Sensex hits record high of 40,345; Infosys, SBI rally 4%
Mumbai: Market benchmark BSE Sensex surged over 293 points to hit its record intra-day high of 40,344.99 on Thursday led by rally in index heavyweights Infosys, SBI, HDFC Bank and TCS.
After opening on a strong note, the 30-share index was trading 263.69 points, or 0.66 per cent, higher at 40,315.56 in morning session. The broader NSE Nifty too advanced 71.85 points, or 0.61 per cent, to 11,915.95.
Top gainers in the Sensex pack included SBI, Infosys, Tata Motors, Yes Bank and Sun Pharma, rising up to 4.35 per cent. On the other hand, M&M, Tata Steel, TechM, PowerGrid and Axis Bank fell up to 1.09 per cent.
According to experts, hopes that the government will cut long term capital gain tax, dividend distribution tax and the securities transaction tax enthused domestic investors. Massive foreign fund inflow too boosted investor sentiments, traders said.
Foreign institutional investors purchased a whopping Rs 7,192.42 crore in the capital market, on Wednesday, while domestic institutional investors sold shares worth Rs 185.87 crore, data available with stock exchange showed. Further, the US Federal Reserve's decision to cut its benchmark interest rate for the third straight time also strengthened market mood, they added.
Improved auto sales growth during the festival sessions, good quarterly results too added fuel on Dalal Street, traders said. Bourses in Hong Kong, Seoul and Tokyo were trading on a positive note, while those in Shanghai were in the red. The rupee, meanwhile, appreciated 10 paise against the US dollar to trade at 70.80 in early session. Brent futures, the global oil benchmark, rose 0.30 per cent to USD 60.42 per barrel.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
HC rejects contempt petition against Swami Avimukteshwaranand
Prayagraj (PTI): The Allahabad High Court on Friday rejected the contempt application filed against Swami Avimukteshwaranand Saraswati and and his disciple Mukundanand Brahmachari, seeking punitive action over alleged disobedience of court order.
Ashutosh Brahmachari Maharaj had filed the petition alleging violation of court order passed while granting anticipatory bail to Avimukteshwaranand in a POCSO case registered at Prayagraj.
Rejecting the application, Justice Dinesh Pathak observed that the applicant could file for cancellation of anticipatory bail granted by the court, if he is violating bail conditions.
In the contempt application it was alleged that inspite of the order of high court, Avimukteshwaranand is holding several meetings and is making statements in violation of high court order.
Earlier, Justice Rohit Ranjan Agarwal had recused himself from hearing the contempt petition saying that he does not want to hear the matter. After this, the chief justice nominated Justice Pathak to hear the matter.
