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Sensex rebounds on GST hopes

Bouncing back from its previous session’s losses, Sensex ended at 26643 with a gain of 47.79 points, or 0.18%. Nifty inched up 12.75 points or 0.16% ending at 8192.85, on the back of GST Council meet that began on Tuesday and firm global cues.

PowerGrid gained 2.48% with Axis Bank notching up 1.90%, Coal India 1.53%, Cipla 1.46%, GAIL 1.10% and ICICI Bank 1.07%. Bharti Airtel ended with most losses, down 2.36%, after it unveiled a free 4G-data plan, followed by Hero MotoCorp 1.44% and Tata Motors 1.23%. Consumer durables gained the most by rising 3.01% followed by oil and gas 1.96%. PSU rose 1.58%, power 1.04% and infrastructure 0.75%.

On the macro front, core sector output rose by 4.9% in November 2016 on the back of a strong expansion in steel production and electricity generation. In addition to the two-day GST Council meet where members met representatives of crucial sectors, including IT, telecom, banking and insurance, firmer Chinese manufacturing numbers, among others buoyed sentiment.

The broader markets were also in better shape, with the small-cap index surging 1.03% and mid-cap 0.61%. Additionally, Hong Kong’s Hang Seng rose 0.68% while Shanghai Composite index rose 1.04%.