Sensex gains 100 points in early trade; Eicher Motors shares hit lifetime high again

By: | Published: September 8, 2017 9:49 AM

Sensex and Nifty opened little higher after yesterday's muted trade activity.

Within minutes of trading, the benchmark Sensex added over 101 points to hit the day’s high of 31,763.7 points. (Image: Reuters)

Sensex and Nifty opened little higher after yesterday’s muted trade activity. Investors might hold off buying on concerns that North Korea could launch another missile test on its important national holiday over the weekend. BSE Sensex gained 22 points to open at 31,694.15 points while NSE Nifty advanced nearly 30 points to open at 9,958.65 points. Within minutes of trading, the benchmark Sensex added over 101 points to hit the day’s high of 31,763.7 points.

Shares of L&T (up 1.11%), Tata Steel (up 0.98%), Cipla (up 0.53%), Coal India (up 0.48%), ITC (up 0.43%), HDFC Bank (up 0.42%) were the major gainers on the Sensex. The buying in the shares of heavyweight companies such as L&T, HDFC Bank, ITC, Reliance Industries, and HDFC contributed the most in the index gains. Collectively these five stocks alone added over 60 points to the Sensex gains of about 73 points. Five shares of Nifty 50 hit a 52-week high including Indiabulls Housing Finance at Rs 1,323.7; Vedanta at Rs 332.5; Hindalco Industries at Rs 254.45; Tata Steel at Rs 662.95 while the stock of Eicher Motors hit an all-time high, rising 1.89% to Rs 33,480.

Most of the Asian shares fell on Friday as worries remained about the damage from Hurricane in the US and continued worries about ballistic missile launches and nuclear weapons in North Korea. Japan’s benchmark Nikkei 225 slid 0.3% to 19,340.25 points in early trading, as GDP data that got revised lower also dampened sentiments. Australia’s S&P/ASX 200 fell 0.2% to 5,676.10 points. South Korea’s Kospi lost 0.2% to 2,341.71 points. Hong Kong’s Hang Seng added nearly 0.6% to 27,673.34 points, while the Shanghai Composite was little changed at 3,366.8 points.

Wall Street ended little changed on Thursday after a moderate late-day rally as media stocks which slumped after negative business updates from Walt Disney and Comcast were offset by gains in healthcare shares. The Dow Jones Industrial Average fell 0.1% to 21,785.81 points, the S&P 500 lost 0.02% to 2,465.12 points and the Nasdaq Composite added 0.07% to 6,397.87 points.

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