Nifty scales record level, Sensex at 2-month high

James Marshall
October 14, 2017

NSE benchmark Nifty rose over 80 points or 0.80 per cent to hit a fresh all-time high of 10,179.15 while the Sensex jumped over 300 points to 32,488.85 as data on Thursday showed inflation held steady, instead of accelerating as expected, raising tentative hopes the central bank would be less hawkish about interest rates.

The benchmark index rose 0.96 percent, or 200.46 points, to close at 21,155.18, the highest level since November 1996 and its ninth consecutive positive session.

The BSE Sensex, which opened at 32,247.74 points, was trading at 32,325.13 points (at 9.23 a.m.) in the early session, higher 142.91 points or 0.44 per cent from Thursday's close at 32,182.22 points. So the markets are waiting for the Sensex to cross the new highs made in August.

Appreciation in rupee against the United States dollar also gave a leg to the rally.

"Additionally, supportive IIP (Index of Industrial Production) and CPI (Consumer Price Index) data provided glimpse of improvement in economic activity".

In the primary market, state-owned General Insurance Corporation of India (GIC Re) got fully subscribed on the last day of its IPO subscription, reporting high demand from qualified institutional buyers (QIBs).

Reliance Industries shot up by 1.15 per cent to Rs 882.50 as participants raised their bets ahead of earnings, to be released later in the day. Among sectoral indices, BSE Bankex was gained the most - up 1.3 percent intraday.

Major Sensex gainers on Friday were: Bharti Airtel, up 7.89 per cent at Rs 431.60; Tata Steel, up 2.86 per cent at Rs 710.60; Kotak Bank, up 2.20 per cent at Rs 1,081.70; HDFC Bank, up 2.09 per cent at Rs 1,853.45; and Coal India, up 2 per cent at Rs 288.05. TCS firmed up 0.32 per cent to Rs 2,556.75 even as the company's net profit fell 2.1 per cent in the September quarter. On the other hand, healthcare index was down 0.29 per cent, FMCG 0.25 per cent, capital goods and oil & gas 0.14 per cent each.

Other reports by Click Lancashire

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