Share Market News: Sensex Rises 550 Points, Nifty Above 17,350. Metal, Auto, Private Bank Stocks Shine

46th GST Council Meeting: After the central government's decision to defer the GST hike on textiles, textile stocks surged. Trident and Raymonds rose around 4 per cent after the decision was announced.

New Delhi: It’s a Happy New Year in D-street. Sensex rose 550 points on Friday and Nifty rose more than 160 points driven by Metal, auto and private bank stocks. On the last trading day of the year, the Sensex was trading above 58,250 as of 2:15 PM, 460 points above the previous close and Nifty was trading above 17,350, 165 points above the previous close. Hindalco was up more than 5 per cent. In Sensex, Titan was the top gainer. NTPC is the top loser in both the packs.

Beardsell gained 40 per cent on Friday. Shares including Titaanium Ten Enterprise, Vishvprabha Ventures and Anjani Finance rose 20 per cent. CMS Info Systems rose 13 per cent after a tepid listing. It was trading at 245, 13 per cent above the listing price. RBL Bank, still in crisis, continued the downward trajectory and fell 3 per cent on Friday. Nestle was trading close to 19,750, nearing the 52-week high.

Textile Stocks Surge After Centre’s Decision

After the central government’s decision to defer the GST hike on textiles, textile stocks surged. Trident and Raymonds rose around 4 per cent after the decision was announced. FM Nirmala Sitharaman chaired the 46th GST council meeting, on Friday, to discuss the GST rates after objections by many states. Nifty Metal rose close to 2 per cent and emerged as the best sectoral performer on NSE.

On Thursday, December 30, markets closed flat after trading in the green for a while. Metals and realty stocks fell the most and IT stocks gained the most.