Sensex hits 35,000, Nifty Bank records new high

The market on Wednesday extended rally in the afternoon trade, as the BSE Sensex hit 266.34 points high at 35,037.39 and the 50-share NSE Nifty rallied 73.0 points to 10,773.50.

The Nifty Bank hit all-time fresh highs of 26,150.05, largely driven by PSU banks after government reduced requirement of additional borrowing for the year and early resolution to Bhushan Steel case.

FMCG major Hindustan Unilever (HUL) is expected to announce a great set of results today due to demonetisation base, GST restocking, nation-wide launch of Ayush and international parent's cost cutting focus.

The rupee recovered sharply in morning after the government reduced its requirement of additional borrowing.

However, it strengthened by 10 paise to 63.92 against the US dollar in morning.

Yesterday, the rupee had lost 55 paise or nearly one percent -- its biggest single-day crash in eight months -- to end at a fresh two-week low of 64.04 against the US dollar, hit by a double whammy of rising global crude prices and worsening trade deficit.


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel