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Published: Sat, February 18, 2017
Economy | By Melissa Porter

Sensex up almost 200 points; Pharma, bank stocks shine

Sensex up almost 200 points; Pharma, bank stocks shine

The shareholding fell below the threshold, prompting the RBI to lift the restrictions on Thursday evening, leading to a spurt in HDFC Bank share prices.

The aggregate foreign shareholding through ADR/GDR/FIIs/FPIs/FDI/NRIs/PIOs in HDFC Bank Ltd. have gone below the prescribed limit stipulated under the extant FDI Policy, RBI said in a notification.

Sentiment also got a boost after RBI governor Urjit Patel said India's economic growth will make a "sharp V" recovery after a short drop in the aftermath of demonetisation.

After opening lower, the BSE Sensex bounced back briefly to hit a high of 28,382.32 on rebound in select stocks.

On Tuesday, US Federal Reserve Chairman Janet Yellen informed the Senate Banking Committee during a testimony that a rate hike was possible as early as March 2017. (The Sensex last closed at 28,668.22 on September 23,2016).

The gauge had gained 145.71 points in the previous session.

In a related development, International Olympic Committee and Indiabulls Housing will replace BHEL and Idea Cellular on the NSE Nifty. The long-term and short-term investors can continue to hold their share in the HDFC Bank as they could benefit some profit or re-enter the stocks.

HDFC Bank shares ended 3.59 per cent higher at Rs 1,375, paring gains on some profit-taking.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 6.45 crore yesterday, as per provisional data released by the stock exchanges.

In Asia, Japan's Nikkei 225 index fell 0.6% and Hong Kong's Hang Seng declined 0.3%.

In Europe, key indices such as London's FTSE, Paris CAC 40 and Frankfurt fell by up to 0.69 per cent in early trade.

The stock jumped 3.75 per cent to end at Rs 1,377.15 on BSE.

Major Sensex gainers on Wednesday were: ITC, up 0.96 per cent at Rs 273.40; HDFC Bank, up 0.90 per cent at Rs 1,322.45; Tata Consultancy Services (TCS), up 0.53 per cent at Rs 2,415.70; Bajaj Auto, up 0.38 per cent at Rs 2,790; and Power Grid, up 0.32 per cent at Rs 201.25. Wipro, Hindalco and Infratel fell 1-4 percent.

There was mixed trend on the sectoral front, as pharma, banks, FMCG and realty indices closed with gains, whereas, IT, metals and PSU banks closed in the negative territory.

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