1. Sensex opens firm as retail inflation rises to 5-month high; Reliance Industries hits lifetime high

Sensex opens firm as retail inflation rises to 5-month high; Reliance Industries hits lifetime high

Sensex and Nifty opened slightly higher today following the overnight gains on Wall Street and after the retail inflation rose to a five-month high of 3.36% in August due to costlier vegetables and fruits.

By: | Updated: September 13, 2017 9:58 AM
BSE Sensex gained 30 points to open at 32,188.95 points while NSE Nifty advanced 6 points to start at 10,099.25 points. (Image: BSE)

Sensex and Nifty opened slightly higher today following the overnight gains on Wall Street and after the retail inflation rose to a five-month high of 3.36% in August due to costlier vegetables and fruits. The consumer price index (CPI) based inflation stood at 2.36% in the previous month. The August inflation number is the highest since March 2017, when it was recorded at 3.89 per cent. BSE Sensex gained 30 points to open at 32,188.95 points while NSE Nifty advanced 6 points to start at 10,099.25 points.

Reliance Industries shares rose as much as 2.34% to hit the all-time high of Rs 842.6 on BSE and was the top contributor in driving the Sensex up. Other gainers on Sensex include TCS (up 1.42%), Adani Ports (up 1.26%), Mahindra & Mahindra (up 1.13%), Sun Pharma (up 1.45%), Dr Reddy’s (up 0.98%).

Shares of heavyweight companies such as Reliance Industries, TCS, Mahindra & Mahindra, ICICI Bank, and Tata Motors contributed the most to the Sensex gains. Collectively these five stocks alone added 107 points to the index up surge but ITC, HDFC, and HDFC Bank capped the gains, BSE Sensex was trading 0.15% higher at 32,205.43 points. The rupee recovered 6 paise to trade at 63.98 against the dollar at the interbank foreign exchange in early trade today on fresh selling of the US currency by banks and exporters.

Among the regional markets, Japan’s Nikkei 225 rose 0.4% to 3,374.99 points and Australia’s S&P-ASX 200 gained 0.4% to 5,769.9 points. The Shanghai Composite Index retreated 0.1% to 3,374.99 points.

The major Wall Street indexes hit record closing highs on Tuesday, with financial stocks leading the charge, but gains were stunted by a decline in Apple Inc shares after it unveiled its latest line of iPhones. The Dow Jones Industrial Average rose 0.28% to 22,118.86 points, the S&P 500 gained 0.34% to 2,496.48 points and the Nasdaq Composite added 0.34% to 6,454.28 points.

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