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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
We do not share user data with third-parties or government, says Paytm
Posted on 26th May 2018
Digital payments company Paytm today said it does not share data of its users with any third-party or government. “We never share your (user) data with anyone: any company/ any government or any country. At Paytm, your data is yours. Not ours, or of a third party, or of the government,” Paytm said in a blogpsot today. It added that its policy allows only legally-compliant data requests from the law of the land to get access to data for necessary investigations.

After Facebook, Microsoft is building tool to spot bias in AI algorithms
Posted on 26th May 2018
After Facebook announced its own tool to detect bias in an algorithm earlier this month, a new report suggests that Microsoft is also building a tool to automate the identification of bias in a range of different Artificial Intelligence (AI) algorithms.

The Microsoft tool has the potential to help businesses make use of AI without inadvertently discriminating against certain groups of people, MIT Technology Review reported on Friday.


Google, Facebook face over $9 bn in fines under new EU data protection law
Posted on 26th May 2018
Withing hours of the European Union's (EU) General Data Protection Regulation (GDPR) taking effect on Friday, technology giants Google and Facebook have been hit with privacy complaints that could carry fines of up to $9.3 billion in total, a media report said.

With regard to privacy, Google, Facebook and Facebook-owned WhatsApp and Instagram are forcing people to adopt a "take it or leave it" approach which essentially amounts to demanding that users submit to intrusive terms of service, according to the the Austrian privacy-advocacy group Noyb.eu, CNET reported on Friday.


TCS hits a milestone
Posted on 26th May 2018
Mumbai: Shares of Tata Consultancy Services on Friday attained a milestone when its market valuation briefly crossed the Rs 7-lakh crore mark. The country's largest IT services company becomes the first listed firm to achieve this level.

During intra-day trades, the market valuation of TCS rose to Rs 7,03,309 crore. This came after its share hit a new 52-week high of Rs 3,674.


BSE IT index emerges best performer in CY18
Posted on 26th May 2018
With S&P Bombay Stock Exchange (BSE) Sensex returning merely 2.55% returns since the beginning of the year in addition to weaker performance of other indices, S&P BSE Information Technology (IT) index has emerged as the best performing index. Analysts say stronger dollar, increased digital spending, strong results and reduced external factors around immigration have resulted in the rally of IT stocks.

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