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Sensex mounts 31k, Nifty scales 9,600 points peak
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SME Times News Bureau | 27 May, 2017
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 per
cent 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. The index ended at a new high of 9,595.10 points
after touching a fresh intra-day high of 9,604.90 points.
"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, told
IANS.
"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 per cent and the small-cap index by 1.60 per cent.
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 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."
On the currency front, the rupee strengthened by 17 paise to 64.44-45 per US dollar from its previous close of 64.61-62.
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.
According
to Vijay Singhania, founder-Director, Trade Smart Online, the minutes
from the US Federal Reserve's May 2-3 policy meeting were in large part
responsible for the sudden spike in enthusiasm.
"The US Fed
signalled that it will wait for more data for a rate hike. This prompted
investors to cover their short bets as Thursday was also the last day
for May futures and options contracts," Singhania explained.
"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."
In investments,
provisional data with the exchanges 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 were: Tata Steel, up 5.46 per cent at Rs
511.80; ITC, up 2.99 per cent at Rs 308.65; Power Grid, up 2.57 per cent
at Rs 203.80; Reliance Industries, up 2.53 per cent at Rs 1,335.80; and
Adani Ports, up 1.82 per cent at Rs 346.95.
Major Sensex losers
were: Sun Pharma, down 3.93 per cent at Rs 568.55; Cipla, down 2.48 per
cent at Rs 491.60; Lupin, down 2.29 per cent at Rs 1,111.90; Tata
Consultancy Services (TCS), down 1.55 per cent at Rs 2,579.30; and Dr.
Reddy's Lab, down 0.64 per cent at Rs 2,411.70.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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