Sensex at record high; ITC, HUL and Bank of Baroda surge
Benchmark indices witnessed a gap-up opening on Friday, following the negative previous session, as the Street cheered the rates for the new goods and services tax (GST).
The Sensex was up 152.79 points at 30587.58, while the Nifty was up 40.40 points at 9469.85. The market breadth was healthy as 642 shares advanced against decline of 154 shares, while 37 shares were unchanged.
ITC was the biggest gainer, soaring 5 percent, as the GST rates sprung no surprises to the Street. This was followed by Hindustan Unilever (HUL), Bank of Baroda. Meanwhile, Asian Paints and Infosys witnessed some profit booking after Thursday’s rally and
lost the most.
The Indian rupee gained in the early trade on Friday. It has opened higher by 6 paise at 64.78 per dollar versus previous close 64.84.
Yesterday, the rupee fell by nearly 70 paise (1.1 percent) to close at 64.84 to the dollar, tracking losses in domestic equities and other emerging market currencies.
"We expect the USD-INR pair to be under pressure till the global risk tone improves. The pair is expected to trade in the 64.50-65.30/dollar range today."
On the global front, Asian stocks were mixed early on Friday and the dollar held onto overnight gains made on strong economic data, but investors were cautious due to uncertainties surrounding President Donald Trump after reports he tried to influence a federal investigation.
The US dollar reversed early losses against a basket of major currencies after stronger-than-expected US economic data put the focus back on a widely anticipated increase in interest rates by the Federal Reserve.
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