Markets end at new highs on reforms, earnings push

20 January, 2018, 04:26 | Author: Brenda Erickson
  • Surge in banking stocks sends Sensex soaring

State-run State Bank of India's shares traded higher by 0.88 per cent while those of Bank of Baroda fell by 0.12 per cent and Punjab National Bank dipped by 0.37 per cent. It finally ended 251.29 points, or 0.71 per cent higher at 35,511.58 - bettering its previous record closing of 35,260.29 hit yesterday.

While BSE Sensex led the charge northward to close Thursday's trading 178 points up at 35,260, NSE Nifty rallied to its best ever tally of 10,817 after surging through by a 28-point increase.

In the broader market, the BSE Midcap and the BSE Smallcap indices rallied 0.7 per cent and 0.8 per cent, respectively. The index gained 89.85 points or 0.83 per cent at the day's high of 10,906.85, its intraday record high.

Equity markets on Wednesday went past yet another milestone as BSE went past 35,000-mark for the first time in history. The Nifty50 scaled a new level of 10,887.50 points during the intra-day trade.

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Also, the market reacted positively after media reports stated that the government will soon allow 100 percent foreign direct investment in the banking sector.

"Market is anticipating a sea change in the earnings with a growth of 15-20 per cent in PAT led by revamp in businesses and low base effect. Moreover, positive trend in global market and drop in crude prices influenced buying pattern", said Vinod Nair, head of research, Geojit Financial Services.

The Nifty PSU bank index gained as much as 2.3%, with SBI and Canara Bank rising more than 2% each. ITC, Kotak Mahindra Bank, HCL Technologies, HUL, Yes Bank, and Reliance Industries were among early gainers.

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