February 21, 2018

Monsoon hopes lift Sensex to new high

12 May 2017, 04:55 | Frank Carlson

Sensex gains 78 points on Asian cues Nifty tops 9,300

Representational Image

Mumbai: Taking a cue from global markets, the key Indian equity market indices on Thursday opened higher.

Meanwhile, the NSE Nifty regained the 9,300-mark by rising 24.05 points, or 0.26 per cent, to trade at at 9,309.35.

"Nifty shifted into minor upside move today and closed the day higher by around 28 points led by cement and bank stocks on a low volume day".

Both indices had hit their earlier highest levels on May 5, when the NSE index had touched 9,377 and Sensex, 30,177.

The Dow slipped 0.2 percent and the S&P 500 eased 0.1 percent while the tech-heavy Nasdaq Composite rose 0.3 percent to reach a fresh record closing high for a second day in a row. Bharti Airtel was the top gainer, soaring 7.9% as investors shrugged off an nearly 70% drop in fourth-quarter profit and cheered a better-than-expected performance on margins and volume growth.

"The ordinance is definitely having a positive impact", Sedani said.

In what started as a massive market rally, Sensex and Nifty saw lifetime highs in trade today only to reverse gains to trade flat as the market inched towards the closing bell.

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In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) purchased stocks worth Rs 1,306.71 crore, while domestic institutional investors (DIIs) divested scrip worth Rs 1,037.18 crore.

Major index gainers were HUL, Bharti Airtel, M&M, HDFC Ltd, Adani Ports, Cipla, Power Grid, Reliance Industries, ITC Ltd, NTPC, Bajaj Auto, HDFC Bank and L&T.

The market breadth favoured the declines as 1,246 shares advanced against a fall of 1,588 shares, while 169 shares were unchanged.

Indian shares extended their record-breaking run on Thursday with auto stocks rallying on expectations of lower interest rates after a better monsoon forecast eased inflation fears in a country that depends heavily on rains to irrigate its farmlands.

Among the sectoral indices, consumer durables rose 1.65 per cent, auto 0.98 per cent, metal 0.69 per cent, teck 0.57 per cent, healthcare 0.55 per cent and IT 0.29 per cent.

Hong Kong's Hang Seng rose 0.36 per cent, while Japan's Nikkei shed 0.26 per cent in early trade. The BSE Mid-Cap index rose 0.05%, outperforming the Sensex.

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