Image for representation. AFP/FileMumbai: Stock markets showed some strength on the first session of the new derivatives July series on Friday, with the BSE Sensex gaining over 64 points to 30,921.61 as investors took to optimistic buying ahead of GST rollout, expecting some hiccups on the way in the short-term.
For the week, the Sensex recorded a fall of 216.60 points, or 0.69 percent, while the broader Nifty lost 54.05 points, or 0.56 percent.
FMCG, healthcare and consumer durable stocks led by ITC Ltd, Sun Pharma, Cipla and Dr Reddy hogged the limelight on the back of fresh round of buying by investors and domestic institutional investors, helping the key indices to reverse losses to close in the positive terrain.
The fag-end buying, spread over to a broad front, came in the face of start of July futures and options series in the derivatives segment, dealers said.
The stage is set for the launch of a nationwide goods and services tax (GST) at midnight.
Anupam Singhi, COO of William O'Neil India said, "Today, the D Street has embraced a cautious stance ahead of the crucial switch to the new indirect tax regime. However, the market ended the day in green due to a bout of buying in the last hour of trade."
Despite opening lower, the 30-share Sensex stayed in the negative zone for the most part and touched a low of 30,680.66 as investors were seen trimming their positions despite beginning of July series in the derivatives segments. The gauge finally settled higher 64.09 points, or 0.21 percent, at 30,921.61.
The index had gained 23.20 points in the previous session.
The 50-share NSE Nifty too ended higher by 16.80 points, or 0.18 percent, at 9,520.90, after touching a low of 9,448.75 and a high of 9,535.80.
"Despite global weaknesses, investors focus on sector specific buying ahead of GST implementation helped the market to recoup intra-day losses. Flight of foreign funds from equity and weakness in INR continue to alert investors as the short term benefit from GST is likely to be disruptive," Vinod Nair, head of research, Geojit Financial Services Ltd said.
Read: Latest News on GST | GST could snuff out parallel economy
