Thursday, 20 September, 2018

Sensex all-time high, Nifty breaches 10600 despite tepid GDP forecast

A broker monitors share prices at a brokerage firm A broker monitors share prices at a brokerage firm
Russell Knight | 08 January, 2018, 14:15

The 50-issue NSE index Nifty crossed the 10,600 level for the first time by gaining 46.95 points or 0.44 per cent to trade at an all-time high of 10,605.80 surpassing its previous intraday high of 10,566.10 touched on January 5. Representational Image An Economic Times report, while quoting an expert, had said that the current rally in the Nifty was expected go on with intermediate support around 10,300 levels.

The BSE Sensex gained 198.94 points or 0.58 per cent to fresh all-time high of 34,352.79, while Nifty50 closed at 10,623.60, higher by 64.75 points or 0.61 per cent.

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"Markets are now riding on the optimism and the real test would begin with the earnings season". A cut in FY18 GDP growth estimate by CSO did not impact the movement since it was overtly conservative. Also, the news flow regarding the upcoming Union Budget has already started causing ripples across the board. FPIs bought shares to the tune of Rs 581.43 crore while domestic institutional investors (DIIs) purchased shares worth a net Rs 243.13 crore last Friday, as per provisional data from the stock exchanges.

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The arrests were made after a video of the incident, which took place on January 3, went viral on social media . The video went viral on April 2, the day Prime Minister Narendra Modi inaugurated the Chennai-Nashri tunnel.

Major gainers were SunPharma 2.91 per cent, Infy 1.48 per cent, ITC 1.41 per cent, YesBank 1.31 per cent and Dr Reddy 1.28 per cent. On the Sensex, other stocks which declined the most were State Bank of India, Tata Steel and Adani Ports.

Meanwhile, real estate developer Sobha Ltd rose as much as 14.8 per cent to its highest since March 12, 2008 after the company reported a 52 percent rise in sales volume and 92 percent rise in total sales value for December-quarter compared to the same period an year ago.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent having climbed 3.1 per cent last week, its strongest performance in six months.

In the Asian region, Shanghai Composite gained 0.52 per cent while Hong Kong's Hang Seng rose 0.28 per cent. London's FTSE, however, shed 0.13 per cent.

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