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June 29, Thursday 2017 9:13 AM       

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       BUSINESS Next Article: India's GDP to expand post demonetisation: Meghwal  
       Sensex near five-month highs, Nifty reclaims 8,800-mark
 
         Posted on :19:35:59 Feb 17, 2017
   
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       Last edited on:19:35:59 Feb 17, 2017
         Tags: Sensex, five-month highs, Nifty
 
MUMBAI: Market benchmark Sensex extended its rally for the second session today, soaring 167 points to end near five-month highs on widespread buying in pharma and bank counters.
 
Pharma stocks were galvanised by a slew of approvals granted by foreign regulators, while HDFC Bank zoomed to its 52-week high after RBI yesterday allowed foreign investors to increase stake in the lender.
 
The central bank put HDFC Bank back on the FII ban list after foreign shareholding exceeded the prescribed limit of 74 per cent within hours of trading.
 
Sentiment also got a boost after RBI Governor Urjit Patel said India's economic growth will make a "sharp V" recovery after a short drop in the aftermath of demonetisation.
 
The 30-share BSE Sensex, which opened higher with a gap at 28,670.43, touched a high of 28,726.26 after participants widened their bets on foreign fund inflows amid persistent buying by domestic institutional investors.
 
However, profit-booking dragged it to a low of 28,410.91, before the gauge finally settled 167.48 points, or 0.59 per cent higher at 28,468.75. cent. The Sensex last closed at 28,668.22 on September 23, 2016.
 
The index had gained 145.71 points in the previous session.
 
The 50-share NSE Nifty, after moving between 8,896.45 and 8,804.25, finally settled 43.70 points, or 0.50 per cent higher at 8,821.70.
 
For the better part of the day, both the key indices remained in the tight grip of bull operators, forcing bears to remain on the sidelines.
 
Both Sensex and Nifty recorded their fourth straight weekly gains by surging 134.50 points, or 0.47 per cent, and 28.15 points, or 0.32 per cent, respectively.
 
HDFC Bank skyrocketed to Rs 1,450, before succumbing to profit-booking and closing at Rs 1,377.15, up 3.75 per cent.
 
Sun Pharma emerged as the star performer and closed 4.03 per cent up at Rs 675.45, while Cipla rallied 1.58 per cent to Rs 592.60.
 
"Today's rally was led by banking stocks, particularly backed by HDFC Bank. HDFC Bank stock rose by over 9 per cent in early trade after RBI removed restrictions imposed on foreign investors' holdings," online broking firm Upstox's Director Raghu Kumar said.
 
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 215.69 crore yesterday, as per provisional data.
 
Globally, Asia and Europe traded lower after Wall Street's Trump-fuelled surge finally came to an end.
 
Japan's Nikkei fell 0.58 per cent, Hong Kong's Hang Seng shed 0.31 per cent and Shanghai composite declined 0.85 per cent.
 
In Europe, key indices such as London's FTSE, Paris CAC 40 and Frankfurt fell by up to 0.69 per cent in early trade. 
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       BUSINESS
Next Article: India's GDP to expand post demonetisation: Meghwal
 
 
BUSINESS HEADLINES
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Sensex, Nifty take a selling hit, reverse gear  
EU to slap Google with record fine this week: sources  
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Rupee halts 3-day slide v/s USD; up 7 paise at 64.52  
Spice GST Suvidha provider is all geared up for July 1st  
Sensex tumbles 153 pts on profit-booking  
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RBI to keep rates unaltered in near term: D&B  
Sensex surrenders record gains on GST blues, mixed global cues  
GST to be rolled at midnight June 30: Jaitley  
India plans SAARC meet for startups: Nirmala  
Rupee gains 11 paise against dollar, stocks play anchor  
"Rs 700 cr worth of Momentum Jharkhand proposals implemented"  
JK govt to seek complete consensus before GST implementation  
Mobile data consumption rose 142% in last 3 yrs: Kant  
Gold loses sheen on weak global cues, muted demand  
Rupee opens lower by 15 paise against dollar  
Nifty ends below 9,600 post Fed rate hike  
Paytm, 1mg offer discounts ahead of GST  
Customers may get Rs 5,000 if int'l SIM card fails  
 
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