Sensex recovers 230 points with fresh buying post GDP data release
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The Sensex left its two days of losses behind by recovering 230 points in early session on Wednesday, propped up by fresh buying triggered by positive GDP data for the December quarter amid favourable Asian cues.
The impact was such that even the broader NSE Nifty took back the 8,900-mark. The 30-share index, which had lost 149.65 points in the previous two sessions, was trading higher by 229.56 points, or 0.80%, at 28,972.88. All sectoral indices, led by realty, bank and metal, moved up, with gains of up to 1.29%.
The Nifty climbed 61.80 points, or 0.70%, to 8,941.40. The risk appetite improved after the Central Statistics Office, on Tuesday, showed that India's economy expanded by 7% in the third quarter, belying all fears of the note ban puncturing economic activity.
The government pegged GDP growth at a higher-than-expected 7.1% for 2016-17 despite the cash blues, with manufacturing and agriculture doing exceptionally well, which in turn made India retain the tag of the world's fastest growing large economy. The GDP projection for the fiscal at 7.1% in the second advance estimate is the same as the first one put out by the CSO in January.
Besides, other Asian markets showed up firm, boosted by better-than-expected improvement in Chinese factory activity, traders said. Hong Kong's Hang Seng was up 0.08% and Japan's Nikkei went up 0.54% while Shanghai Composite index rose 0.40% in early trade today. The US Dow Jones Industrial Average, however, ended 0.12% lower yesterday.
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The BJP will benefit from the anti-incumbency against the Biju Janata Dal government, which is in power for an unbroken 24 years in Odisha, and a strong Modi wave to dethrone Naveen Patnaik from the helm of the state, senior saffron party leader Vijaypal Singh Tomar claimed.
In an interview with PTI, Tomar said, "There is anti-incumbency and people in Odisha have decided to change the BJD government this time. Similarly, there is a strong Modi wave across India, which has also been strongly felt in this state."
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A senior TDP leader has said the priority of the party is to "rebuild" Andhra Pradesh and take the state out of the debt trap by getting rid of the YSR Congress Party (YSRCP) government.
Telugu Desam Party (TDP) National Coordinator (Election) and ex-Rajya Sabha MP Kanakamedal Ravindra Kumar said Andhra Pradesh has suffered more losses during the Jagan Mohan Reddy government than during the creation of the two Telugu states in 2014 when resources were shared with Telangana.
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The Supreme Court on Friday issued a notice to the Election Commission of India (ECI) regarding a plea seeking to frame rules in case ‘None of the Above' (Nota) option gets the majority in elections.
Motivational speaker Shiv Khera has petitioned that the ECI treat Nota as a "fictional candidate" and to establish guidelines for conducting re-elections in constituencies where Nota garners a majority.
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The just-concluded follow-on public offer (FPO) of Vodafone Idea Limited (VIL) has not only brought relief to the struggling telecom operator but also to the three investment banks that managed the Rs 18,000 crore share sale. According to the final prospectus filed by the Mumbai-based firm, it has paid Rs 287 crore, 1.6 per cent of the issue size, as book running lead manager (BRLM) fees.
This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO).
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India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
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