Markets on a roll: Sensex soars 189 points on reforms, earnings boost
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BSE benchmark Sensex rose 189 points to reclaim the 30,000-level and NSE Nifty went past 9,350 in early trade, buoyed by encouraging corporate earnings and a string of government reforms, including NPA resolution and steel policy.
The domestic equities also got a boost after the US Federal Reserve kept its policy rate unchanged in its two-day policy review.
Banking stocks led the recovery this morning following the government's decision to bring an ordinance to empower the Reserve Bank to effectively deal with the problem of mounting bad loans in the banking sector, brokers said.
A proposal to amend Section 35 A of the Banking Regulation Act through the ordinance route was approved by the Cabinet yesterday.
The 30-share index was trading up 189.14 points, or 0.63%, at 30,083.94, with all the sectoral indices led by banking and consumer durables staying in the green.
The gauge had shed 26.38 points in the previous session. The NSE Nifty-50 index was trading higher by 49.45 points, or 0.53%, at 9,361.40.
In the banking segment, shares of country's largest private sector lender ICICI Bank climbed 6.84% to quote at Rs 291.40 after it yesterday reported manifold jump in standalone net profit to Rs 2,024.64 crore for the quarter ended March 31.
Other gainers were SBI, Axis Bank, Adani Ports, Bharti Airtel, L&T and Asian Paints.
The Union Cabinet yesterday also gave its approval to the National Steel Policy (NSP) 2017 that aims to achieve steel making capacity of 300 million tonnes by 2030 with an additional investment of Rs 10 lakh crore.
The Cabinet also approved a policy for use of domestic steel products in government organisations. In the Asian region, Hong Kong's Hang Seng was down 0.52% while China's Shanghai Composite shed 0.07% in their early deals.
The US Dow Jones Industrial Average ended 0.04% higher in Wednesday's trade.
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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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