There is a boom in the market due to the meeting of the GST Council to include fuel in the indirect tax system and discuss further Kovid relief measures.
Mumbai, Sep 17 (IANS)| India’s major stock indices hit new intra-day record highs during afternoon trading on Friday. Both the major indices S&P BSE Sensex and NSE Nifty 50 set new record highs.The Sensex crossed the 59,700 mark, while the Nifty crossed the 17,790 level. According to market observers, the move comes after a meeting of the GST Council to discuss the inclusion of fuel in the indirect tax system and further COVID relief measures.
Initially, there was a gap between the two major indices. Even stable global cues supported these gains as Asian markets remained largely firm. As a sector, banks, auto and consumer durable indices were the gainers, while power, metals and utilities declined. At 11.30 am, the S&P BSE Sensex traded at 59,566.80, up 425.64 points or 0.72 per cent from its previous close. Similarly, NSE Nifty 50 also rose. It rose 117.45 points, or 0.67 per cent, to 17,746.95 points from its previous close.
Likhita Chepa, Senior Research Analyst, Capital Via Global Research, said, “Indian benchmark indices opened after positive global sentiments. Banking stocks edged higher in the previous session after the country’s finance minister laid out the details for setting up a bad bank. Indian stocks hit record highs today.” “Traders may find support as RBI said the inflation trajectory is descending faster than expected.” According to Deepak Jasani, Head of Retail Research, HDFC Securities, “Nifty opened the gap on September 17 and hit a fresh record high on Thursday evening, helped by banking stocks, after the announcement of bad bank sovereign guarantee. Its volumes hit the most recent average. corresponds to.” The forward decline ratio is under pressure suggesting negative on the broader markets. Wall Street closed mostly lower on Friday on mixed economic data in Asian stocks.