Published: Sat, January 20, 2018
World | By Melba Underwood

Sensex rises over 150 points; Jubliant Foodwork gains 7%

Sensex rises over 150 points; Jubliant Foodwork gains 7%

Nifty firmed up by 77.70 points or 0.72 per cent to settle at 10,894.70, its record closing high.

Major gainers were AdaniPorts 3.46 per cent, HDFC Bank 1.20 per cent, SBIN 1.19 per cent, Dr Reddy 0.97 per cent and YesBank 0.93 per cent. The broader Nifty fell below the 10,850 level to trade higher by 19.20 points or 0.18 per cent at 10,836.20.

All the sectoral indices on BSE ended higher. Intra-day, it touched an all-time high of 10,906.85.

"Markets were expecting some rationalisation in GST rates", Saurabh Jain, assistant vice-president of research at SMC Global Securities, told Reuters "Now, any good news with respect to filing taxes will definitely bring cheer to the market". Market is anticipating a sea change in the earnings with a growth of 15-20% in PAT (profit after tax) led by revamp in businesses and low base effect.

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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.

HDFC Bank Ltd reported a net profit of Rs4,643 crore in the third quarter versus a profit of Rs3,865 crore a year ago.

The on Thursday lost 200 points in the last one and half hour of trading, yet managed to finish on a closing high of 35,260.29, a jump of 178.47 points from previous closing.

ICICI Bank, SBI, TCS, Kotak Bank, Axis Bank, L&T, M&M, Dr Reddy's, Bajaj Auto, Wipro, Bharti Airtel, Coal India, HUL and Asian Paints recorded gains of up to 2.15 per cent. In Europe, Frankfurt's DAX rose 0.87%, while Paris CAC 40 was up 0.45% in their early deals.

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