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Sensex Rallies 231 Points, Nifty Ends At All-time Closing High
The Sensex rose by 231 points to close above 30K level at 30,126.21 and the NSE 50-share Nifty up by 48 points to end at all-time closing high at 9,359.90 on fresh buying buoyed by encouraging corporate earnings and a string of government reforms, including NPA resolution and steel policy
Photo Credit : Reuters
The S&P BSE benchmark Sensex rose by 231 points to close above 30K level at 30,126.21 and the NSE 50-share Nifty up by 48 points to end at all-time closing high at 9,359.90 on fresh buying buoyed by encouraging corporate earnings and a string of government reforms, including NPA resolution and steel policy.
The domestic equities also got a boost after the US Federal Reserve kept its policy rate unchanged in its two-day policy review.
The Sensex resumed higher at 30,069.72 and hovered in a range of 30,007.40 and 30,169.95 before ending at 30,126.21, showing a sharp rise of 231.41 points or 0.77 per cent.
The NSE 50-share Nifty rose by 47.95 points or 0.51 per cent to close at an all-time closing high of 9,359.90.
Banking stocks led the recovery following the government's decision to bring an ordinance to empower the Reserve Bank to effectively deal with the problem of mounting bad loans in the banking sector, brokers said.
The Union Cabinet on Wednesday also gave its approval to the National Steel Policy (NSP) 2017 that aims to achieve steel making capacity of 300 million tonnes by 2030 with an additional investment of Rs 10 lakh crore.
The Cabinet also approved a policy for use of domestic steel products in government organisations.
Overseas, Asian markets ended mixed after the US Federal Reserve indicated it remains on track to deliver two more rate increases by year-end. Key indices like Japan, South Korea and Taiwan moved up by 0.12 per cent to 0.97 per cent while China , Hong Kong and Singpaore moved down by 0.05 per cent to 0.28 per cent.
European markets were trading higher supported by corporate earnings. Key indices like France, Germany and UK rose by 0.35 per cent to 0.83 per cent.
Anupam Singhi, COO of William O'Neil India said," ICICI Bank’s positive result and the government’s move on National Steel Policy 2017 and Banking Regulation Act lifted investor spirits".
Both the key indices witnessed high action as reflected on today’s heavy trading volume. Significant increment coupled with good trading volume is a sign of accumulation.
Key composites regained positive momentum boosted by good earnings and positive domestic and global cues.
Around 18 scrips out of the 30-share Sensex pack ended higher while remaining 12 closed with losses.
Major gainers were ICICI Bank 9.24 per cent, Adani Ports 3.68 per cent, Axis Bank 3.63 per cent, SBI 3.27 per cent, HUL 2.36 per cent, ITC 1.41 per cent, Asian Paints 1.29 per cent and Hero Motoco 0.77 per cent.
However, Tata Motors fell by 2.27 per cent, ONGC 1.15 per cent, M&M 0.89 per cent, Cipla 0.84 per cent, Reliance Industries 0.84 per cent and TCS 0.44 per cent.
Among the major indices Bankex rose by 2.32 per cent, consumer durable 1.41 per cent, finance 1.38 per cent and FMCG 1.08 per cent.
Both the S&P BSE Mid-cap and S&P BSE Small-cap indices rose by 0.48 per cent and 0.36 per cent respectively.
The market breadth turned positive as 1,453 stocks closed in green, while 1,406 stocks finished in red and 146 ruled steady.
The total turnover on BSE rose to Rs 4,462.32 crore from Rs 4,235.86 crore yesterday.