Nifty scales record highs on upbeat macro-data, quarterly earnings

Tomas Mccoy
October 17, 2017

The benchmark BSE index closed higher by 250.47 points or 0.78 per cent at 32,432.69.

The NSE 50-share Nifty was also trading up by 34.20 points or 0.34 per cent to 10,201.65 at 1130 hours.

The Sensex was trading 182.24 points or 0.56 per cent higher soon after opening.

On this basis, the Sensex rose by 201 points to 32, 634, while the Nifty advanced 63 points to 10,200.

Indian equities ended higher on Monday.

Among BSE sectoral indices, banking index gained the most by 1.33 per cent, followed by TECk 1.23 per cent, metal 1.17 per cent and realty 0.54 per cent.

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

Unabated buying by domestic institutional investors (DIIs) and wholesale price inflation (WPI) falling to 2.60 per cent in September, helped both the key indices to scale new highs. But telecom with an average gain of 1.60% was the pick of the stocks.

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.

After the announcement of its quarterly result on Thursday, India's largest software exporter Tata Consultancy Services (TCS) saw its shares rise as much as 2.4 percent to Rs 2,608.95, their highest since June.

Major gainers in the 30-share index were Bharti Airtel (4.96%), Mahindra & Mahindra (2.99%), Tata Motors (2.85%), Hindustan Unilever (2.84%), Sun Pharmaceutical Industries (2.52%), and Cipla (2.42%).

Japan's Nikkei rose 0.23 per cent while Shanghai Composite rose up 0.09 per cent in their early deals.

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