India's stock markets inched higher within minutes after opening in negative territory as the Indian economy grew at a five-period high of 7.2% in the Q3 FY18 with Sensex zooming nearly 100 points as more than 22 stocks hovered in green while Nifty again breached the 10,500-mark.
India’s stock markets inched higher within minutes after opening in negative territory following a sharp rebound in the Indian economy which grew at a five-period high of 7.2% in the third quarter of the financial year 2017-2018. The S&P BSE Sensex zoomed nearly 100 points in the wee hours of trading with over 22 stocks hovering in green while NSE Nifty again breached the 10,500 mark. Earlier yesterday, the Indian economy showed a sign of an overall recovery following an uptick in agriculture, manufacturing, construction and certain services. According to the second advanced estimates of the Central Statistics Office (CSO), Indian economy is expected to grow at 6.6% in the current fiscal ending 31 March 2018 as against 7.1% in 2016-2017.
Shares of automakers such as Bajaj Auto, Maruti Suzuki, Tata Motors, M&M, Ashok Leyland, Motherson Sumi Systems, Exide Industries, Eicher Motors, MRF, TVS Motors and Bharat Forge surged up to 2% with shares of Bajaj-Auto rising the most. The stocks of Bharti Airtel, Sun Pharma, Tata Steel, IndusInd Bank, Kotak Mahindra Bank, Axis Bank emerged as the top gainers among the Sensex constituents. BSE Sensex advanced 94.59 points to mark the day’s high of 34,278.63 whereas NSE Nifty added 32.65 points to a day’s high of 10,525.5.
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Among the ‘A’ group shares of BSE, stocks of Inox Wind, Future Lifestyle Fashions, L&T Tech, Cox & Kings gained 3-5% while shares of Vakrangee, Torrent Pharma, Rajesh Exports, Videocon Industries, and PNB lost 2-5%. Shares of the scam-hit PNB again fell into negative territory after recovering partially in yesterday’s session. The stock of PNB touched a day’s low of Rs 98.8, down by more than 2%.
The US stock markets witnessed a sell-off in the late trades and ended sharply lower on Wednesday dragged down by continued worries over rising interest rates, and the Dow and S&P 500 capped their worst months since January 2016, Reuters said in a report. The S&P 500 also snapped a 10-month straight run of gains, which had been its longest monthly winning streak since an 11-month run from March 1958 to January 1959, Reuters added. The Dow Jones Industrial Average fell 380.83 points or 1.5% to 25,029.2, the S&P 500 lost 30.45 points or 1.11% to 2,713.83 and the Nasdaq Composite dropped 57.35 points or 0.78% to 7,273.01.