Sensex, Nifty hit new highs on World Bank ranking, earnings

Updated: Wed, Nov 01, 2017
04:19 pm
PTI
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The benchmark BSE Sensex zoomed over

387 points to close at a fresh life-time high of 33,600 while

Nifty topped the 10,450-mark for the first time, powered by

India's jump on World Bank's 'Ease of Doing Business' list.

India went up by 30 notches to 100th position on the

World Bank ranking, released yesterday.

Moreover, eight core sectors growing to a six-month high

of 5.2 per cent in September and positive leads from global

market accelerated the buying pace that lifted key indices to

new highs.

The Sensex settled at a new closing peak of 33,600.27, up

387.14 points, or 1.17 per cent. The index surpassed its

previous closing record of 33,266.16, touched on October 30.

Yesterday, the gauge had retreated from record by losing

53.03 points.

Similarly, the broader 50-issue NSE Nifty breached the

10,450-mark for the first time to hit a new intra-day peak at

10,451.65, bettering its record of 10,384.50 hit on October

30.

However, profit-taking at record levels erased gains and

finally settled at 10,440.50

Better-than-estimated earnings by some more companies too

bolstered trading sentiments.

The market rally was driven by strong buying in telecom,

banking, realty, metal, FMCG and PSU counters. Traders said

uninterrupted pumping of funds into equities by domestic

institutional investors also boosted investor sentiment.

In the Sensex kitty, Bharti Airtel emerged biggest gainer

by jumping over 8 per cent even as the company posted sixth

straight quarter of drop on earnings as its consolidated net

profit plunged 76.5 per cent for the September quarter.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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