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Monday
July 2018
11:37 PM IST
News Headlines
Rajinikanth Supports 'One India, One Election' Proposal        Trump asked me to sue EU over Brexit, says Theresa May        Haiti prime minister resigns after deadly unrest        Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia        Djokovic beats Anderson, wins 4th Wimbledon title        Thailand Open Super 500: PV Sindhu loses to Nozomi Okuhara in final        France clinches World Cup with win over Croatia        H-1B visa alert: Donald Trump makes things worse for Indian techies        World Cup: Belgium beat England 2-0 to finish 3rd        PV Sindhu makes final of Thailand Open, Okuhara awaits        Angelique Kerber defeats Serena Williams to win Wimbledon 2018        Former A.P. Chief Minister Kiran Kumar Reddy returns to Congress        If Delhi tries to break PDP, outcome will be dangerous: Mehbooba Mufti        Former PM Nawaz Sharif, daughter Maryam arrested for corruption in Lahore        Social media hub like creating surveillance state: SC        World Cup: Deflated England, Belgium get ready for third place clash        First time in winter: FIFA confirms 2022 World Cup to be held between November and December in Qatar        Mental strength carried Croatia to World Cup final, says Lovren        Kohli currently best batsman because Smith not there: Ponting        Rupee up 19 paise against dollar ahead of key macro data release        
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Business News
Sensex closes above 33000 for the first time as PSU bank stocks surge
 
(Mumbai, Oct 25, 2017):Benchmark Sensex breached the 33,000-mark for the first time, while the Nifty ended at a fresh life high on Wednesday after the government’s Rs9 trillion package lit up banking and infra stocks. The 30-share Sensex surged 435.16 points, or 1.33%—its biggest single session gain since 25 May when it had surged 448.39 points—to close at a new peak of 33,042.50. The broader 50-share Nifty finished at its fresh lifetime high of 10,295.35, up by 87.65 points, or 0.86%.

Banking and infra counters led the charge after the government on Tuesday announced various measures to spur the economy, including a Rs2.11 trillion recapitalisation plan for public sector banks and a massive Rs6.92 trillion road building programme.

Banking behemoth State Bank of India (SBI) zoomed 27.58% to emerge as the biggest gainer in the Sensex pack, while private peers ICICI Bank and Axis Bank soared up to 14.69%. Other prominent gainers in the state-run banking space were Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Allahabad Bank, IDBI Bank and Syndicate Bank, rising by up to 46.20%.

Major road builders such as Ashoka Buildcon, Sadbhav Infrastructure Projects and J Kumar Infraprojects also gained up to 8.71%.

“Government’s recapitalisation plan sparked astonishingly steep gains in PSBs, while short covering ahead of F&O expiry also added momentum. Giddy levels though saw profit booking in sectors other than banks, as investors continued to mix and match the earnings and valuations with more key earnings still to play out,” said Anand James, chief market strategist, Geojit Financial Services.

Despite profit-booking at record levels, it finished at a new peak of 33,042.50, up 435.16 points, or 1.33%. It smashed its previous record closing of 32,633.64 reached on 16 October. After a gap up opening, the Sensex crossed the 33,000- mark for the first time to scale an all-time high of 33,117.33 in early trade on the back of run-up in PSU banks and heavy short-covering ahead of tomorrow’s October month expiry in the derivatives segment.

The broader Nifty also hit a record intra-day high of 10,340.55 during the session, before finally concluding at 10,295.35, up 87.65 points, or 0.86%. It bettered its previous record closing of 10,234.45 reached on 17 October 17.

Firmness in Asian stocks and unabated buying by domestic institutional investors also provided key support. Optimism over better-than-expected second-quarter earnings by some bluechip companies also fuelled the bull-run, brokers said. Sentiment also remained upbeat on persistent buying by domestic institutional investors, who bought shares worth Rs592.28 crore on Tuesday. Foreign portfolio investors sold to the tune of Rs1,306.76 crore, as per provisional data from the stock exchanges.

Among sectoral indices, PSU rose the most by surging 8.07%, followed by bankex 4.71%, capital goods 3.33%, infrastructure 2.23%, power 1.15%, auto 0.63% and teck 0.54%. The broader markets were mixed, with midcap index rising 0.42%, while smallcap index shed 0.19%.

Other gainers were L&T, Bharti Airtel, Adani Ports, Tata Motors, M&M, Infosys, Wipro, ITC Ltd, NTPC, Bajaj Auto, Reliance Industries, ONGC, Hero MotoCorp, Hindustan Unilever and Power Grid, rising up to 5.65%.

Overseas, Asian bourses displayed a mixed trend, with Hong Kong’s Hang Seng rising 0.51%, Shanghai Composite gaining 0.26% while Japan’s Nikkei fell 0.45%. In the Eurozone, Paris CAC 40 rose 0.18%, while Frankfurt’s DAX was up 0.16% in late morning trade. London’s FTSE fell 0.08%.


Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia
Rupee up 19 paise against dollar ahead of key macro data release
Sensex rallies 400 pts to hit record high; RIL shares surge 5%
US dollar ends cheaper against rupee
BSNL starts first internet telephony service in India
Silver futures harden by 0.19% on global cues
Passenger vehicle sales rise 38% in June; car sales up 34%
DoT clears Idea-Vodafone merger with conditions
Goyal asks Coal India to ensure supply for power sector
Higher MSP may have inflation, fiscal costs: Report
Modi govt needs to shed 'obsession' with economic growth: Jean Dreze
Will work closely with West Bengal for its progress: Prabhu
Mukesh Ambani announces high-speed broadband, Jio Phone 2 with WhatsApp, FB
Gadkari flags off taxi ambulance services
India expecting US to get in touch with it over sanctions on Iran
Nifty ends higher, hovers around 10,700-mark
No plans to close operations at Brady House branch in Mumbai: PNB
India to provide tariff concessions on 3,142 items to APTA members
Exports seem to have good performance in June: Prabhu
WhatsApp's 'one-way' broadcast mode for group chats is here
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Trump asked me to sue EU over Brexit, says Theresa May
 (London, July 15, 2018):Embattled British Prime Minister Theresa May today revealed that Dona
Haiti prime minister resigns after deadly unrest
Former PM Nawaz Sharif, daughter Maryam arrested for corruption in Lahore
After UK-US spats, Trump flies in to turmoil in Britain
NATIONAL NEWS
Rajinikanth Supports 'One India, One Election' Proposal
 (Chennai, July 15, 2018):At a time when major political parties in Tamil Nadu are opposed to
Former A.P. Chief Minister Kiran Kumar Reddy returns to Congress
If Delhi tries to break PDP, outcome will be dangerous: Mehbooba Mufti
Bombay HC pulls up Pune cops over probe into Rajneesh's 'will'
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