Stock Market

Sensex, Nifty continue to rise; Hindalco, ICICI Bank up


Chillicious Team

1:45 pm Banks:

Welcoming RBI’s easing of rules to allow lenders to bolster capital ratios, Finance Minister Arun Jaitley said the government will take all steps and provide resources to keep public sector banks in good health. During his post-Budget interaction with the industry, he said banking is a stressed sector and so the government is professionalising PSU banks and recapitalising them. “RBI last evening took a very positive move which helps further in recapitalisation of banks,” he said.

1:30 pm Order: The government ordered “rebidding” of the strategic Rs 10,050-crore Zojila pass tunnel contract in Jammu and Kashmir, which was earlier given to IRB Infrastructure . The decision to rebid the tunnel project was taken recently at a high-level meeting, chaired by Road Transport and Highways Minister Nitin Gadkari, official sources said. At the meeting, officials informed Gadkari that IRB Infrastructure had approached the Ministry to expedite the contract as the project was being delayed, sources said.

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The market is still on a rise as the Sensex is up 413.66 points or 1.7 percent at 24193.01. The Nifty is up 136.70 points or 1.9 percent at 7359. About 1909 shares have advanced, 579 shares declined, and 116 shares are unchanged.

SBI, Hindalco, ICICI Bank, Hero MotoCorp and Adani Ports are top gainers while M&M, Bajaj Auto, ITC, Coal India and Sun Pharma are losers in the Sensex.

The rupee appreciated further as it rose by 17 paise to over a three-week high of 67.68 against the US currency on sustained bouts of dollar selling from banks and exporters amid firm domestic equities. Overseas, the US dollar was trading mixed while the Japanese yen nursed broad losses in early Asian trade after encouraging US factory and construction data, which offered hope that the economy is pacing up.