Nifty closes at record high, Sensex ends 250 points up, bank, telecom stocks rise
BSE Sensex closed higher by 250 points to 32,432.69, while the Nifty 50 rose 71.05 points to close at 10,167.45. Here are the latest updates
Mumbai: The Nifty on Friday surged to a record close at 10,167 and the Sensex hit over two-month high as investors threw caution to winds and went ahead with more buying. The rupee stood firm against the US dollar, which fuelled the rally. The NSE Nifty sprinted to 10,167.45, up 71.05 points, or 0.70%, after scaling a new intra-day high of 10,191.90. It surpassed its previous record closing of 10,153.10 hit on 18 September.
The 30-share BSE Sensex opened positive and settled the session higher by 250.47 points, or 0.78%, at 32,432.69, its biggest closing since 2 August. The gauge had shot up 348 points on Thursday. For the second straight week, both indices rose, with the Sensex adding 618.47 points, or 1.94%—the biggest such weekly jump since 14 July when it read 660.12 points, or 2.10%—and the NSE Nifty soared 187.75 points, or 1.88%.
Industrial production expanded to a 9-month high of 4.3% in August, while retail inflation came in at 3.28% in September, unchanged from August. “Better IIP figures have given reasons for investors to resume buying, pushing behind fears of soft corporate numbers. IT results have also worked to this end, pushing indices to newer heights, adding to the crescendo of positive vibes ahead of the festive season,” said Anand James, chief market strategist, Geojit Financial Services.
With this rally, investor wealth swelled to Rs138.19 trillion. The overall investor optimism rubbed off on broader markets as well, in the process lifting BSE small-cap and mid-cap indices.
Bharti Airtel was the big hitter, surging 7.89% to Rs431.60 as the company announced acquisition of Tata group’s loss-making mobile telephony business, almost for free, boosting its spectrum holding and user base. IT bellwether TCS firmed up 0.32% to Rs2,556.75 even as the company’s net profit fell 2.1% in the September quarter.
Reliance Industries climbed 0.48% to end at a record high of Rs876.70 on expectations of strong earnings from the conglomerate’s core petrochemical business. The results are slated later for the day.
Tata Steel, Kotak Bank, Coal India, HDFC Bank and ICICI Bank had a field day, surging by up to 2.86%. The BSE telecom index saw maximum buying, climbing 5.27%, followed by banking, technology and metal indices.
Domestic institutional investors remained net buyers, picking up shares worth Rs872.54 crore on Thursday. However, foreign portfolio investors gave up shares net Rs668.13 crore, showed provisional data. While most Asian shares closed up, Europe showed a two- way trend in the early part.
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