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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
Aruna Reddy creates history to win bronze at Gymnastics World Cup
Posted on 24th February 2018
NEW DELHI: Aruna Budda Reddy became the first Indian gymnast to clinch an individual medal at the Gymnastics World Cup in Melbourne by securing bronze in the women's vault. Reddy, 22, scored 13.649 to finish behind gold medallist Tjasa Kysslef of Slovania and Emily Whitehead of Australia who took silver. The other Indian woman in contention, Pranati Nayak finished sixth with a score of 13.416.

Rupee closes higher against US dollar on Asian cues
Posted on 24th February 2018
Mumbai: The Indian rupee strengthened against the US dollar on Friday, tracking gains in local equity markets.

The home currency ended at 64.73, up 0.50% from its previous close of 65.05. The local currency opened at 64.96 a dollar and touched a high and a low of 64.69 and 64.97, respectively.

Kohli to be honoured with ICC Test Championship Mace after Newlands T20
Posted on 24th February 2018
The International Cricket Council (ICC) will present the ICC Test Championship Mace to India captain Virat Kohli at the Newlands Stadium in Cape Town after the end of the third and final T20 International against South Africa on Saturday.

On behalf of the ICC, ICC Cricket Hall of Famers Sunil Gavaskar and Graeme Pollock of South Africa will make the presentation immediately after the awards ceremony for the T20I series.

GST e-way bill should be mandatory from April 1, suggests Sushil Modi
Posted on 24th February 2018
The GST provision requiring transporters to carry an electronic way bill or e-way bill when moving goods between states should be implemented from April 1, a group of state finance ministers recommended on Saturday.

GoM head and Bihar Deputy Chief Minister Sushil Kumar Modi said the requirement for intra-state movement of goods of more than Rs 50,000 value would be introduced in phases after assessing the response for inter-state movement.

47% Indians care more about smartphones than their loved ones: Study
Posted on 24th February 2018
Nearly 33 per cent of people, specially the younger generation that has grown up in a digital world, care more for their smartphones over engaging with individuals they love and India tops the list with 47 per cent, a report said on Saturday.

The study by telecommunications company Motorola, which is developed in partnership with Nancy Etcoff -- expert in 'Mind-Brain Behaviour and the Science of Happiness', from Harvard University, said: "We, as a generation, are losing control of our lives."

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