BUSINESS
The 30-share BSE Sensex was up 242.95 points at 35,324.77 and the 50-share NSE Nifty gained 34.80 points at 10,823.30.
Key indices on Thursday closed at record highs. The 30-share BSE Sensex was up 242.95 points at 35,324.77 and the 50-share NSE Nifty gained 34.80 points at 10,823.30.
In the midcaps sections, Mindtree surged 9 per cent after strong earnings performance. Firstsource Solutions also gained 3 per cent.
Meanwhile, India Ratings and Research on Thursday projected the country's economic growth to improve to 7.1 per cent next fiscal from 6.5 per cent this year, buoyed by robust consumption demand and low commodity prices.
In its outlook for 2018-19, the agency said there will be a gradual pick up in growth momentum owing to structural reforms like GST and Insolvency and Bankruptcy Code (IBC) in place.
"While the implementation of GST is likely to benefit the economy over the medium to long term, the same cannot be said about the impact of demonetisation," India Ratings & Research (Ind-Ra), a subsidiary of Fitch Ratings, said.
In the banking sector, Yes Bank shares traded flat after the Q3 earnings were announced. Yes Bank has reported profit growth of 22 percent despite sharp jump in provisions for bad loans, driven by non-interest income, NII and operating income.
Benchmark indices turned volatile in last hour of trade, with the Sensex wiping out more than 250 points from record high.
Meanwhile, Emerging stocks pushed to their highest in almost a decade on Thursday as Chinese economic data beat forecasts, with some Asian bourses at record peaks, while the lira and rand firmed ahead of central bank meetings.
China's economy grew by 6.8 per cent in the fourth quarter and industrial output expanded by 6.2 per cent, both ahead of expectations , adding fuel to the bullish sentiment in regional markets.
China's mainland shares rose almost 1 per cent to two-year highs, while Hong Kong, Indonesia, India and Thailand all scaled fresh peaks.
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