RS panel’s GST Bill backing ups Sensex by 323 points

Staging a strong comeback, the market benchmark BSE on Wednesday surged by 323 points to regain the 28,500 level on <g data-gr-id="21">value-buying</g> in recent beaten-down stocks such as Sun Pharma, while a Rajya Sabha panel endorsing the GST bill also helped the rally. Moreover, improved rains and falling global crude prices, which boosted hopes of a rate cut by the Reserve Bank next month, too accelerated buying, traders said.

Sun Pharma’s shares today recovered on <g data-gr-id="11">value-buying</g> and surged 3.35 per cent to Rs 833.05 after tumbling 15 <g data-gr-id="12">per cent</g> in on Tuesday trade. Meanwhile, a Rajya Sabha Select Committee endorsed almost all the provisions in the landmark bill on <g data-gr-id="16">GST,</g> while also agreeing to <g data-gr-id="15">demands</g> of parties like TMC for a five-year compensation to states.

The 30-share BSE index opened lower at 28,159.42 and eased to touch day’s low of 28,070.91 in early trade. However, it bounced back to trade in <g data-gr-id="14">positive</g> zone on widespread buying to hit a high of 28,546.42 before winding up 322.79 points or 1.15 per cent higher at 28,504.93.