Indian equity market ended in the positive terrain for the first time after three-day decline with the International Monetary Fund (IMF) raising its growth forecast for the current fiscal to 7.2 per cent. Frontline indice indices ended the day with almost 0.9% gain. Nifty ended at 8,776, surged by 76.05 points while Sensex ended with a gain of over 270 points at 28,930.41.
Insurance companies gained in trades today on hopes that the government would pass the insurance bill in the Rajya Sabha. The bill calls for raising the foreign investment limit in the insurance sector to 49 per cent from 26 per cent.
Shares of ITC jumped on reports that the company has increased prices of its cigarettes by 10% to 25%. Meanwhile state-run banks saw a renewed buying interest a day after the government signalled that it is ready to allow lenders raise funds from the market to meet their capital needs.
USDINR pair plunged by 28 paise in the trade today to close at 62.50.
Among the sectorial indices of Nifty, CNX Media was the top performer, rose by 1.61% followed by CNX FMCG (1.59%) and CNX Realty (1.54%). all other major indices ended in positive territory.
From the Nifty basket, 37 stocks advanced and 13 declined.
Top 5 Nifty Gainers: Cairn (4.83%), Sesa Sterlite (4.57%), NTPC (3.41%), Hindalco (3.18%) and DLF (2.83%).
Top 5 Nifty Losers: Tech Mahindra (-2.11%), M&M (-1.53%), Bajaj Auto (-1.36%), Dr. Reddy (-1.12%) and Coal India (-1.02%).
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