Nifty99000 100%

Sensex99000 100%

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Sensex mounts 31k, Nifty scales 9,600 points peak

Author: IANS/Saturday, May 27, 2017/Categories: Stocks, Markets

Sensex mounts 31k, Nifty scales 9,600 points peak

A healthy pick-up in heavyweight stocks of Reliance Industries, Tata Steel and ITC on Friday lifted the BSE Sensex and the NSE Nifty to touch fresh record highs of 31,000 and 9,600 points mark, respectively.

Markets observers opined that quarterly results, strong rupee and expectations of further economic reforms from the central government accelerated the ongoing market rally. The 30-scrip Sensitive Index (Sensex) of the BSE crossed the 31,000 mark for the first time in its history to close at a new high of 31,028.21 points — up 278.18 points or 0.90% from its previous close at 30,750.03 points.

The Sensex touched a new high of 31,074.07 points intra-day. The wider 51-scrip NSE Nifty, too, surged and for the first time ever touched the 9,600 mark, notching a fresh high of 9604.90 points during the session. What happened on May 26 is but an encore of the many peaks that the benchmark indices have scaled in the recent past.

Peaks galore
(Levels that the benchmark indices have crossed recently)

Date

Sensex

Nifty

25-Jan

 

8500

1-Feb

29000

 

14-Mar

 

9000

5-Apr

30000

 

16-May

30500

9500

26-May

31000

9600

Year-to-Date rise (%)

16.53

17.21

 

"Markets rallied sharply higher on Friday to new life highs. Gains in index heavyweight Reliance Industries (RIL) and ITC boosted key benchmarks higher," Deepak Jasani, Head (Retail Research), HDFC Securities, said. "Broad market indices like the BSE mid-cap and small-cap indices too rose and outperformed the main index." The S&P BSE mid-cap index rose by 2.06% and the small-cap index by 1.60%.

Anand James, Chief Market Strategist, Geojit Financial Services, said, "Impressive rollover numbers and strong rupee boosted sentiments allowing the index heavy weights to help markets to rise to record peaks."

"Banks were also seen jumpy ahead of the Reserve Bank of India’s (RBI's) meet on stressed assets recovery. Pharma, though, continued to struggle, which were trounced by dismal earning numbers and intense pricing pressure in the US market."

Sector wise, all the sub-indices of the BSE closed in the green, except the S&P BSE healthcare index, which fell by 104.02 points. The S&P BSE metal index augmented by 375.31 points, the automobile index by 313.85 points and the oil and gas index by 288.70 points.

"Postive sentiments on the street can also be attributed to an early and normal monsoon forecast. Things are improving on the macro front, with GST (Goods and Services Tax) implementation (from 1 July) on the horizon and with the bad asset resolution ordinance."

Provisional data showed that foreign institutional investors (FIIs) bought stocks worth Rs 589.11 crore, while domestic institutional investors (DIIs) divested scrips worth Rs 236.44 crore.

Major Sensex gainers on Friday included Tata Steel (up 5.46% at Rs 511.80); ITC (up 2.99% at Rs 308.65); Power Grid (up 2.57% at Rs 203.80); Reliance Industries (up 2.53% at Rs 1,335.80) and Adani Ports (up 1.82% at Rs 346.95). Major Sensex losers were Sun Pharma, down 3.93% at Rs 568.55; Cipla (down 2.48% at Rs 491.60); Lupin (down 2.29% at Rs 1,111.90) Tata Consultancy Services (TCS) (down 1.55% at Rs 2,579.30) and Dr Reddy's Labs (down 0.64% at Rs 2411.70). IANS

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S Vijaykrishnan
S Vijaykrishnan

IANS

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