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Equity indices scale fresh highs; Nifty50 crosses 10,500 intra-day

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Web Admin

Web Admin

5 Dariya News

Mumbai , 22 Dec 2017

Ahead of a long weekend, the key Indian equity indices closed at new highs after recording fresh levels on an intra-day basis riding on broadly positive global cues and healthy buying in IT, auto and capital goods stocks.On the National Stock Exchange (NSE), the wider Nifty50 index crossed the 10,500 mark for the first time on an intra-day basis.The NSE Nifty50 edged higher to a new intra-day level of 10,501.10 points, crossing its previous intra-day high of 10,494.45 points scaled on December 20.On a closing basis, the Nifty50 rose by 52.70 points or 0.50 per cent to a fresh high of 10,493 points, surpassing its previous closing high of 10,463.20 points scaled on Tuesday.The barometer 30-scrip Sensitive Index (Sensex) touched a fresh high of 33,964.28 points on an intra-day basis, surpassing it's Wednesday's (December 20) intra-day high of 33,956.31 points.On a closing basis, the Sensex scaled a new high of 33,940.30 points -- up 184.02 points or 0.55 per cent from its previous close -- surpassing its Tuesday's (December 19) closing high of 33,836.74 points.The BSE market breadth remained bullish as 1,564 stocks advanced as compared to 1,184 declines."Markets surged higher on Friday after two sessions of negative closings. Positive Asian markets helped to perk up the sentiments as the Nifty touched the 10,500 mark for the first time ever," Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

The broader market indices also touched fresh intra-day highs. On a closing basis, the S&P BSE mid-cap index was up by 0.11 per cent and the small-cap index by 0.58 per cent."Market enthusiasm continued on the eve of Christmas with Nifty crossing 10,500 on intra-day basis. Nifty as well as Sensex scaled new highs," Anita Gandhi, Whole Time Director, Arihant Capital Markets, told IANS."Investors were happy with Infosys buyback money credited and sentiment in the stock also improved taking it to 52-week high. Metals and realty sector also did well."

Gandhi added that optimism was expected to continue due to expectation of net asset value (NAV) based buying till December end.Shares of IT major Infosys rose by almost 2.2 per cent to Rs 1,044.20 per share during the day's trade.Vinod Nair, Head of Research, Geojit Financial Services, said: "Passage of US tax reform bill aimed at reducing the corporate tax rates and strong US Q3 GDP growth of 3.2 per cent led rally in global markets which was extended to domestic market and Nifty hit an all time high of 10,500."

"The expectation of a good budget and strong H2FY18 earnings is supporting this rally. IT sector was the outperformer today due to big order win by IT major Tata Consultancy Services (TCS). Weak crude prices and strong rupee supported the sentiments," he added.On the currency front, the Indian rupee closed flat at 64.05 against the US dollar from its Thursday's close.Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 107.87 crore while domestic institutional investors purchased stocks valued at Rs 371.53 crore.Sector-wise, the S&P BSE capital goods index rose by 176.19 points, IT index by 144.29 points and auto index by 115.40 points.On the other hand, the BSE S&P consumer durables index declined by 132.18 points, metal index slipped 8.66 points and realty index was a tad lower by 0.01 points.Major Sensex gainers on Friday were: ONGC, up 2.87 per cent at Rs 193.40; TCS, up 1.76 per cent at Rs 2,639.80; Infosys, up 1.65 per cent at Rs 1,038.40; Bajaj Auto, up 1.24 per cent at Rs 3,326.45; and Wipro, up 1.16 per cent at Rs 301.10.Major Sensex losers were: Dr. Reddy's Lab, down 0.80 per cent at Rs 2,333.05; Coal India, down 0.75 per cent at Rs 266; Tata Steel, down 0.68 per cent at Rs 710.60; IndusInd Bank, down 0.64 per cent at Rs 1,648.85; and Hero MotoCorp, down 0.61 per cent at Rs 3,785.95.The Indian equity markets will remained closed on Monday for Christmas.

 

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