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Business News/ Market / Stock-market-news/  Sensex, Nifty close at fresh record high, telecom stocks gain
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Sensex, Nifty close at fresh record high, telecom stocks gain

BSE Sensex closed higher by 200.95 points to 32,633.64, while the Nifty 50 gained 0.65% to close at 10,233.10. Here are the latest updates

BSE Sensex and NSE Nifty close higher on Monday. Photo: MintPremium
BSE Sensex and NSE Nifty close higher on Monday. Photo: Mint

Mumbai: Stock markets surged to all-time closing highs as positive macro data and encouraging comments by the International Monitory Fund (IMF) cheered investors, sending the benchmark BSE Sensex higher by 200 points. The 30-share index scaled an all-time high of 32,687.32 in early trade before ending up by 200.95 points at 32,633.64, the highest closing level so far.

The broader NSE Nifty zoomed past the 10,200-mark for the first time to hit an all-time high of 10,242.95 in early trade. However, it pared some of gains to settle at record closing level of 10,230.85, up 63.40 points, or 0.62%. It broke previous record high of 10,167.45, hit on 13 October.

Market sentiment was buoyant in a truncated trading week ahead of Diwali and encouraging Q2 earnings from Reliance Industries.

“Optimism over Q2 earnings and positive global cues continued to drive market to fresh highs," said Vinod Nair, head of research, Geojit Financial Services Ltd. “Q2 results will gather significance in coming days with the earnings of Index heavyweights and decide the market’s momentum," Nair said further.

The rupee appreciating further to 64.68 against the dollar (intra-day) at the forex market too fuelled the rally. Sentiments got a lift after IMF chief Christine Lagarde on Saturday said the Indian economy is on a “very solid track" in the mid-term, triggering all-round buying activity, brokers said. Wholesale inflation softening to 2.6% in September from 3.24% in August and exports growing at six-month high rate of 25% in the month enthused investors.

Unabated buying by domestic institutional investors helped the key indices scale new highs. A firming trend at other Asian markets and a higher opening of European shares tracking gains across the US and Asia as investors bet on another strong earnings season, also boosted sentiments. In the euro zone, stock exchanges in Frankfurt and Paris were up by 0.20% each in early trade. London’s FTSE also rose 0.30%.

Among Sensex gainers, Bharti Airtel rose further by 4.96% after the company announced acquisition of Tata group’s loss-making mobile telephony business, almost for free, boosting its spectrum holding and user base. Other big gainers included M&M, Tata Motors, Hindustan Unilever and Sun Pharma. However, Axis Bank fell by 1.65% and Wipro dropped 0.62%.

Among sectoral index, telecom rose the most by surging 4.23%, followed by metal index 2.02%, healthcare 1.24%, teck 1.23% and auto 1.19%. The broader markets too continued to remain in bullish form with the midcap index rising by 0.52% and smallcap index finishing 0.30% higher.

The market breadth remained negative as 1,401 stocks ended in red, 1,303 closed in green while 140 ruled steady. The total turnover on BSE amounted to Rs3,448.19 crore, lower than turnover of Rs4,246.32 crore registered during the previous trading session.

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Published: 16 Oct 2017, 09:33 AM IST
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