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September 2018
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News Headlines
Hasan, Asghar, Rashid fined 15 per cent of their match fees        Ready to be sacked if ATK do not fare well: Coppell        Sensex ends in red after 1,000-pt flash crash        OYO to hire over 2,000 tech experts, engineers by 2020        Thousands rally across Russia against raising pension age        Pak PM Imran hits out at India, calls its response "arrogant" for cancelling talks        Sisodia, AAP MLAs discharged in case related to 2014 protest        We have no role in selection of Reliance Defence for Rafale deal: Govt        Modi, Ambani carried out Rs 1.3 lakh cr 'surgical strike' on defence forces: Rahul on Rafale issue        Chekka Chivantha Vaanam: Second trailer released        Golden Globe Race: Indian Navy Officer Abhilash Tomy injured; INS Satpura dispatched for rescue        India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"        Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande        Wreckage of Captain Cook’s ship found off US coast        Death toll reaches 136 in Tanzania ferry disaster with scores missing        Ravindra Jadeja, Rohit Sharma take India to comprehensive 7-wicket win        Naomi Osaka Eases into WTA Tokyo Event Semi-final        Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect        Three kidnapped cops killed by terrorists in Jammu and Kashmir        Freak penne trending with dislikes and trolls        
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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%.


Sensex ends in red after 1,000-pt flash crash
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SBI hikes benchmark lending rate by 0.2 pc
PM launches India Post Payments Bank; postman to deliver doorstep banking services
IBA elects PNB's Sunil Mehta as chairman
Circular Trades: Sebi imposes fine of Rs 16 lakh on two individuals
India expected to surpass Britain to become world's 5th largest economy next yr: FM
DeMo led to more tax collection, higher growth: Jaitley
KERALA NEWS
Kannur International Airport: Kerala to be the first state with four international airports
 Malappuram: With Kannur International Airport becoming operational, Kerala will be the first state i  
Bar bribery case: Court dismisses the vigilance report
State Kalolsavam to be held in December
Actor Captain Raju passes away at 68
INTERNATIONAL NEWS
Thousands rally across Russia against raising pension age
 Moscow, Sep 22 (AP) Thousands rallied across Russia on Saturday to protest the government's plan to
Pak PM Imran hits out at India, calls its response "arrogant" for cancelling talks
Wreckage of Captain Cook’s ship found off US coast
Death toll reaches 136 in Tanzania ferry disaster with scores missing
NATIONAL NEWS
Sisodia, AAP MLAs discharged in case related to 2014 protest
 New Delhi Sep 22 (PTI) A Delhi court on Saturday discharged Deputy Chief Minister Manish Sisodia, AA
We have no role in selection of Reliance Defence for Rafale deal: Govt
India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"
Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande
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