Sensex Ends Higher On GST Hopes; Metal Stocks Surge

Business

oi-Sunil

By Sunil Fernandes

Updated: Friday, November 27, 2015, 15:32 [IST]

Benchmark indices ended the day higher on hopes that the GST Bill would be passed in the Winter session of Parliament.

Reports that Prime Minister Narendra Modi has invited Sonia Gandhi and former Prime Minister, Narendra Modi over tea, pushed indices higher. Hopes were that the GST Bill would be discussed during the meet.

The Sensex ended the day with gains of 169.57 points, while the Nifty gained 58.90 points in trade. Metal stocks were the clear winners in trade with Hindalco and Vedanta among the early gainers. Other notable winners were mostly from the banking space including the likes of State Bank of India, HDFC Bank, Punjab National Bank and Bank of Baroda.

Stocks that lost ground in trade were Idea Cellular, Gail and Reliance Industries. Dr Reddy's managed to end the day flat after falling heavily on Thursday.

SKS Micro Finance surged a huge 6 per cent, after the RBI raised the cap for microfinance institutions loans of up to 24 years to Rs 30,000 from Rs 15,000.

Welspun Corp on the other hand was up 8 per cent after the company won an order for supply of 216 K MTs line pipes in America.

IT stocks were in the limelight after the rupee weakened against the dollar. Notable winners were Infosys and TCS.

Meanwhile, Europe was trading with losses after Chinese data was disappointing. The Shanghai Composite fell a huge 4 per cent, while other European markets like the German Dax, French CAC and the UK's FTSE were trading lower.

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