaxation in return filing timeline to minimize the impact of transition to GST".

The Nifty Bank Index climbed 1.02 percent after touching a record high earlier in the session.

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Risk-on improved after the GST Council on Sunday relaxed return filing rules for businesses for the first two months of the tax rollout even as it stuck to the July 1 launch date.

The S&P BSE banking index too traded with gains of 294.35 points or 1.10 per cent.

Equity benchmarks gained momentum and recouped previous week's losses on Monday, with the Sensex rising more than 300 points intraday despite negative market breadth. Shares of Reliance Industries advanced 1.5 percent.

Among the BSE sectors, metal jumped 1.89 per cent, followed by banking 0.96, capital goods 0.74 per cent, FMCG 0.72 per cent, oil&gas 0.45 per cent, power 0.43 per cent, PSU 0.29 per cent and auto 0.25 per cent. Broader market indices performed in line with the major indices but slipped in the red zone at the closing bell.

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