Sensex records highest weekly gain in four months; Q2 earnings eyed
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Rising for the second straight week, benchmark indices clinched their biggest weekly gain in nearly four months since June 19, 2015 after the US Fed hinted that it won't raise interest rates soon. Further, rebound in global commodity prices during the week has also aided sentiment.
For the week end October 9, the BSE Sensex reclaimed its psychological level of 27,000 and rose 3.27% or 858 points to end at 27,080. The Sensex had gained 3.3% in the week ended June 19, 2015. The CNX Nifty reclaimed 8,000-mark to settle at 8,190, up by 239 points or 3%.
The broader markets, however, underperformed their larger peers. BSE Midcap index finished 1.1% up at 10,938 while the BSE Smallcap index settled 2.7% up at 11,349.
Meanwhile, the sentiment of the market players was also bolstered as a plethora of commercial banks offered a reduction in their base rate in the wake of a more-than-expected 50 basis points cut in the repo rate announced by the Reserve Bank of India (RBI) on 29 September 2015.
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The Supreme Court on Tuesday dismissed a petition seeking to revert to ballot paper voting in elections in the country.
"What happens is, when you win the election, EVMs (electronic voting machine) are not tampered. When you lose the election, EVMs are tampered (with)," remarked a bench of Justices Vikram Nath and P B Varale.
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The Bharatiya Janata Party (BJP) would not rush into announcing its chief ministerial candidate until the distribution of portfolios in the new Maharashtra government is finalised, party sources said on Tuesday.
The indications that the Mahayuti coalition's decision on who would become the next CM would be delayed emerged as the Governor on Tuesday morning asked Eknath Shinde to act as a caretaker chief minister after he tendered his resignation.
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Anurag Agrawal, Dean of Biosciences and Health Research at Ashoka University, in a conversation with Economic Times, has claimed that every resident of Delhi is developing lung damage as deadly smog continues to blanket the Capital city.
Upon being asked how many people will suffer from lung cancer in future because of poor AQI, the Ashoka University dean said that “every Delhi is developing some degree of lung damage.” People who have pre-existing diseases or sensitivity are more serious, but no one is immune to it, he added.
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India's Andhra Pradesh state is reviewing government files and will explore if it is possible to cancel a power supply contract linked to the Adani Group, whose billionaire founder has been indicted in the United States, a top official told Reuters.
US authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed Indian government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the federal territory of Jammu and Kashmir, between 2021 and 2022.
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The board of directors of Hindustan Unilever (HUL) on Monday gave an in-principle approval to demerge the ice-cream business into an independent listed entity.
Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.
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