Sensex up over 250 points; ICICI Bank, Infosys top gainers
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Markets opened higher, amid firm global cues, with bank and IT shares leading the gains in early trades.
At 9:30AM, the 30-share Sensex was up 269 points at 27,395 and the 50-share Nifty was up 77 points at 8,236.
After receiving cabinet approval, the Goods and Services Tax (GST) Constitutional Amendment Bill is likely to be introduced in the Lok Sabha on Monday.
Meanwhile, selling by foreign institutional investors continued and they were net sellers in Indian equities worth Rs 874.89 crore on Thursday, as per provisional stock exchange data.
Asian markets have extended gains from yesterday as the boost generated by US Fed's reiteration to maintain its stance on key-interest rates continues to propel global equity markets. Japanese Nikkei has gained around 2% ahead of the Bank of Japan policy meeting scheduled to be held on Friday.
Overnight, US markets ended higher for second straight session boosted by the surge in technology shares. Dow Jones Industrial Average, S&P 500 and Nasadaq Composite indices closed the day with gains of around 1.6% each.
SBI, HDFC Bank, Axis Bank and ICICI Bank were among the top Sensex gainers.
L&T was up over 1% as the company has completed the definitive investment agreement with Canada Pension Plan Investment Board (CPPIB) for investment of Rs 2,000 crore in the engineering firm.
IT shares firmed up on the back of robust first quarter earnings from Accenture. The global IT major has upped its revenue growth guidance for FY15. Infosys, TCS and Wipro were up over 1.5% each.
Among other shares, Crompton Greaves has rallied 6% to Rs 190 in early morning deals on BSE after the Reserve Bank of India (RBI) said that foreign institutional investors are now allowed to invest up to 100% of the paid up capital in the company.
SpiceJet was up 13% after the cash-strapped airline limped back towards normalcy by operating nearly 230 flights on Thursday.
In the broader market, the BSE Mid-cap and Small-cap indices were up 1.2-1.5% each.
Market breadth was positive with 1,216 gainers and 228 losers on the BSE.
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Telugu Desam Party quitting NDA in 2018 was not a mistake, senior party leader and former Civil Aviation Minister P Ashok Gajapati Raju has said.
The regional party rejoining the alliance (NDA) was justified as BJP is saying it would do "something" for Andhra Pradesh, he added.
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China will never treat India as an equal partner and by amassing troops on the border, Beijing is forcing New Delhi to spend more money on defence than capital investment, Mukesh Aghi, the head of a top US-based India-centric business and strategic group has said.
The militaries of India and China have been locked in a standoff since May 2020 and a full resolution of the border row has not yet been achieved though the two sides have had several rounds of talks at the diplomatic and military levels.
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The Enforcement Directorate on Monday claimed to have recovered a huge amount of "unaccounted" cash during searches of premises allegedly linked to an aide of a state minister, official sources said.
Video footage shared by the sources showed wads of currency notes spread in a room that is alleged to be of the domestic help of the private secretary of rural development minister Alamgir Alam.
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Australia's Qantas Airways agreed to pay A$120 million ($79 million) to settle a regulator lawsuit over the sale of thousands of tickets on already cancelled flights, in an attempt to end a reputational crisis that has engulfed the airline.
The company will split A$20 million between more than 86,000 customers who booked tickets on the so-called "ghost flights" and pay a A$100 million fine instead of defending the lawsuit that it had previously vowed to fight, Qantas and the Australian Competition and Consumer Commission (ACCC) said on Monday.
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Billionaire investor Warren Buffett said that the Indian market has unexplored opportunities which his conglomerate holding company, Berkshire Hathaway, would like to explore in the future".
Buffett's remarks came at Berkshire's annual meeting on Friday when Rajeev Agarwal of DoorDarshi Advisors, a US-based hedge fund that invests in Indian equities, asked him about the possibility of Berkshire exploring in India, the world's fifth-largest economy.
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