6:00 PM Mumbai – Sensex in India halted 3-day slide after the IMF lifted economic growth outlook in India. ICICI Bank plans to sell its stake in a life insurance joint venture with the U.K based Prudential. IVRCL acquired orders worth ₹226.18 crore.
Stocks in Mumbai rebounded after falling for three days in a row on the expectations of a faster economic growth.
Economy is expected to accelerate to 7.2% in the current fiscal year ending in March and pick more speed to 7.5% in the next financial year ending in March 2016, according to the latest estimate released by the International Monetary Fund.
India’s economy is expected to expand at the fastest rate among 20 largest economies in the world, surpassing the elevated growth rates of more than 7% in China for a decade.
The Washington based agency highlighted the improving confidence and lower oil prices are likely to support economic revival in the country.
The report also noted that the decline in gold imports and a better management of balance pf payments position is expected to improve India’s ability to withstand external economic shocks.
India is expected to add nearly 100 million or 10 crore people to its labor force in the next ten years. Modi government is looking to improve its investment in power plants and infrastructure to speed the economic reforms but the newly government is facing challenges from the opposition controlled Rajya Sabha.
Indian rupee fell 25 paisa to 62.52 against one dollar.
The Sensex Index jumped 271.24 or 0.9% to close at 28,930.41. The CNX Nifty advanced 76.05 or 0.9% to 8,776.
In currency market, the euro continued to slide against the U.S. dollar and declined to below $1.05, a 12-year low since January 2003.
Gainers & Losers
Crompton Greaves Limited
advanced 2.3% to ₹179.35 after the consumer products maker won a contract worth €3.4 million from Saudi Electricity Company.
ICICI Bank Limited
rose 1.6% to ₹338.10 after the largest private sector bank is in talks to sell its stake of 5% in ICICI Prudential Life Insurance to Temasek Holdings Pte and Carmignac Gestion worth $300 million.
climbed 5.3% to ₹17.90 after the infrastructure developer acquired orders worth ₹226.18 crore.
DEN Networks Limited
jumped 4.3% to ₹117.80 after the board approved the proposal to increase foreign investment limit to 74% from 49%.
Kridhan Infra Limited
climbed 7.2% to ₹91.05 after the steel provider received an order for ₹100 crore in Laos.
Natco Pharma Ltd
surged 14.8% to ₹2,056.85 after the pharmaceutical products maker won an approval from the Drug Controller of India for the generic version of sofosbuvir to treat hepatitis C that is expected to have no side effects of injection-based treatments.