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Monday
December 2018
2:29 PM IST
News Headlines
1st Test: India in cruise control as Australia reduced to 104/4 chasing 323        Over 16000 runners take part in Pune Half Marathon        India's coal output up 10% to 156 MT during Apr-Nov        Iran arrests 10 over suicide attack on police        Trump chooses new Joint Chiefs of Staff chairman, against Mattis wishes        Can special consideration be shown to man with skin disorder: HC asks Centre        BJP files caveat in SC over 'rath yatra' in WB        'Won't hesitate from another surgical strike if need arises'        Kohli booed by Australian fans, Head, Ponting critical of crowd behaviour        Pujara, Rahane put India in driver's seat        Prabhu links creativity & business opportunities to cheap beverages in Goa        Merkel gets boost with ally's party win        Rouhani warns weakened Iran less able to fight trafficking        More than 225 terrorists killed in J&K so far this year: Army        Glad key people shedding fear, breaking silence on govt decisions: Chidambaram        Modi used surgical strikes for 'political capital': Rahul        Krishnamurthy Subramanian appointed as Chief Economic Advisor for 3 years        Indian Super League: Kerala Blasters' Hopes Hanging By A Thread After Defeat Against Pune City        31st GST Council to meet on Dec 22 in Delhi        Trump may nominate Heather Nauert as UN Ambassador: Reports        
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Business News
Sensex closes above 33000 for the first time as PSU bank stocks surge
 
(Mumbai, Oct 25, 2017):Benchmark Sensex breached the 33,000-mark for the first time, while the Nifty ended at a fresh life high on Wednesday after the government’s Rs9 trillion package lit up banking and infra stocks. The 30-share Sensex surged 435.16 points, or 1.33%—its biggest single session gain since 25 May when it had surged 448.39 points—to close at a new peak of 33,042.50. The broader 50-share Nifty finished at its fresh lifetime high of 10,295.35, up by 87.65 points, or 0.86%.

Banking and infra counters led the charge after the government on Tuesday announced various measures to spur the economy, including a Rs2.11 trillion recapitalisation plan for public sector banks and a massive Rs6.92 trillion road building programme.

Banking behemoth State Bank of India (SBI) zoomed 27.58% to emerge as the biggest gainer in the Sensex pack, while private peers ICICI Bank and Axis Bank soared up to 14.69%. Other prominent gainers in the state-run banking space were Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Allahabad Bank, IDBI Bank and Syndicate Bank, rising by up to 46.20%.

Major road builders such as Ashoka Buildcon, Sadbhav Infrastructure Projects and J Kumar Infraprojects also gained up to 8.71%.

“Government’s recapitalisation plan sparked astonishingly steep gains in PSBs, while short covering ahead of F&O expiry also added momentum. Giddy levels though saw profit booking in sectors other than banks, as investors continued to mix and match the earnings and valuations with more key earnings still to play out,” said Anand James, chief market strategist, Geojit Financial Services.

Despite profit-booking at record levels, it finished at a new peak of 33,042.50, up 435.16 points, or 1.33%. It smashed its previous record closing of 32,633.64 reached on 16 October. After a gap up opening, the Sensex crossed the 33,000- mark for the first time to scale an all-time high of 33,117.33 in early trade on the back of run-up in PSU banks and heavy short-covering ahead of tomorrow’s October month expiry in the derivatives segment.

The broader Nifty also hit a record intra-day high of 10,340.55 during the session, before finally concluding at 10,295.35, up 87.65 points, or 0.86%. It bettered its previous record closing of 10,234.45 reached on 17 October 17.

Firmness in Asian stocks and unabated buying by domestic institutional investors also provided key support. Optimism over better-than-expected second-quarter earnings by some bluechip companies also fuelled the bull-run, brokers said. Sentiment also remained upbeat on persistent buying by domestic institutional investors, who bought shares worth Rs592.28 crore on Tuesday. Foreign portfolio investors sold to the tune of Rs1,306.76 crore, as per provisional data from the stock exchanges.

Among sectoral indices, PSU rose the most by surging 8.07%, followed by bankex 4.71%, capital goods 3.33%, infrastructure 2.23%, power 1.15%, auto 0.63% and teck 0.54%. The broader markets were mixed, with midcap index rising 0.42%, while smallcap index shed 0.19%.

Other gainers were L&T, Bharti Airtel, Adani Ports, Tata Motors, M&M, Infosys, Wipro, ITC Ltd, NTPC, Bajaj Auto, Reliance Industries, ONGC, Hero MotoCorp, Hindustan Unilever and Power Grid, rising up to 5.65%.

Overseas, Asian bourses displayed a mixed trend, with Hong Kong’s Hang Seng rising 0.51%, Shanghai Composite gaining 0.26% while Japan’s Nikkei fell 0.45%. In the Eurozone, Paris CAC 40 rose 0.18%, while Frankfurt’s DAX was up 0.16% in late morning trade. London’s FTSE fell 0.08%.


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Prabhu links creativity & business opportunities to cheap beverages in Goa
31st GST Council to meet on Dec 22 in Delhi
Cabinet Approves Policy to Double Farm Exports to $60 Billion by 2022
RBI keeps key rates unchanged
NTPC wins 85 MW solar capacity in UP Govt tender
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New 2018 Maruti Suzuki Ertiga Launched In India, Prices Start At ? 7.44 lakh
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Air India eyes Rs 800 cr from sale of over 70 properties
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Govt mulls second round of 2,500 MW medium-term PPA auction
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Govt cancels ED officer Rajeshwar Singh's leave
Facebook blocks 115 accounts ahead of US midterm elections
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KERALA NEWS
Activist Rehana Fathima, Who Attempted Sabarimala Trek, Arrested Over Facebook Post
 (Kochi, Nov 28, 2018): Model and activist Rehana Fathima, who tried to reach Kerala's Sabarim  
Good news for Keralite Nurses: IELTS cut-off reduced to 6.5
BJP leader K Surendran, 71 others granted bail
Sabarimala protests: Arrests up to 2061, Kerala HC warns police
INTERNATIONAL NEWS
Iran arrests 10 over suicide attack on police
 Tehran, Dec 9 (AFP) Iranian police said Sunday that 10 people had been arrested in connection with a
Trump chooses new Joint Chiefs of Staff chairman, against Mattis wishes
Merkel gets boost with ally's party win
Rouhani warns weakened Iran less able to fight trafficking
NATIONAL NEWS
Can special consideration be shown to man with skin disorder: HC asks Centre
 New Delhi, Dec 9 (PTI) The Delhi High Court has asked the Centre whether a man suffering from a rare
BJP files caveat in SC over 'rath yatra' in WB
More than 225 terrorists killed in J&K so far this year: Army
Glad key people shedding fear, breaking silence on govt decisions: Chidambaram
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