Market extends record breaking rally: Sensex gains 371 points, Nifty just 18 points short of 10,800

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Published: January 15, 2018 11:30:51 AM

India’s stock markets extended their record-breaking rally on Monday with Sensex hitting a lifetime peak of 34,963 and Nifty index just away 18 points from hitting 10,800.

The stock of HDFC rose as much as 4.54% to a 52-week high of Rs 1,841.25. (Image: Wikimedia Commons)

India’s stock markets extended their record-breaking rally on Monday with Sensex hitting a lifetime peak of 34,963 and Nifty index just 18 points away from hitting 10,800. The benchmark Sensex fired over as much as 371.3 points to hit a lifetime peak of 34,963.69. On the same lines, the 50-share indicator Nifty index also extended Friday’s upsurge and was just 18 points short to hit 10,800 after breaching 10,700 in the morning trades. The broader Nifty added as many as points to hit an all-time high of 10,782.65, rising by 101.4 points. India’s stock markets started on a positive note on Monday with Sensex and Nifty hitting all-new record highs on the back of third-quarter earnings optimism and positive global cues led by a continuous upsurge in American stock markets.

Shares of heavyweight companies such as HDFC, ICICI Bank, Reliance Industries, HDFC Bank, and ITC contributed heavily leading the key indices to their respective peaks. Shares of HDFC emerged as the largest gainers among the Sensex stocks after the board of India’s largest housing financier approved raising up to Rs 13,000 crore primarily to maintain its holding in its banking arm and enter segments like stressed assets and health insurance. The stock of HDFC rose as much as 4.54% to a 52-week high of Rs 1,841.25 while of ICICI Bank shares surged 4.09% to Rs 330.6 nearing its 52-week high of Rs 332.3.

BSE Sensex zoomed 94.82 or 0.27% to began at a record opening high 34,687.21 while NSE Nifty added 37.25 or 0.35% to open at 10,718.5 for the first time ever. Following the optimism over better-than-expected Q3 earnings, foreign investors have pumped in over Rs 5,200 crore in the Indian capital markets this January so far. Going ahead this week, Indian stock markets are likely to be steered by the third-quarter earnings of blue-chip companies like HDFC Bank, ITC, Wipro, Kotak Mahindra Bank, Yes Bank, Bharti Airtel and WPI inflation data.

Meanwhile, the Indian rupee gained as much as 30 paise in the early morning trades against the US dollar on Monday on the back of positive cues from the domestic markets hitting fresh record highs. The rupee added 30 paise to 63.34 apiece US dollar at the interbank foreign exchange market on Monday. The domestic currency opened strong at 63.45 against the previous close of 63.63 per dollar as stock markets soared to record levels after strong economic data.

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