Sensex, Nifty log new all-time highs
.jpg)
India’s equity markets on Wednesday registered new record highs for a consecutive day, led by strong buying from foreign investors. The benchmark BSE Sensex gained 104.19 points, or 0.36 per cent, to 28,888.86, while the National Stock Exchange (NSE) Nifty added 33.9 points, or 0.39 per cent, to 8,729.5.
The indices advanced despite shares of top-weight ITC ending five per cent lower, making 123-point negative contribution to the index. ITC’s rival Hindustan Unilever gained five per cent and was the biggest gainer on the Sensex, followed by Bharti Airtel (four per cent) and HDFC (2.7 per cent).
Gains were also supported as global investors remained positive that the European Central Bank (ECB) would announce a new round of quantitative easing (QE) to revive economic growth.
Foreign institutional investors (FIIs) bought shares worth Rs 2,065 crore on Wednesday, provisional data showed. They had invested nearly Rs 1,300 crore a day earlier after the International Monetary Fund (IMF) predicted the Indian economy will be the fastest-growing major global economy, outpacing China, by 2016-17.
The Indian market has ended with gains on all trading days since January 15, when the Reserve Bank of India (RBI) unexpectedly eased key policy rates by 25 basis points.
“Declining bond yields suggest the ECB might announce fresh QE. It will come when US QE is likely to get negative,” said Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services, adding Indian investors were eyeing new reforms and Budget announcements.
Market players are hoping the government would take bold initiatives to unleash the true potential of the economy.
“For India, real GDP growth is projected to strengthen to 5.4 per cent in 2014 and 6.4 per cent in 2015, assuming that government efforts to revive investment growth succeed and export growth strengthens after the recent rupee depreciation,” the IMF in its World Economic Outlook said on Tuesday.
After gaining 30 per cent in 2014, most brokerages are expecting the Sensex to rise 20 per cent this calendar.
Other Latest News
.webp)
For Samsung Group, this has been a year of milestones. First, a rare public apology from its flagship Samsung Electronics Co., followed by a bumper share buyback. And now, South Korea’s biggest conglomerate has named a woman that’s not member of its founding family as chief executive officer of a group company for the first time in its 86 years.
In a country where women business leaders have long struggled to make inroads into corporate boards and C-suites, the appointment of Kim Kyung-Ah as president and CEO of Samsung Bioepis Co. is a story likely to inspire the next generation of executives.
.webp)
As cyclone 'Fengal' approaches Tamil Nadu, several parts of the capital Chennai will face a five-our power cut on Wednesday and Thursday, i.e., November 27 and 28 due to the maintenance work.
The power cut in Chennai will take place between 9 a.m. to 2 p.m., said a report by dtnext.in, adding that it may be restored if the maintenance work is completed.
.webp)
Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if US President-elect Donald Trump imposes 25 per cent import tariffs on crude imports from the two countries, traders and analysts said.
Two sources familiar with Trump's plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico even as the US oil industry has warned the policy could hurt consumers, industry and national security.
.webp)
Congress leaders from Wayanad handed over the election certificate of the parliamentary by-election to party general secretary Priyanka Gandhi Vadra in the presence of Rahul Gandhi here on Wednesday.
Sources said Priyanka Gandhi is likely to take oath in the Lok Sabha on Thursday.
Leaders from Wayanad handed over the election certificate of the Wayanad parliamentary by-election to Priyanka Gandhi and conveyed their best wishes.
.webp)
The Enforcement Directorate on Wednesday conducted searches at multiple locations in Delhi and adjoining areas as part of an alleged bank loan fraud linked money laundering probe against former promoters of liquidated dairy major Kwality Ltd, official sources said.
About a dozen places are being raided under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.
.webp)
.webp)
.webp)
.webp)
.webp)
