Nifty Clocks Longest Stretch Of Gains In Over Eight Months
A bronze bull statue stands at the entrance to the Bombay Stock Exchange (BSE) building. (Photographer: Dhiraj Singh/Bloomberg)

Nifty Clocks Longest Stretch Of Gains In Over Eight Months

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Closing Bell: Sensex, Nifty Surge For Seventh Day In A Row

Indian equity benchmarks rose for seventh straight day on the back of sharp drop in crude oil and a day after the Reserve Bank of India announced hike in bond purchases to boost liquidity.

The S&P BSE Sensex rose 0.38 percent or 137 points to 36,484 and the NSE Nifty 50 Index climbed 0.54 percent or 59 points to 10,967. In the last seven sessions Nifty has advanced 4.57 percent and clocked its longest stretch of gains since April.

Investor confidence was also buoyed in sectors from cement to consumer goods after Prime Minister Narendra Modi said that the country’s unified sales tax regime had stabilized and is reaching a stage where 99 percent of goods can be at or under the 18 percent tax slab.

Shares of PSU banks rallied after a government official said they may get an additional Rs 40,000 crore in recapitalisation.

Seventeen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Realty Index's 3 percent gain. On the flipside, S&P BSE IT Index dropped over a percent after rupee appreciated against the dollar.

Mid- and small-cap shares outperformed their larger peers as the S&P BSE MidCap Index rose 1.5 percent and the S&P BSE SmallCap Index climbed 1.1 percent.

Government To Seek Rs 40,000 Crore Extra for State-Run Bank Recapitalisation, Says Official

Shares of PSU banks surged after a government official said that the state-run bank recapitalisation will be funded via bonds in FY19, Bloomberg reported.

  • Most state-run banks except State Bank of India, Punjab National Bank, Bank of Baroda, Indian Bank to be part of recap: official.
  • Bank of India, Allahabad Bank, Corporation Bank, Bank of Maharashtra may exit central bank’s corrective action framework soon on improving numbers
  • Allahabad Bank surges as much as 5.8 percent, most since Nov. 15; Bank of India up 7.7 percent to highest since Sept. 3.
  • Bank of Maharashtra up 7.8 percent; Corporation Bank jumps 3.9 percent.
  • Second supplementary demand for grants may be tabled in Parliament Thursday: official.

Allahabad Bank, Bank of India Surge After Official Says They May Soon Be Out Of PCA

Shares of Allahabad Bank surged as much as 5.8 percent and Bank of India jumped 7.65 percent as both the banks may soon come out of Reserve Bank of India's Prompt Corrective Action (PCA) framework, Bloomberg reported citing a government official.

Reliance Communications Slumps 13%, Most In Nearly Three Months

Shares of the Anil Ambani-led company fell as much as 13.33 percent, the most since Sept. 24, to Rs 13.65.

The Economic Times reported that the department of telecommunications can’t approve the deal to trade airwaves between Reliance Jio and Reliance Communications due to non-confirmation of guidelines.

Premier Explosives Surges On Order Worth Rs 181 Crore

Shares of the Secunderabad-based explosives maker rose as much as 5.31 percent to Rs 269.80 after it won an order worth Rs 181 crore from Satish Dhawan Space Centre, SHAR Shriharikota.

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