22
Friday
June 2018
6:51 PM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | About Deepika 
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%.


Air India set to have 'Maharaja' class seats on international flights
Taj group acquires Lutyen's Delhi hotel in NDMC auction
Air India set to have 'Maharaja' class seats on international flights
Google announces training programme for journalists
Sensex tanks 261 pts as US-China trade spat escalates
FCA India launches Jeep Compass variant at Rs 17.53 lakh
RBI releases June '18 issue of monthly bulletin
Walmart expects to close Flipkart deal by the end of 2018
Passenger vehicle sales rise 20% in May
Cabinet approves bailout package for sugar industry
India to enter top 10 OTT video markets in 4 years: PwC
Kochhar on annual leave, not forced one: ICICI Bank
In AirAsia Case, CBI To Probe Role Of 2 Former Ministers
London police seize bitcoin worth $667,000 from hacker
PNB fraud: ED files charge sheet against Nirav Modi, associates
Natco Pharma PAT for Q ending March 31 up by nearly 70 pc
SBI Q4 loss at Rs 7,718 crore as NPA provisions jump
PNB fraud: ED attaches Nirav Modi’s properties worth Rs 171 cr
Sohan Roy features in Top 100 Indian Business Owners by Forbes Middle East
NITI welcomes $16 bn Walmart-Flipkart deal
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Turkey hits back at Trump, imposes tariffs on US goods worth $1.8 bn
 (Washington D.C, June 21, 2018):The Turkish government imposed tariffs of $266.5 million on $
Israeli Prime Minister's wife charged with fraud
Iran lawyer arrested after claiming executed man innocent
UK PM calls US images of migrant children 'deeply disturbing'
NATIONAL NEWS
Yoga a unifying force, says Modi
 (DEHRADUN,June 21, 2018):Prime Minister Narendra Modi on Thursday heralded this year's main e
Kamal Haasan meets Sonia Gandhi
Inform people about govt's achievements: Khattar to BJP morchas
Leaving CEA job for very compelling reason; will leave by early Sep: Subramanian
Untitled Page
Rashtra Deepika LTD
Copyright @ 2017 , Rashtra Deepika Ltd.