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.
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.
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 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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