Sensex hits all-time high of 32687.32; Nifty at new peak

Isaac Cain
October 16, 2017

It looks like an early Diwali in the Indian equity market as the bulls charge ahead with the Sensex zooming 228 points, inching towards its all-time record high while the Nifty yet again hit a record high, rising over 71 points backed by heavyweight Reliance Industries which was up 0.68 percent. The rupee stood firm against the American currency, which fuelled the rally.

The 30-scrip Sensitive Index (Sensex) was trading 234.05 points or 0.72 per cent higher soon after opening.

The Sensex has gained in 10 out of 12 trading sessions and surged almost 4.5% or 1,404 points in the same period.

Top five Sensex gainers were Cipla (+1.7%), Tata Motors (+1.53%), Bharti Airtel (+1.38%), M&M (+1.29%) and HUL (+1.21%), while the major losers were Wipro (-1.42%) and Axis Bank (-0.94%). It surpassed its previous record closing of 10,153.10 hit on September 18.

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The Sensex has so far touched a high of 32,445.22 points and a low of 32,247.74 points during intra-day trade. "Better IIP figures have given reasons for investors to resume buying, pushing behind fears of soft corporate numbers".

A positive start to the quarterly results season kept investors' sentiments buoyed, said market observers. Australian shares extended their winning streak to a fourth straight session to rise 0.6 percent, while the Shanghai Composite Index edged 0.1 percent higher.

Buying activity picked up momentum on positive economic data after industrial production grew to a 9-month high of 4.3 percent in August while retail inflation came in at 3.28 percent in September, unchanged from August. Tata Steel, Kotak Bank, Coal India, HDFC Bank and ICICI Bank had a field day, surging by up to 2.86 per cent.

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