Nifty zooms to all-time high 10167, Sensex rallies 250 points

15 October, 2017, 02:26 | Author: Terri Saunders
  • Nifty zooms to all-time high 10167, Sensex rallies 250 points

Asian stocks held firm near a 10-year high on Friday thanks to expectations of brisk global growth, although investors held off chasing the shares higher ahead of USA and Chinese economic data as well as the Chinese Communist Party congress next week.

Positive cues from the Asian market also boosted sentiment.

The Nifty50, on Friday (October 13), closed trade at a new high of 10,167.45 points, surpassing its previous closing high of 10,153.10 points scaled on September 18.

The Sensex has so far touched a high of 32,445.22 points and a low of 32,247.74 points during intra-day trade.

Overseas, most European shares were trading higher.

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The NSE Nifty50, gained 71.05 points or 0.70% to close at 10167.45, a fresh high. While the Nifty has made a new high in September, the Sensex has not. As dealers dumped slowdown fears and instead pumped money to trade in truckloads, the rupee stood firm against the U.S. dollar that fuelled the rally, taking investor wealth to Rs 138.19 lakh crore.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Market saw a fresh high due to good start to Q2 (second quarter) results".

According to official data released on Thursday, the IIP for August showed that factory output grew 4.3 per cent against the same month previous year, and September's CPI inflation remained static at 3.28 per cent as compared to August.

India's retail inflation edged up 3.28% in September from a year earlier, slower than economists expected, government data showed after-market hours on Thursday. Domestic institutional investors remained net buyers, picking up shares worth Rs 872.54 crore on Thursday. "The shares of Bharti Airtel, Reliance Industries and Tata Steel rose, whereas the shares of ONGC and Adani Ports fell", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Telecom stocks were in action for second consecutive week after reports stated that Bharti Airtel agreed to take over Tata group's consumer mobile business. Banks such as Kotak Bank (up by 2.20%), HDFC Bank (1.89%), ICICI Bank (1.44%), Axis Bank (0.91%), and SBI (0.34%) were among the leaders in the pack.

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