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Indian shares rally on economic optimism

economic optimism

The S&P BSE Sensex climbed 550 points, or 1 percent, to 57,614, while the NSE Nifty index was up 163 points, or 1 percent, at 17,147

Indian shares opened on a positive note Wednesday as the latest GDP (Gross Domestic Product), core sector output and fiscal deficit data affirmed that the Indian economy is on continuous mend.

The benchmark S&P BSE Sensex climbed 550 points, or 1 percent, to 57,614 in early trade, while the broader NSE Nifty index was up 163 points, or 1 percent, at 17,147.

Among the top gainers, Hindalco, Tech Mahindra, HDFC, IndusInd Bank and Eicher Motors jumped 2-4 percent.

Yes Bank declined 1.2 percent. The Supreme Court of India has set aside a Noida police directive that barred the bank from exercising its rights over the shares it owns in Dish TV India.

Coal India gained nearly 1 percent after it announced plans to invest Rs 19,650 crore to augment coal evacuation capacity through rail mode.

Maruti Suzuki India advanced 1.3 percent. The car maker is expecting an adverse impact on vehicle production in December at its plants in both Haryana and Gujarat.

NTPC was marginally higher. The company said that 250-MW unit-4 of its Nabinagar power plant will begin commercial from Wednesday midnight.

Rail Vikas Nigam climbed 3 percent after in signed a pact for development of railway corridor projects in Kyrgyz Republic specially to connect from Bishkek to Karakechenskoye.

NMDC gained nearly 1 percent after cutting lump ore prices.

Zomato was little changed after it launched ‘Zomato Wings’, a platform to connect investors with restaurants, to help them raise funds.

Sun Pharmaceutical Industries shed half a percent. The drug major said its arm DUSA Pharmaceuticals Inc has reached settlement with Biofrontera to resolve a litigation over misappropriation of trade secrets and unfair practice.

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