Sensex up 200 pts post GST Council meet; Reliance at 9-year high

Epic Update Reliance Industries
Epic Update Reliance Industries

The market continued its run-up in morning, with the Sensex firmly holding psychological 29,000 level, aided largely by Reliance Industries, banks and auto stocks.

The rally was mainly on account of further developments of GST in last weekend. The GST Council on Sunday approved two crucial legislations of central GST law and the integrated GST law.

The 30-share BSE Sensex was up 218.04 points at 29050.49 and the 50-share NSE Nifty gained 63.85 points at 8961.40. The Nifty Midcap and Smallcap indices were up around half a percent.

“If the BJP were to win or show signs of making it past the poll day after tomorrow, I think that could be an event which takes the market beyond 9,000 or even 9,100,” Udayan Mukherjee, the CNBC-TV18 Consulting Editor and veteran market commentator said.

“On the other hand if that event does not deliver for the market, after this phase of consolidation, the market could easily breakdown in the near term and dart towards 8,600-8,500 kind of levels,” he added. The market breadth remained strong as about two shares advanced for every share declining on the BSE.

Reliance Industries shares touched fresh nine-year high of 1,307.05, up 3.86 percent intraday as investors remained bullish on its telecom as well as energy prospects, especially after recently the company indicated that revenue contribution from the sector will start from April 1, 2017.

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