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Sensex ends at fresh closing high, posts biggest weekly jump in a year
Posted on 20th January 2018
The Indian markets on Friday posted their seventh straight weekly advance-longest winning streak since February 2012— as companies continue to report strong earnings for the December 2017 quarter.

The benchmark Sensex gained 919 points, or 2.7 per cent during the week, biggest weekly jump in nearly a year, buoyed by government's move to cut additional borrowing and hopes of higher foreign direct investment in the banking sectors. The Nifty gained 304 points, or 2.85 per cent. The broader market, however, underperformed with the BSE 500 index gaining only 0.62 per cent. In the past seven weeks, the Sensex has rallied 2,679 points, or 8.2 per cent, while the BSE 500 index has risen 7.3 per cent.

On Friday, the Sensex climbed 0.7 per cent to 35,511.58, while the Nifty 50 added 0.72 per cent to 10,894.7-new all-time highs for both the benchmark indices.

The gains were once again led by banking stocks. “Benchmark equity indices continued their gaining streak taking cues from most Asian markets, positive corporate results and announcements made by the GST council,” said Karthikraj Lakshmanan, senior fund manager - equities, BNP Paribas Mutual Fund.

Profits at ten of the 15 Nifty companies that have reported so far have beaten or matched estimates, according to data compiled by Bloomberg, an early sign that firms may be recovering from a disruption caused by the introduction of the nationwide goods and services tax last July. The government this week slashed levies ahead of the February 1 budget presentation.

"I think we are heading for 11,500 on the Nifty very soon as we have left all that negativity behind," said Purvesh Shelatkar, senior vice president of institutional sales at Centrum Broking. "Results season is better than expectation so far and we are clearly seeing betterment in earnings," he said.

Nifty company profits for October to December are expected to rise an average of 17 per cent from a year earlier, according to Bloomberg estimates, greater than the 13 per cent growth in the previous quarter.

All the 19 sector gauges compiled by BSE advanced, led by the S&P BSE Bank Index's 1.5 per cent rise. The lenders extended gains from Thursday on report that India is considering allowing foreign investors to own larger stakes in them.

"Shares of banks were among the top-gainers following robust corporate earnings declared by two major private banks," said Lakshmanan.

Adani Ports & Special Economic Zone gained up 4.1 per cent-most among Sensex components, Goldman Sachs raised its recommendation on the shares. Software exporter Infosys dropped 0.8 per cent, halting a nine-day rally.

Related Companies: Bombay Stock Exchange - BSE   National Stock Exchange of India Ltd (NSE)    

Other Latest News
Sebi orders Ricoh India, directors to extend cooperation to auditor, confirms interim directions
Posted on 17th August 2018
Sebi today ordered Ricoh India and its directors to extend “necessary cooperation” to the auditor appointed for inspecting the books of accounts of the firm and confirmed its interim ruling in the matter, restraining several individuals from the markets “till further directions”. Through an interim order passed in February, the regulator had banned seven individuals, including Ricoh India’s former MD and CEO A T Rajan, from the securities market for alleged fraud pertaining to the distortions in the financial statements of the company.

GMR Infra loss widens 72% to Rs 235 cr in Q1
Posted on 17th August 2018
GMR Infrastructure’s net loss on a consolidated basis widened by 72% year-on-year (y-o-y) to Rs 235.14 crore in the quarter ended June 30 on dwindling profits from its airports business and rising losses on the power segment.

Revenue in the quarter fell about 33% to Rs 1,876.2 crore from the same period last year. Profits from the company’s flagship airport segment fell 60% y-o-y to Rs 277 crore, notwithstanding the 14% traffic growth in the same period.


Kotak shares fall to 3-month low after RBI declines preference share allotment
Posted on 17th August 2018
The stock of Kotak Mahindra Bank declined 3.62% on Thursday to hit a three-month low of Rs 1,244.90 on Thursday on the BSE after the lender said the Reserve Bank of India (RBI) had rejected its proposal to issue non-convertible preference shares to reduce promoter holding. During the day, it plunged 3.82% to Rs 1,242.25. On NSE, shares of the company slumped 3.71% to close at Rs 1,245.

Maruti, Mercedes to raise prices over higher input costs
Posted on 17th August 2018
MUMBAI: Maruti Suzuki and Mercedes-Benz, the nation’s largest mainstream and luxury carmakers, respectively, have decided to increase prices, citing input cost pressures. Maruti is set to increase prices by about Rs 6,100 per vehicle, while in the case of Mercedes-Benz, the increase will be up to 4%, which essentially means a hike of Rs 1.1-7.7 lakh depending on the models.

Reliance Jio, BSNL, Airtel announce free services for customers in Kerala
Posted on 17th August 2018
Telecom operators have announced free calls and data, extension in bill payment due dates and other relief measures for subscribers in flood-hit state of Kerala.

Reliance Jio has announced free services for seven days while BSNL is offering unlimited free calls within its network and data services along with 100 SMS per day for a week to customers.


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