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Indian equities cheer cabinet decisions, Nifty at new closing high

Indian equities cheer cabinet decisions, Nifty at new closing high

Banking stocks were seen carrying forward the positive sentiment arising out of the government's decision to bring an ordinance to give greater powers to the Reserve Bank to tackle mounting bad loans.

The gauge had shed 26.38 points in the previous session.

On a weekly basis, both the indices - the Sensex and the Nifty - fell by 59.60 points, or 0.19 per cent, and 18.75 points, or 0.20 per cent, during the first week of May.

Sensex closed lower 267 points at 29,858 level. The market also cheered the government's new policy aimed at boosting steel output and consumption.

The Bombay Stock Exchange Sensex traded low on Wednesday going down 26.38 points and ending at 29,894.80, while the National Stock Exchange Nifty managed to remain above 9,300 points going down 1.85 points.

However, the key index made a new intra-day record high of 9,374.55 points.

ICICI Bank's net profit came in at Rs. 2,025 crore in quarter ended March 2017 compared with Rs. 702 crore reported a year earlier, the Mumbai-based lender said on Wednesday.

Domestic institutions extended their buying spree to the 19th straight day, pumping Rs 926 crore into stocks on Thursday even as foreign funds sold stocks worth Rs 601 crore, according to provisional data.




Overnight Nasdaq closed in red, down by 0.38 per cent while FTSE 100 was in red, down by 0.21 per cent at the closing on Wednesday.

BSE Mid-cap index closed lower by 1.09% at 14,718.

Indian oil explorers fell on weaker crude oil prices, with ONGC and Oil India declining more than 2 percent each.

ICICI Bank, IndusInd Bank, Adani Ports and SEZ, Grasim Industries, Larsen & Toubro, State Bank of India, HUL and Bharti Airtel were among the gainers.

Among the sectoral indices, Bankex rose 2.32 per cent, Consumer Durables 1.41 per cent, Finance 1.38 per cent and FMCG 1.08 per cent.

Market breadth was negative with 1,338 advances against 1,388 declines.

The total turnover on BSE rose to Rs 4,462.32 crore from Rs 4,235.86 crore yesterday.

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