Wow Wednesday! Sensex finishes at lifetime high of 33,600; World Bank ranking upgrade in play

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Published: November 1, 2017 3:51:26 PM

Indian stock markets closed on record high on Wednesday after India got placed on the 100th spot in the World Bank Ease of Doing Business 2018 rankings followed by a massive surge in the shares of India's largest telecom company Bharti Airtel.

The 30-share barometer Sensex advanced as much as 438.39 points to mark the lifetime high of 33651.52 points. (Image: Reuters)

Indian stock markets closed on record high on Wednesday after India got placed on the 100th spot in the World Bank Ease of Doing Business 2018 rankings followed by a massive surge in the shares of India’s largest telecom company Bharti Airtel. BSE Sensex gained 387.14 points or 1.17% to end at 33,600.27 points while NSE Nifty settled 105.2 points or 1.02% higher at 10,440.5 points. The broader index Nifty 50 of NSE also made a record high, jumped 116.35 points to 10,451.65 points while the 30-share barometer Sensex advanced as much as 438.39 points to mark the lifetime high of 33651.52 points.

Airtel shares hit a 10-year high on Wednesday after India’s largest telecom operator posted better-than-expected numbers for the quarter ended 30 September. The stock of Airtel was the biggest gainer on both Sensex and Nifty and advanced 9.41% to hit the record high of Rs 544.5 before closing 8.19% higher at Rs 538.4 on BSE. Despite facing tariff wars and heightened pressure of retaining customers, Bharti Airtel’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. A huge trading volume has been witnessed in the stock of Bharti Airtel as more than 3.37 crore shares exchanged hands on both BSE and NSE today.

Shares of ICICI Bank (up 4.42%), State Bank of India (up 4.58%), Axis Bank (up 2.05%), Tata Motors (up 1.91%), HDFC (up 2.22%), ITC (up 1.35%), Reliance Industries (up 1.22%), and Hindustan Unilever (up 1.95%) were among the biggest gainers today on Sensex. The stocks of heavyweight companies such as ICICI Bank, HDFC, Airtel, State Bank of India, Reliance Industries, Axis Bank, HDFC Bank and ITC contributed heavily to the Sensex gains. Collectively these eight stocks alone added about 370 points to the Sensex out of 387 points upmove in the index.

Narendra Modi’s dream of steering India into the best countries to do business took a giant stride forward on Tuesday with the nation 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.

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