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Sensex, Nifty gain for 3rd day in a row

Domestic benchmark indices BSE Sensex and NSE Nifty gained for third day in a row on Friday on account of buying by participants and foreign fund inflows amid firm global cues.

By: | New Delhi | Updated: September 16, 2016 4:59 PM
BSE Sensex NSE Nifty Domestic benchmark indices BSE Sensex and NSE Nifty gained for third day in a row on Friday on account of buying by participants and foreign fund inflows amid firm global cues.

Domestic benchmark indices BSE Sensex and NSE Nifty gained for third day in a row on Friday on account of buying by participants and foreign fund inflows amid firm global cues. The 30-share index closed 186.14 points up at 28599.03 on Friday, while Nifty 50-index settled 37.30 points higher at 8,779.85. Market sentiments also remained buoyant on reports that Prime Minister Narendra Modi is targeting to roll out the ambitious GST on April 1 next year, has directed that all steps required in this direction should be completed before that date.

In the 30-share index, Maruti Suzuki, Axis Bank, ITC, Infosys and Hero MotoCorp gained 2.25 per cent, 2.11 per cent, 2.08 per cent, 1.82 per cent and 1.78 per cent, respectively. On the other hand, Tata Steel, Tata Motors, Asian Paints, ICICI Bank and HDFC dipped by 2.14 per cent, 1.50 per cent, 1.23 per cent, 1.15 per cent and 0.62 per cent, respectively.

Sectorwise, the BSE FMCG index gained the most — 1.23 per cent, followed by BSE IT index (up 1.22 per cent), BSE Oil & Gas index (up 1.14 per cent), BSE TECk index (up 0.99 per cent) and BSE Realty index (up 0.59 per cent). On the other hand, BSE Metal and BSE Bankex shed 1.27 per cent and 0.01 per cent, respectively.

Dipen Shah, senior vice president and head PCG research, Kotak Securities said, “Markets closed the week on a stronger note, amid supportive global markets and increased expectations that, the Fed rate hike will be postponed to December.”

In the morning trade, Sensex was trading higher by over 350 points and Nifty was up over 8,800-mark. However, equity markets pared some of their gains in afternoon trade after European markets opened on a weak note.

Asian peers also ended higher on Friday as a slew of weak US economic reports reduced the chances of a Federal Reserve rate hike next week. Nikkei, Jakarta Composite and Straits Times closed 0.70 per cent, 0.04 per cent and 0.78 per cent up at 16519.29, 5267.77 and 2827.45, respectively. Equity markets in Hong Kong, China, Malaysia, Taiwan and South Korea were closed on account of national holiday.

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