Mumbai : After a bounce back by losing more than six percent in previous week, the Sensex closed up 568 points or 2.5 percent at 23554.12 and the Nifty was up 182 points or 2.6 percent at 7162.95 in the closing trade today.
Shares such as Tata Steel, Hindalco, SBI, Adani Ports were top gainers while Bharti Airtel, HUL, HDFC twins were losers in the Sensex.
Reeling under the impact of gross budgetray support cut and falling revenue collection, Railways is firming up plans to to slash operational cost and working expenses considerably to meet its financial requirement.
Railway Minister Suresh Prabhu, gearing up to present his second Rail Budget on Feb 25, will unveil a plan to cut expenses and at the same time increase non-tariff revenue substantially to wade through the difficult phase in the public behemoth.
Reserve Bank of India (RBI) Governor Raghuram Rajan said he was not in favor of devaluing exchange rates to boost economic growth, signaling India will not join other countries such as China or Japan in pushing down their currencies.
“I personally feel sustained devaluation is neither feasible nor a good strategy,” Rajan said in a speech at a conference on medium scale enterprises in Trivandrum, in southern India. (ANI)