Home  |  Advertise  |  Contact Us
10:48 pm - Friday November 17, 2017

Sensex, Nifty rise after scaling new high in early trade

Mumbai,

Reacting sharply to the report of the World Bank that indicated that India’s dramatic improvement in ranking in the ‘Doing Business Report’, the domestic equity markets rallied on Wednesday.The 30-share BSE Sensex and the Nifty, both, hit record high levels in morning trade as India jumped up 30 notches into the top 100 rankings on the World Bank’s ‘ease of doing business’ index.

The Sensex rose by 360.56 points to 33,573.69 on the back of this good news as well as positive cuses from Asian peers and overnight gains in the US market.Similarly, the Nifty of National Stock Exchange (NSE) also advanced 92.10 points to 10,427.40.

Earlier, the Sensex rose 382.61 points to touch the day’s high of 33,595.74 in morning trade, its record high level. The index rose 127.49 points from the day’s low of 33,340.62 in opening trade.

Similarly, the Nifty too rose 99.75 points to hit the day’s high of 10,435.05 in morning trade, its record high level. The index rose47.75 points from the day’s low of 10,383.05 in opening trade.Among BSE sectoral indices, Realty was the top performer which was up 3.49 per cent, followed by Banking 2.04 pc, Metal 1.45 pc and PSU 1.04 pc.
While, IT was down 0.06 pc. Top five Sensex gainers were Bharti Airtel up by 7.09 pc, ICICI Bank by 4.78 pc, State Bank by 3.09 pc, Axis Bank by 2.74 pc and HDFC by 1.51 pc.While, the major losers were Dr Reddy’s down by 1.95 pc, TCS by 1.01 pc, PowerGrid by 0.8 pc, Sun Pharma by 0.33 pc and Wipro by 0.07 pc.
Asian shares looked set to extend their gains into a fourth straight day on Wednesday on the back of solid economic growth, while oil prices soared on hopes of an extension of output cuts by major oil producers.Among secondary barometers, the BSE Mid-Cap index was up 0.79 pc. The BSE Small-Cap index gained 0.83 pc. Both these indices underperformed the Sensex.
The broad market depicted strength with more than two gainers against every loser on BSE, as 1,611 shares rose while 671 others fell and 92 were unchanged. The World Bank, after market hours on Tuesday released the Doing Business (DB) Report, which ranked India 30 ranks over its rank of 130 in the Doing Business Report 2017. India ranks 100 among 190 countries assessed by the Doing Business Team.

The World Bank report recognized India as one of the top 10 improvers in this year’s assessment, having implemented reforms in 8 out of 10 Doing Business indicators. India is the only large country this year to have achieved such a significant shift.

This means last year India improved its business regulations in absolute terms, indicating that the country is continuing its steady shift towards best practice in business regulation.The report noted that India has adopted 37 reforms since 2003.
Nearly half of these reforms have been implemented in the last four years.
Overseas, Asian shares were trading higher mirroring a positive close in the US market overnight. The Caixin China General Manufacturing Purchase Managers’ Index (PMI) stood at 51 for October, flat from the September level, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co. A reading above 50 indicates expansion, while a reading below reflects contraction.
US stocks closed higher on Tuesday, with the Nasdaq ending at a record as quarterly results kept equities drifting near all-time highs. The Dow Jones Industrial Average rose 0.12%, the S&P 500 rose about 0.09 pc and the Nasdaq Composite Index advanced 0.43 pc.

The US Federal Reserve concludes a two-day policy meeting today, 1 November 2017, at which it is expected to leave interest rates unchanged. Most market participants expect the US central bank to resume hiking rates in December 2017.

Posted in: Business

You might like:

Atal Bihari Hindi University to shift to new premises Atal Bihari Hindi University to shift to new premises
Construction of boundary wall of Navin Kanya HS School hostel in Rs 12 lakh Construction of boundary wall of Navin Kanya HS School hostel in Rs 12 lakh
Vishal bags silver medal at National Judo Championship Vishal bags silver medal at National Judo Championship
Sagar Public School students bag All India National Level Inquizitive Mind Quiz Sagar Public School students bag All India National Level Inquizitive Mind Quiz