Nifty scales record level, Sensex at 2-month high

Posted October 17, 2017

"Key indices jumped higher on good domestic economic data".

The 30-share Sensex soared 254.63 points, or 0.78 per cent to scale a new high of 32,687.32, breaking its previous intra-day record of 32,686.48 hit on August 2. The rupee appreciated by another 25 paise to 64.68 against the United States currency in early trade at the interbank forex market today on dollar selling by banks and exporters. Among sectoral indices, BSE Bankex was gained the most - up 1.3 percent intraday.

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It however failed to maintain record levels on profit-booking, and settled at new high of 10,230.85, up 63.40 points, or 0.62 per cent.

Cooling of food prices helped ease India's annual rate of inflation based on the Wholesale Price Index (WPI) in September to 2.6 per cent, official data showed on Monday.

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"Shares of metal companies were in focus with the S&P BSE metal index hitting six-year high on expectations of strong earnings growth in July-September quarter (Q2FY18)", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls. Meanwhile, Colgate Palmolive (down 3.20 per cent), Adani Enterprises (down 2.21 per cent), IDFC Bank (down 2.19 per cent), ABFRL (down 2.02 per cent) and MRPL (down 1.81 per cent) pared gains.

Among the top Sensex gainers: Bharti Airtel rose 5 percent, Mahindra and Mahindra added 3 percent, Hindustan Unilever gained 2.6 percent while Tata Motors advanced 2.9 percent.

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Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1698.50 crore last Friday, as per provisional data released by the stock exchanges. "Broad market indices like mid-cap in the NSE has closed marginally higher (up 0.21 per cent) and in the BSE closed on a flat note (up 0.04 per cent)", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS. Japan's Nikkei too was up 0.63 per cent.