Benchmark indice breached the 11000 mark following a report of International Monetary Fund stating that India is set to regain the title of world’s fastest growing major economy in 2018-19. IMF revised up its forecast for world economic growth and said that it expected a strong Indian economy to offset decelerating growth in China. Nifty ended at 11085.45. Metal stocks were the gainers while Media stocks were the losers of the day.
Global Markets Update
Global stock markets rallied to fresh all-time highs, as sentiment was boosted after U.S. lawmakers reached a deal to end a government shutdown.
European markets posted solid gains following news that lawmakers had secured a deal to allow U.S. government operations to get back into action.
Shares of Asian Paints tanks as investors could have reacted negatively to the company’s revenue figures. The company reported a 15.92 percent increase in its consolidated net profit at Rs 567.21 crore for the quarter ended December 31, 2017. The company had posted a net profit of Rs 489.31 crore during the same period of the previous fiscal. Total income during the quarter under review stood at Rs 4,317.15 crore as against Rs 4,315.31 crore in the October-December period last fiscal.
Havells India gains on robust third quarter numbers. The company’s standalone December quarter net profit was up 27 percent at Rs 194.4 crore against Rs 153 crore in same quarter last year. The revenue was up 30.5 percent at Rs 1,965.8 crore against Rs 1,506 crore. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 37.4 percent at Rs 262.3 crore and EBITDA margin was up at 13.3 percent.
Shares of Jet Airways India are set to gain after the airline offered discounted fares for travel on domestic and international flights till Monday. The company will give up to 10% and 20% discount on economy and premiere fares respectively, only for domestic routes and valid for travel from Feb 1. For international routes, the discount is up to 30% and is valid for immediate travel.
Asian stocks advanced after U.S. senators struck a deal to end a government shutdown in a boost to Wall Street, while the dollar turned higher against the yen after Bank Of Japan’s chief reiterated his support for quantitative easing.
Japan’s Nikkei 225 rose 1.29 percent, or 307.82 points, to close at 24,124.15, after touching its highest levels in more than 26 years earlier in the day.Automakers recorded gains in the session: Toyota closed up 0.79 percent, Honda jumped 1.81 percent and Mitsubishi Motors tacked on 2.39 percent. Technology names were also mostly higher, with SoftBank Group advancing 2.02 percent and Sony rising 2.87 percent.
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