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Thursday, 4 May 2017

Sensex gains 231 pts, Nifty ends above 9350 ICICI Bank shares up 9%

The benchmark indices BSE Sensex and NSE Nifty closed higher on Thursday as bank stocks jumped on a govt’s move to tackle surging bad loans, with ICICI Bank Limited up about 9 percent. As per closing data, The BSE Sensex was up 231.41 points at 30,126.21 and the NSE NIFTY-50 index gained 47.95 points at 9,359.90, the highest ever closing level. The market breadth was balanced with nearly 1428 advancing shares against 1431 declining shares on the BSE. 

The NSE Bank Nifty jumped nearly 1.42% to an all-time high. State Bank of India, Bank of Baroda and Canara Bank gained more than 2.5 percent each. ICICI Bank was up 9% after the bank said it expected additions to stressed assets to be considerably lower this fiscal, though the bank has posted weaker-than-expected earnings. 

Tata Motors Ltd shed 2 percent to Rs 437 becoming the top Sensex loser. Steel Authority of India Jindal Steel, JSW Steel  rose more than 2% each. Steel makers stocks surged after the cabinet’s approval on a proposal to make the use of local steel compulsory for government's infrastructure projects, aimed at increasing the sales of local companies. 

Among losers, HDFC slipped one percent after the company said its standalone profit during January-March quarter fell 21.6% to Rs 2,044.20 cr, versus Rs 2,607.05 crore in the same quarter last year.

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