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Sensex gains 364 points to reclaim 28,000, Nifty ends at 8,683 on global cues

"We suggest traders should keep a close watch on two key levels, 8,610 as a resistance and 8,518 as an immediate support," said Angel Broking in a research report.

BT Online   New Delhi     Last Updated: August 5, 2016  | 16:15 IST
Sensex jumps over 150 points, Nifty above 8,600 on BoE stimulus boost; ICICI Bank top gainer
Photo: Reuters

The S&P BSE Sensex on Friday jumped 364 points to end above its crucial psychological level of 28,000, while the broader Nifty50 ended above 8,680-mark.

The headline indices rallied despite muted trend seen in Asian Markets after the Bank of England (BoE) launched a potent post-Brexit stimulus campaign, but some caution prevailed ahead of US jobs report due later in the day.

ALSO READ: GST Bill: ITC, Ashok Leyland among nine stocks to pinch your portfolio now

The 30-share index ended the day at 28,078, up 363.98 points, while broad-based 50-share index quoted 8,683, up 132.05 points at close.

tracking higher global markets after the Bank of England launched a larger-than-expected stimulus package, though the benchmark index was headed for flat to lower for the week.

 

Sentiment remained positive supported by the passage of India's long-awaited "game-changing" Goods and Services Tax (GST) bill on Wednesday, though gains on Thursday have been tempered by concerns about the amount of work needed to bring the reforms into reality.


ALSO READ: A bumpy road lies ahead as Rajya Sabha nods on GST Bill

"The trigger of GST has now gone by and one can only judge the implications of the bill once the (tax) rates are announced, which should take two to three months," said Saurabh Jain, assistant vice president of research at SMC Global Securities.

"Markets at this point are only reacting to the fact that the bill has been passed, ignoring the implications for now."


ALSO READ: Why services industry are looking at GST as you would look at snake

A lowdown on markets today

10:25 am

Sensex at 27,983, up 269.53 points

Nifty at 8,633, up 82.30 points

09:20 am

Sensex at 27,956, up 242.08 points

Nifty at 8,625, up 74.55 points

 

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