Sensex, Nifty at record highs, auto stocks rise (Third Lead)

17 May, 2017, 07:16 | Author: Glen Fletcher
  • BSE Sensex opens higher

Analysts project the steelmaker will swing to profit in the fourth quarter from a loss a year earlier.

The Dow rose 0.4%, while the tech-heavy Nasdaq and the S&P 500 gained about half a percent to hit fresh record closing highs.

Around 2 pm, the NSE Nifty traded at 9,503.50 points - up 58.10 points or 0.62 per cent.

On May 15, the NSE Nifty rose by 44.95 points or 0.48 per cent to a new closing high of 9,445.85 points.

The 30-share BSE index last quoted up by 266.82 points, or 0.88 percent, to 30,588.94 after moving in range of 30,590.71-30,363.37.

In investments, provisional data with the exchanges showed that FIIs purchased stocks worth Rs 858.29 crore, while domestic institutional investors (DIIs) divested scrips worth Rs 401.89 crore.

'The market has crossed another hurdle with a new high, given good corporate results and. early arrival of monsoon which shredded off the worries over premium valuation, ' said Vinod Nair, Head of Research, Geojit Financial Services.

Encouraging quarterly earnings and upbeat global cues further fuelled the momentum, brokers said.

The metals sector appeared to be the only exception.

The BSE market breadth was bullish, with 1,497 advances and 1,314 declines. In the forex market, the Indian rupee barely changed at 64.08 to a dollar, compared with 64.06 on Tuesday, while gold in the city's bullion market closed unchanged at Rs 28,550 per 10 grams.

Major Sensex losers were: ONGC, down 0.96 per cent at Rs 185.10; Coal India, down 0.88 per cent at Rs 275.20; Gail, down 0.66 per cent at Rs 410.80; Mahindra and Mahindra (M&M), down 0.65 per cent at Rs 1,367.30; and Cipla, down 0.33 per cent at Rs 564.40.

European stocks were also trading narrowly mixed as key indices in France and Germany fell by 0.15 per cent to 0.41 per cent while UK's FTSE rose 0.46 per cent.

The broader markets underperformed the benchmark indices as mid-cap and small-cap indices rose 0.26 and 0.37 per cent each respectively.

All the BSE sectoral indices led by technology, power, FMCG, IT, consumer durables and healthcare were in the positive terrain, with gains of up to 0.66 per cent.

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