Sensex, Nifty rally after kharif MSP hike boosts sentiment in market : Bulletin: Business Today
Business Today

Sensex, Nifty rally after kharif MSP hike boosts sentiment in market

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July 4, 2018

The market closed higher today after the Modi government raised minimum support price (MSP) of kharif crops which boosted sentiment.

While the Sensex rose 266 points to 24,327 level, the Nifty gained 70 points to 10,769.

Auto stocks led the gains with BSE auto index rising 313 points or 1.31% to 24,327 level. The BSE bankex too rose 201 points to 29,326 level, a gain of 0.69%.

Bajaj Auto, Maruti Suzuki, HDFC and HUL were the top Sensex gainers.

Stocks of rural players such as Hero MotorCorp and Mahindra and Mahindra too closed higher on the development.

The stock of market heavyweight Reliance Industries Ltd (RIL) too closed 1.90% higher at 990 level on the BSE.

Market breadth was marginally negative with 1,265 stocks closing higher compared with 1,350 ending in the red on BSE.

Coming to global markets World shares were mostly lower on Wednesday as European shares tracked losses in Asia and on Wall Street, where tech shares were hit by worries over trade tensions between Beijing and Washington.

Germany's DAX lost 0.4 percent to 12,306 and the CAC 40 of France lost 0.1 percent to 5,311. Britain's FTSE 100 slipped 0.2 percent to 7,579.

Japan's Nikkei 225 index fell 0.3 percent to 21,717 and the Shanghai Composite index dropped 0.1 percent to 2,759. Hong Kong's Hang Seng index fell 1.1 percent to 28,241 and the Kospi in South Korea lost 0.2 percent to 2,265. Australia's S&P ASX/200 gave up 0.4 percent to 6,183.
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