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February 26, Sunday 2017 4:14 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
NCAER lowers GDP growth forecast to 6.9 pc for FY17  
Demonetisation sucked in cash like vacuum cleaner:IMF official  
Infosys seeks shareholder nod to amend Articles of Association  
Note ban impact on loan, deposit growth significant: Moody's  
Bharti Airtel to acquire Telenor India  
India's GDP projected to slow to 6.6% post-demonetisation: IMF  
Snapdeal to cut 600 jobs; CEO admits 'mistake' in biz plan  
Snapdeal founders take 100% salary cut  
Tatas to lead, not follow: Chandrasekaran  
Will sustain TCS' growth momentum, says CEO Gopinathan  
'Slowdown spill over to January-March quarter'  
Microsoft-Flikpkart announce strategic tie-up  
EU asks India to extend by 6 months trade pact with EU nations  
Licensing for payment sector can't be tick-box exercise: Gandhi  
TRAI seeks views on promotional offers, predatory pricing  
Note ban impacts PepsiCo's India biz: Nooyi  
EPFO extends deadline for submitting Aadhaar till Mar 31  
TCS to look at buyback on Feb 20  
Sensex near five-month highs, Nifty reclaims 8,800-mark  
India's GDP to expand post demonetisation: Meghwal  
India's GDP to expand post demonetisation: Meghwal  
Air India inducts A320 neo plane, to add 13 more this year  
Sensex bounces 146 pts; IT, pharma lead rally  
India, UAE trade to hit USD 100 billion by 2020: CII  
E-commerce expected to touch USD 50-55 billion by 2021: Study  
 
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