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Indian Indices Continue Rally, IMF's GDP Prediction, and Top Stocks in Action
Wed, 24 Jan Pre-Open | Karan Janani, TM Team

On Tuesday, share markets in India opened in green and ended on a positive note.

The BSE Sensex closed higher by 342 points to close above 36,000 levels for the first time ever. While the broader NSE Nifty ended the day higher by 118 points to close above the 11,000 mark for the first time.

Among BSE sectoral indices, metals index rose the most by 4.3%, followed by PSU stocks at 2.2%. Tata Steel and State Bank of India (SBI) were among the top gainers.

Top Stocks in Action Today

ONGC share price is likely to be in focus today after the company got approval from the government for selling its stake in IOC and GAIL to help fund the Rs 369 billion acquisition of HPCL.

ONGC acquiring HPCL would create India's first integrated oil company. This would be ONGC's biggest acquisition and second buyout this fiscal after its Rs 77.38 billion acquisition of 80% in Gujarat State Petroleum Corp's KG basin gas block.

Tata Steel share price is among the stocks to watch, he company's CEO announced that the steel major is ready for expansion through both capex and acquisitions.

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IMF Pegs India to Overtake China

As per the International Monetary Fund (IMF), India is expected to grow at 7.4% of its gross domestic product (GDP) in 2018 as against China's 6.8%. This will make India the fastest growing economy among emerging economies following last year's slowdown due to demonetisation and the implementation of goods and services tax (GST).

In its latest World, Economic Outlook update released on Monday ahead of the World Economic Forum in Davos, the IMF projected India's GDP growth rate at 7.4% in 2018 and 7.8% in 2019.

China, during the same period, is expected to grow at 6.8% and 6.4% respectively.

The aggregate growth forecast for emerging markets and developing economies for 2018 and 2019 remain unchanged, with marked differences in the outlook across regions.

In 2017, China's GDP growth rate of 6.8% was ahead of India's at 6.7%, giving the former the tag of being the fastest growing emerging economy. The Indian economy, which grew at 7.1% in 2016, slowed in 2017 due to demonetisation in November 2016 and GST rollout on 1 July 2017.

Global Markets Shrug off US Shutdown

Global financial markets shrugged off the shutdown in the US government and went on to rally soon after the shutdown was resolved. The brief U.S. government shutdown put only a minor dent to equities, with Wall Street rallying to all-time highs overnight following the deal to end the impasse in Washington.

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Stock Market Updates

ONGC plunged by 10%; BSE OIL & GAS Index Down 3.2% (Today's Market)

May 24, 2018 02:13 PM

ONGC share price has plunged by 10% and its Current Market Price is Rs 177. The BSE OIL & GAS is down by 3.24%. The top gainers in the BSE OIL & GAS Index are IOC (up 0.78%) and RELIANCE IND. (up 0.29%). The top losers is ONGC (down 10.34%).

OIL INDIA LTD. plunged by 6%; BSE OIL & GAS Index Down 2.1% (Today's Market)

May 24, 2018 01:56 PM

OIL INDIA LTD. share price has plunged by 6% and its Current Market Price is Rs 238. The BSE OIL & GAS is down by 2.11%. The top gainers in the BSE OIL & GAS Index are IOC (up 0.75%) and RELIANCE IND. (up 0.39%). The top losers are OIL INDIA LTD. (down 5.53%) and ONGC (down 7.72%).

SPICEJET LTD plunged by 5%; BSE 500 Index Up 0.5% (Today's Market)

May 24, 2018 01:41 PM

SPICEJET LTD share price has plunged by 5% and its Current Market Price is Rs 104. The BSE 500 is up by 0.53%. The top gainers in the BSE 500 Index are NCC LTD (up 9.22%) and KAVERI SEED (up 7.18%). The top losers are SPICEJET LTD (down 5.01%) and INGERSOLL RAND (down 5.84%).

TCS at All Time High; BSE IT Index Up 2.6% (Today's Market)

May 24, 2018 01:18 PM

TCS share price has hit an all time high at Rs 3,608 (up 3.01%). The BSE IT Index is up by 2.55%. Among the top gainers in the BSE IT Index today are TCS (up 3.01%) and ORACLE FINANCIAL SERVICES (up 0.98%). The top losers include CYIENT LTD (down 0.08%) and INFIBEAM INCORPORATION (down 0.21%).

Indian Indices Continue Momentum; IT and Telecom Stocks Witness Buying (Today's Market)

May 24, 2018 12:30 pm

The BSE Sensex is trading flat, while the NSE Nifty is trading down by 20 points.

INFOSYS LTD at 52 Week High; BSE IT Index Up 2.0% (Today's Market)

May 24, 2018 12:32 PM

INFOSYS LTD share price has hit a 52-week high. It is presently trading at Rs 1,220. BSE IT Index is up by 2.13% at 13,502. Within the BSE IT, INFOSYS LTD (up 2.68%) and ALLSEC TEC (up 6.56%) are among the top gainers, while top losers are LYCOS INTERNET and MIC ELECTRONICS.

View More Indian Share Market News

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