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  1. Nifty inches near 10100, Sensex tops 32600; earnings, US Fed policy rates drive markets to yet new highs

Nifty inches near 10100, Sensex tops 32600; earnings, US Fed policy rates drive markets to yet new highs

Indian benchmark indices opened higher on Thursday continuing the record breaking rally for the fifth consecutive session. The optimistic sentiment of investors ahead of the corporate earnings drove the markets to further peaks and spread of positive cues after the US Federal Reserve kept the benchmark lending rates unchanged.

By: | Published: July 27, 2017 10:14 AM
The 30-shares barometer soon rose over 200 points to hit the new record highs at 32,607.61 points while the Nifty 50 rose over 75 points and hit the all-time high around 10,098 points. (Image: Reuters)

Indian benchmark indices opened higher on Thursday continuing the record breaking rally for the fifth consecutive session. The optimistic sentiment of investors ahead of the corporate earnings drove the markets to further peaks and spread of positive cues after the US Federal Reserve kept the benchmark lending rates unchanged. The broader benchmark Nifty which closed above the magical five-digit figure of 10,000 yesterday for the first time opened 43 points higher at 10,063.25 points and BSE Sensex opened 137 points higher at 32,519.44 points. 

The 30-shares barometer soon rose over 200 points to hit the new record highs at 32,607.61 points while the Nifty 50 rose over 75 points and hit the all-time high around 10,098 points. The major corporate earnings lined up for the day are the domestic carmaker Maruti Suzuki, largest private sector lender ICICI Bank,  the largest FMCG player ITC, Dr Reddy’s Labs and ONGC. 

Other stocks which will be in focus ahead of their corporate earnings are AB Fashion, Biocon, Blue Dart, Chola Investment, CG Consumer, Exide, Glenmark, Idea Cellular, IDFC, IDFC Bank, Motilal Oswal, Novartis, Reliance Capital, Syngene, Tata Coffee, Tata Elxsi.

Shares the fourth-largest domestic software services exporter HCL Technologies rose nearly 4% to the 52-week high of Rs 928 after the IT company reported about 8% growth in the consolidated profit for the April-June quarter, helped by higher revenues from its software services segment and client additions. The Consolidated profit came in at Rs 22.11 billion for the three months ended June 30, while total income rose about 7% to Rs 124.62 billion.

Shares of Yes Bank further rose to new record highs after yesterday’s rally. The stock of the private bank went up 4.12% to Rs 1,782.5 after the bank announced a 32% rise in the net profit for the April-June quarter on Wednesday as compared to the previous year net profit in the same period. The board of directors of the bank also approved stock split in ratio of 1:5 which also fuelled up the buying in the shares.

Apart from Yes Bank and HCL Tech shares of HDFC rose 2.12% to Rs 1,668.1, Eicher Motors gained 1.69% to Rs 29,493, Asian Paints added 1.16% to Rs 1,147.15 while the stocks of IndusInd Bank and Maruti Suzuki hit the respective record highs rising 1.53% to Rs 1,604.5 and 1.22% to Rs 7,658.1.

US stocks climbed modestly on Wednesday to record closing highs after the Federal Reserve kept interest rates unchanged and strong earnings reports from Boeing and AT&T. The Dow Jones Industrial Average rose 0.45%, to 21,711.01 points, the S&P 500 gained 0.03%, to 2,477.83 points and the Nasdaq Composite added 0.16%, to 6,422.75 points. Telecommunications were the best performing sector, propelled higher by a 5.0% gain in AT&T after its results. Boeing shares also soared 9.9% after the plane maker posted a quarterly profit and cash flow well ahead of Wall Street estimates.

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