Oil & gas, banking and pharma sector stocks stole the show
The sentiment got support from better-than-expected earning results by select companies and continuous buying by domestic financial institutions.
The BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.6% and 1.1%, respectively
The BSE Sensex zoomed 318 points to end at 33,351.57, while the broader Nifty spurted 88 points to 10,242.65.
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
The breadth, indicating the overall health of the market, was slightly positive
The S&P BSE Midcap and S&P BSE Smallcap indices gained 0.4% and 1%, respectively
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Sun Pharma was by far the biggest gainer in the Sensex pack, surging 8.13 per cent, followed by Dr Reddy's at 4.92 per cent.
A bench of Justice Vibhu Bakhru, which later decided to hear the matter on Thursday again, also said that the ailing airlines can be allowed to be represented by a lawyer in the proceedings to be conducted by the PSU bank against it.
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Banking as we know it will stand on its head in the next 10 years.
"A very easy solution to suggest is tax-payers must pay because the private sector has defaulted," Jaitley said, adding that bank recapitalisation, where the government puts in more capital in public sector banks to shore up their books, effectively amounted to that. "Therefore, I think let's try and make the private sector pay for their debts or allow somebody else to step in."
Indeed, this is one policy area where the Modi-led government is different from the one that was headed by Atal Bihari Vajpayee.
The stocks could tank more than what it did after the United Progressive Alliance-1 came to power in 2004, as the market has not yet priced in a Bharatiya Janata Party defeat, says Raj Bhatt.
Fresh buying by domestic institutional investors and better-than-expected June quarter results from some blue-chip companies boosted investor sentiment
The steep fall in rupee came on a day when the Reserve Bank of India in its first quarter review of monetary policy kept the all key rates unchanged but cut the gross domestic growth forecast to 5.5 per cent for FY'14 from 5.7 per cent earlier.
'If the RBI blesses us with a banking licence, we would like to launch a successful bank.'
Asset quality stress has ballooned recently, as growth slowed and interest rates continued to rise.
The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
The global brokerage firm believes that CRR cut is likely to help cut lending rates and revive growth sentiments.
Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
The BSE gauge Sensex fell 73.88 points to 35,548.26 and the NSE Nifty slid 17.85 points to 10,799.85, taking cues from tumbling global shares.
Dr Rakesh Mohan, former RBI deputy governor, and Dr Pronab Sen, former chairman of the Indian Statistical Commission discuss the issues facing the Indian rural and manufacturing sectors and what the government must possibly do to improve demand and perk up the Indian economy
Mixed global cues and decline in crude oil prices further dent the sentiments.
Independent market analyst Ambareesh Baliga points out the red flags that retail investors should not have ignored and lists three scenarios -two of these scenarios offer a glimmer of hope to retail shareholders of Yes Bank - that could play out in the coming days.
The broader NSE index has fallen about 0.9% as investors wait for corporate results
If a name does not unify the three, there could be continued clash of identities, which could splinter the brand even before it takes shape, say Abhijit Lele and Nikhat Hetavkar.
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Banks had a tough time in recovering loans from corporates in 2014.
The consolidated entity can target good growth FY18 onwards, analysts say.
Banking services are likely to be affected for the next four days as employees of PSU banks plan to go on a zone-wise relay strike beginning with Southern region from Tuesday, after wage revision talks failed.
Have conviction in your bets and use stop-loss as a defence mechanism to curtail losses.
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 scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
'Under Modi Ji's 'Jan Dhan Loot Yojana', another scam!' he tweeted.
'Today, bankers don't want to take risks as the good decisions taken by them were not protected.' 'There is risk involved in all decisions, like businessmen taking risks in their businesses.' 'A banker must have taken a decision when the economic condition was different, and you cannot question him on the basis of the present situation in hindsight.' 'Naturally, this has affected the morale of bankers.'
Bharti Airtel , RCom and Tata Communications ended down between 0.1-1%.
Jaitley said growing at 8-10 per cent for a significant number of years will help India find an answer to poverty.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
