Infrastructure investments in politically-expedient sectors such as water supply, sanitation and irrigation have seen an increase during the first year of the 12th Five-Year Plan (2012-13 to 2016-17), but the same did not get replicated in other critical sectors.
Markets closed in the red on domestic worries.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
Most of the session's gains for both the indices were wiped out as investors rushed to book profits ahead of F&O expiry on Thursday and also due to concerns over stretched valuations.
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.
Sensex, Nifty put up a good show in closing trade.
Gains in key IT, capital goods, healthcare and metal stocks, after consistent buying by domestic and foreign investors, helped both the key indices to scale new peaks.
The NSE Nifty after shuttling between 10,441.90 and 10,341.90, ended 6.15 points, or 0.06 per cent down at 10,380.45.
The BSE Midcap and Smallcap indices have performed better than the front-liners
Oil & Natural Gas Corporation Ltd said its ONGC Videsh Ltd authorized plans to hold talks with British Gas for acquisition of their stake in Kashagan oil filed. However, no action has been taken in this regard, it said.
Infosys, TCS, ICICI Bank and Sun Pharma among the top losers of the hour.
Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome.
'The domestic scenario is much better than earlier, demonstrated in the March quarter earnings.'
This makes him corporate India's biggest donor to society.
A recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet
HDFC, TCS, RIL, ITC and ICICI Bank dragged the Sensex by over 100 points.
Since most Indian firms have kept their forex exposure unhedged, credit profile of companies in the highly sensitive sectors such as oil & gas, metal & mining, airlines could weaken substantially, says Anup Roy.
The automobile segment is our preferred area, and old favourites such as Tata Motors, Bajaj and Maruti Suzuki continue to entice us.
Being one of the early commentators to flag economic slowdown and caution investors on corporate earnings, Gautam Chhaochharia, head of India research, UBS Securities, in an interview with Hamsini Karthik says the markets remain in an expensive zone despite the recent correction.
The market sentiment was also impacted by mixed global cues as setbacks for a healthcare overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
The 30-share Sensex gained 321 points to end at 26,430 and the 50-share Nifty surged 100 points to end at 7,879.
This surpassed its previous record close of 29,974.24, reached on April 5.
Investors cheered a sharp decline in the Current Account Deficit, which stands at a 4 year low as exports picked up and gold imports reduced.
The broader markets underperformed benchmark indices as the BSE Mid-cap and Small-cap tumbled over 2%.
Sensex ended up 11 points at 25,561 and the 50-share Nifty gained 16 points to end at 7,640.
Reliance Industries was the top Sensex gainer up 5.6% after the company reported better-than-expected net profit growth at 12% in the second-quarter aided hby higher gross refining margins.
The BSE IT sector, however, failed to snap a three-day losing streak and closed around 0.14 per cent lower.
Sun Pharma emerged as the star performer and closed 4.03 per cent up at Rs 675.45, while Cipla rallied 1.58 per cent to Rs 592.60.
IT majors along with metal names Sesa Goa and Hindalco buck trend.
Oil & Natural Gas Corporation Ltd said it has not yet been granted clearance by government for acquiring equity stake in MRPL.
Italy's Eni welcomed the Indian company. The other four partners have 60 days from date agreement.
The entire selection process of the IOC chairman was shrouded in mediocrity and mystery.
In its biggest acquisition till date, OVL, the overseas arm of Oil & Natural Gas Corp in November agreed to pay US energy giant ConocoPhillips about $5 billion for the 8.4 per cent stake in Kashagan, the biggest oilfield discovery in over four decades.
Among the gainers, Sun Pharma topped by rising 3.03 per cent as the weak rupee tempted buyers to accumulate shares of pharma exporters.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
Some analysts have raised doubts on the wisdom of the recent deal. Though the Kashagan field has been under development for 12 years, involving an investment of almost $50 billion, the output isn't great. Even the earlier acquisition of Imperial Energy Corporation has not met the targets.
Markets ended in green on rate cut hope.
ONGC chairman and managing director R S Sharma formally launched the drill
