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Nifty ends above 10,000 points for first time ever

Yatheendradas C.k. at 09:57 PM - Jul 26, 2017 ( ) Views: 294

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Nifty ends above 10,000 points for first time ever

OUR BUREAU/AGENCIES   BUSINESS LINE

Sensex closes at a new high of 32,382.46

The broader NSE index ended above 10,000 points for the first time ever, extending a recent record-setting rally after positive quarterly results lifted the sentiment.

Expectations of a better earnings season with improving economic indicators have increased investor confidence, although high valuations are seen capping gains in the near term.

The Nifty gained 56.10 points or 0.56 per cent to end at 10,020.65. The Sensex rose 154.19 points or 0.48 per cent to close at new high of 32,382.46.

It touched a record intra-day high of 32,413.63 as investors flocked to blue-chips ahead of expiry of July derivatives contracts tomorrow.

Among BSE sectoral indices, metal index was the star-performer and was up 1.74 per cent, followed by capital goods 0.89 per cent, healthcare 0.8 per cent and banking 0.74 per cent. On the other hand, TECk index was down 0.37 per cent and IT IT 0.2 per cent.

Top five Sensex gainers were Tata Steel (+2.22%), Sun Pharma (+2.08%), ICICI Bank (+2.07%), M&M (+1.94%) and Cipla (+1.82%), while the major losers were Axis Bank (-2.9%), Asian Paints (-1.43%), TCS (-0.62%), Bharti Airtel (-0.32%) and Bajaj Auto (-0.24%).

Among gainers, shares of Vedanta Ltd rose as much as 3.3 per cent to their highest since September 25 2014, after better margins from zinc operations helped double the company's June-quarter consolidated profit.

Axis Bank fell as much as 2.7 per cent and was among the top percentage losers on the NSE index. Analysts say concerns over the banks' unrecognised stress in power and others sectors linger. Axis Bank had posted a 16 percent fall in quarterly profit on Tuesday, but said overall bad loans were stable.

“The market is on a secular uptrend. Among other factors, corporate results so far have been fairly decent with upbeat performances,” said Nitasha Shankar, senior vice president and head of research at Yes Securities (I) Ltd.

“Overall, things are improving and we expect the market to continue on this journey upward, though there will be some days of profit booking which would only be prudent.”

Global markets

Asian stocks edged up early on Wednesday after Wall Street indexes notched record highs, while the dollar was steady as investors awaited the Federal Reserve's policy decision later in the day for more clues on its tightening plans.

MSCI's broadest index of Asia-Pacific shares outside Japan , rose 0.1 per cent, drawing support after the S&P 500 climbed to an all-time high overnight on well-received results from McDonald's and Caterpillar in addition to bank share gains.

The S&P 500 climbed to an all-time high on Tuesday on a heavy day of corporate results highlighted by well-received reports from McDonald's and Caterpillar and gains for bank shares. The Nasdaq also managed to set a record high despite declines in Google parent Alphabet after its results.

TODAY'S POLL


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