We had mentioned in Tuesday’s closing report that Nifty and Sensex, which ended on a flat note were losing steam. Indian shares climbed to a near three-week high as a gauge of lenders snapped its two-day losing streak and automakers extended their rally. The S&P BSE Sensex gained nearly 1% to 26,652 and the NSE Nifty advanced 1% to 8,224. Both the indices have gained for a fourth straight session, with the Nifty closing above the 8,200-mark for the first time since 11 November.
The market breadth was firmly in favour of the buyers at 1,765 advances against 827 declines and 202 stocks remained unchanged.
Banks were the big gainers, led by ICICI Bank (+3.1%), IndusInd (+3%) and SBI (+1.6%). Meanwhile, the CNX IT index bucked the rising trend, losing 0.1% and in the process extending its losing streak to day three. The S&P BSE SmallCap index outperformed its larger peers, rising little over 1%.
The top gainers and top losers of the major indices are given below:
India's fiscal deficit for the April-October period of the current financial year stood at Rs4.23 lakh crore, or 79.3% of the budget estimate, data released by the Controller General of Accounts showed on Wednesday.
The total budgeted estimate for financial year 2016-17 stands at Rs5.34 lakh crore which translates to 3.5% of the gross domestic product. The deficit was 74% of the target in the same period of the previous financial year. Non-tax receipts generated by the end of October stood at Rs1.6 lakh crore, which is 52% of the budgeted estimate of Rs3.2 lakh crore, data showed.
Total receipts (from revenue and non-debt capital) of the government stood at Rs7.3 lakh crore or 50.4% of the budgeted estimates for the current financial year.
The government has also stuck to front-loading its spending calendar, with the total expenditure at Rs11.5 lakh crore, or 58.2% of the full-year estimate in the first seven months of the current financial year. Non-planned expenditure constituted Rs8.1 lakh crore of the total amount.
The Indian economy grew at 7.3% in the second quarter of the current fiscal year, lower than the 7.5% forecast by economists. While slightly weaker than expected, the growth trend has so far has been in line with the forecast of achieving 7.6% growth this fiscal. This could change with growth seen weakening in the third and fourth quarters of the year due to the impact of demonetisation.
The country’s gross domestic product grew 7.3% in the July-September quarter compared to 7.1% in the previous quarter. Gross value added, a second way to judge growth in the economic activity, rose 7.1% during the quarter.
The closing values of the major Asian indices are given in the table below: