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Business EconomyPosted at: Aug 31 2016 5:19PM


Sensex ends firm at 28,452.17 after Union Cabinet relaxes FDI rules

Mumbai, Aug 31 (UNI) Extending rally for the third straight session, the BSE Sensex rose today by 109.16 points to end firm at 28,452.17 after Union Cabinet gave ex-post-facto approval for the foreign direct investment (FDI) policy amendments announced by the Government in June.
The Nifty of National Stock Exchange (NSE) increased by 41.85 points to 8786.20.
The Cabinet approved liberalisation of FDI rules in aviation, pharmaceutical, defence, trading in food products and single-brand retail trading.
The Sensex went up by 29 points to 28,372.25 in early trade. During the day it rallied by 189 points to day's high of 28,532.25, before closing at 28,452.17.
The Nifty registered day's high and low at 8,819.20 and 8,754.05 points respectively.
A brisk buying in sectoral indices like Bankex, Financials, Industrials and Power kept the market stronger for the third day today.
Scrips of L&T, Hero MotoCorp, HDFGC Bank and Tata Motors increased while selling in Tata Steel, ONGC, Lupin and NTPC capped its further gains, brokers said.
The market breadth turned negative from positive in late trade as 1,355 shares fell and 1,319 rose while 230 were unchanged on BSE.
The BSE Mid-Cap index rose by 0.4 pc. The BSE Small-Cap index gained 0.37 pc. Both these indices outperformed the Sensex.
In overseas stock markets, European stocks were mixed today as global markets gear up for Friday's US jobs report.
The total turnover on BSE amounted to Rs 3,223 crore, compared with a turnover of Rs 3,458.43 crore registered during the previous trading session.
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