Sensex crosses 33,550 for first time as Modi’s reform pushes India to 100th spot in World Bank’s ease of doing business

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Updated: November 1, 2017 11:50:52 AM

Sensex and Nifty hit record highs on Wednesday as investors sentiments got a boost after India ranked 100th for the first time in the World Bank’s Ease of Doing Business ranking 2018

Bombay Stock Exchange building. (Image: Wikimedia Commons)

Sensex and Nifty hit record highs on Wednesday as investors sentiments got a boost after India ranked 100th for the first time in the World Bank’s Ease of Doing Business ranking 2018 and better-than-expected Q2 results posted by India’s largest telecom company Bharti Airtel. The benchmark Sensex jumped as much as 346.98 points to hit an all-time high of 33,560.11 points while the broader Nifty 50 index advanced 95.45 points to mark a lifetime high of 10,430.75 points. Shares of Hero MotoCorp and Tech Mahindra will be in watch today ahead of their Q2 earnings.

The stock of Airtel zoomed 9.41% to hit a 10-year high of Rs 544.5 on BSE and was the top gainer on both Sensex and Nifty after the company’s fiscal second quarter financial results beat most analyst estimates even as its consolidated adjusted net profit plunged 77% and revenue fell 10.4% on-year on an underlying basis. India’s largest telecommunication services company’s Jul-Sep adjusted net profit fell to Rs 343 crore from Rs 1,461 crore in the same quarter a year ago, as competitive pressure from Reliance Jio continued to weigh, leading to a sharp drop in its India revenues.

Narendra Modi’s dream of steering India into the best countries to do business took a giant stride forward today with the country vaulting 30 places straight into top 100 in the World Bank’s Ease of Doing Business ranking 2018. In the World Bank’s latest ‘Doing Business’ report, India ranked 100th for the first time, leapfrogging 30 places from the last year’s 130, firmly aided by implementation of reforms in as many as eight out of 10 fronts, including the crucial ones such as starting a business, paying taxes and resolving bankruptcy.

Shares of Axis Bank extended yesterday’s gain, rose 3.15% to Rs 539.55 followed by ICICI Bank, State Bank of India, Reliance Industries, Cipla, and Tata Motors which gained up to 2.9% while, on the other hand, Dr Reddy’s lost 1.2%. The stocks of heavyweight companies such as ICICI Bank, RIL, Axis Bank, SBI, HDFC, Bharti Airtel, HDFC Bank, ITC, L&T and Infosys provided the major boost to the Sensex. Collectively these 10 stocks alone added about 255 points to the index.

Other Companies which are also slated to announce their second-quarter earnings are Apollo Tyres, Eclerx Services, ENIL, Godrej Consumer Products, Greaves Cotton, Hexaware Technologies, JSW Energy, Max India, Shriram Transport Finance, Tourism Finance Corporation Of India, and TVS Motor.  BSE Sensex gained 131.1 points or 0.39% to open at 33,344.23 points while NSE Nifty rose 55.05 points or 0.53% to begin at 10390.35 points.

US stocks ended on a positive note on Tuesday following a rise in shares Mondelez and Kellogg post their quarterly results. The Dow Jones Industrial Average rose 28.5 points or 0.12% to 23,377.24, the S&P 500 gained 2.43 points or 0.09% to 2,575.26 and the Nasdaq Composite added 28.71 points or 0.43% to 6,727.67. “Investors are also awaiting an announcement on the next Federal Reserve chair, which could come this week. President Donald Trump is likely to pick Fed Governor Jerome Powell, who is seen as more dovish on interest rates and thus relatively stock market friendly,” Reuters reported citing unidentified sources.

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