Sensex rises 194 pts on Gujarat exit polls

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

India’s GDP growth to be  6.5% in 2017-18 and 7.2% in 2018-19, according to Economic Outlook in 2018 report.

The 30-share BSE Sensex surged 193.66 points, or 0.59%, to close at 33246.70. The gauge had lost 402.75 points in the previous two sessions. Nifty settled up 59.15 points, or 0.58%, ending at at 10252.10.

Dr Reddy’s jumped 2.34%, followed by Cipla. ITC, Mahindra and Mahindra, Hero MotoCorp, Axis Bank, Lupin and Kotak Bank, stood among other gainers on Sensex.

However, TCS plunged 2.62%, followed by Sun Pharma, Power Grid and L&T.

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

Additionally, the Dow finished at another record on Thursday while the dollar retreated as Fed lifted interest rates and the US tax cut plan moved forward in Congress. Janet Yellen raised rates to a range of 1.25% to 1.5%, in her last act as the US Federal Reserve (Fed) chair. In the US, the Dow pushed to a fourth straight closing record, up 0.3% at 24585.43.

UPBEAT SENTIMENT

• Leading the pack of gainers, Dr Reddy’s jumped 2.34%
   
• India’s GDP growth will grow 6.5% in 2017-18, 7.2% in 2018-19