Sensex gains 1,300 Points, ITC ups 9%

Sensex gains 1,300 Points, ITC ups 9%

Agency News

The Benchmark Index of the Bombay Stock Exchange (BSE), Sensex, has gained 1300 points to 39,000 in the early hours of the trade as the recent economic reforms boosted investors’ sentiment.

The Benchmark Index of the National Stock Exchange (NSE), Nifty, and 378 points to surpass the 11,650 mark. Sectoral indices viz. banking, auto and consumer goods were being the top gainers. But IT and pharma shares could not make gains.

The Nifty Fast-Moving Consumer Goods (FMCG) index jumped as much as 6.63 per cent, led by ITC and Britannia - which rose as much as 9.43 per cent and 20.12 per cent respectively in intraday trade. The ban on e-cigarettes, the cut in corporate taxes and the reduction in GST on hotel room tariffs are the reasons behind ITC’s unprecedented gains.

Top gainers were Britannia up by 8.77 per cent to Rs.3118, ITC 6.93 per cent to Rs.254, Asian Paints 7.21 per cent to Rs.1791.

Top losers were Dr. Reddy Labs down by 3.96 per cent to Rs.2725, Infosys down by 3.70 per cent to Rs.775, Tata Motors down by 2.75 per cent to Rs.129.