1. Sensex rallies for 3rd consecutive day, tops 7-day high of 33,455 ahead of 2nd phase of Gujarat elections

Sensex rallies for 3rd consecutive day, tops 7-day high of 33,455 ahead of 2nd phase of Gujarat elections

Indian stock markets continue to rally for the third consecutive day and ended higher inching towards record highs on Monday. BSE Sensex gained 205.49 points or 0.62% and NSE Nifty added 56.6 points or 0.55% to settle at 10,322.25.

By: | Updated: December 11, 2017 4:14 PM
During the day, benchmark Sensex rose as much as 285.67 points to hit the day’s high at 33,535.97. (Image: PTI)

Indian stock markets continue to rally for the third consecutive day and ended higher inching towards record highs on Monday ahead of the second phase of Gujarat state elections due later on 14 December. BSE Sensex gained 205.49 points or 0.62% and NSE Nifty added 56.6 points or 0.55% to settle at 10,322.25. A sharp uptick in the shares of Tata Consultancy Services, ITC, HDFC, and State Bank of India contributed heavily to the upsurge of key equity indices Sensex and Nifty. During the day, benchmark Sensex rose as much as 285.67 points to hit the day’s high at 33,535.97 whereas broader Nifty 50 index jumped 63.55 points to mark the day’s high at 10,329.2. Investors seemed to have digested the macroeconomic data packed weeks till the Reserve Bank of India’s monetary policy which came in last week only. Now, the market participants are keenly awaiting the outcome of Gujarat state elections, which is likely to gauge stock market direction ahead.

Shares of Tata Consultancy ServicesMahindra & MahindraLupinHDFCWiproCoal IndiaState Bank of India, and ITC emerged as the lead gainers on Sensex, advancing up to 2.35%. The stocks of the heavyweight companies such as HDFC, ITC, TCS, SBI and M&M contributed the most to the Sensex gains. Collectively these five stocks alone added about 162 points out of 205-point gain in the index. While on the other hand, a drop in Reliance Industries, NTPC and HUL capped further gains. Shares of Unitech were the biggest gainer among the group A stocks of BSE. The stock of Unitech rose 10.56% to end at Rs 8.06.

Meanwhile, among the Asian markets, Japan’s Nikkei 225 climbed 0.6% to 22,983.73, Hong Kong’s Hang Seng index gained 1% to 28,923.94, China’s Shanghai Composite added 0.9% to 3,318.87 while South Korea’s Kospi picked up 0.3% at 2,471.49.

US stocks edged higher on Friday, buoyed by a solid payrolls report for the month of November that locked in expectations for an interest rate hike from the US Federal Reserve next week and raised optimism about economic prospects in 2018, Reuters said in a report. The Dow Jones Industrial Average rose 117.68 points, or 0.49% to 24,329.16, the S&P 500 gained 14.52 points, or 0.55% to 2,651.5 and the Nasdaq Composite added 27.24 points, or 0.4% to 6,840.08.

Get latest news and updates on Auto Expo 2018, check breaking news on Budget 2018, like us on Facebook and follow us on Twitter.

  1. No Comments.

Go to Top