Sensex rises 130 points, Nifty claims 9,900 mark, banking stocks jump
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Sensex surged over 130 points in the opening session on Friday, as oil and banking shares took the middle stage.
The broader NSE Nifty also reclaimed the 9,900-mark. Expectations built up that today's meeting of the GST Council may provide some relief to exporters and SMEs in terms of faster refunds and compliance.
The 30-share index rebounded by 130.10 points, or 0.41 per cent, to 31,722.13. The gauge had lost 79.68 points in the previous session after investors shaved off profit.
Reflecting the widespread recovery, all the sectoral indices led by consumer durables, metal and oil and gas were trading in the green, adding up to 1.01 per cent.
The NSE Nifty also moved up by 40.80 points, or 0.41 per cent, to quote at 9,929.50.
Traders said gains at most Asian markets tracking rallies on Wall Street following more buoyant US data and hopes of tax reforms bolstered trading sentiment here.
Top gainers in the Sensex kitty included ONGC, Tata Steel, Adani Ports, NTPC and SBI, rising up to 1.55 per cent.
Meanwhile, the dollar hit seven-week highs versus a basket of currencies on Friday, supported by hopes for progress on U.S. tax reforms, while sterling was under the gun on worries over a possible leadership battle in the British government.
Congressional Republicans moved to hasten an overhaul of the U.S. tax code on Thursday, with the Republican-controlled House of Representatives approving a fiscal 2018 spending blueprint to help advance an eventual tax bill.
Other Latest News
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At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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