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Sensex steadies after early excitement from exit polls

16 December 2017

The Street consolidated on early gains nearly through the day before investors indulged in profit booking as the trading session drew to a close.

India's economic growth has bottomed out and will recover further to 7 per cent over the next few quarters, but it is likely to take a few years to return to 7.5 per cent above levels, Standard Chartered said in a research report.

On Friday, Yes Bank shares closed 3.98% up at Rs316.05 on BSE, while the Sensex ended 0.65% higher at 33,462.97 points.

Intra-day, it shuttled between 10,276.10 and 10,141.55. The central bank kept its policy outlook on additional increases for 2018 and 2019 unchanged. Meanwhile, the broad based NSE Nifty climbed by 81.15 or 0.79% at 10,333.25 with 31 components registering rise.

Indian markets rebounded closing Thursday's session with gains as investors shifted their attention to exit poll results of Gujarat assembly elections.

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An appreciating rupee against USA dollar created room for equity upmove.

Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 921.03 crore while domestic institutional investors purchased stocks worth Rs 635.44 crore. It gained 375 points to touch a high of 33,621.96 during intraday trading after exit polls predicted a win for BJP in both Gujarat and Himachal Pradesh.

Major Sensex losers were: Cipla, down 2.53 per cent at Rs 575.85; ONGC, down 0.87 per cent at Rs 182.85; Asian Paints, down 0.45 per cent at Rs 1,119.95; Tata Consultancy Services, down 0.42 per cent at Rs 2,547.85; and State Bank of India, down 0.41 per cent at Rs 312.75.

The metal index ran up the maximum by 2.82 per cent, followed by realty, consumer durables and auto. Others that advanced too included ITC, M&M, Hero MotoCorp, Axis Bank, Lupin and Kotak Bank.

Sensex steadies after early excitement from exit polls