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  1. Sensex settles above 31,900; Nifty ends above 10,000-level after 11 trading sessions

Sensex settles above 31,900; Nifty ends above 10,000-level after 11 trading sessions

Sensex and Nifty closed higher in a range-bound trade again on Tuesday followed by the value buying in the blue-chip stocks ahead of the festival season.

By: | Published: October 10, 2017 3:55 PM
The benchmark Sensex rose as much as 148 points to hit the day’s high of 31,994.77 points. (Image: Reuters)

Sensex and Nifty closed higher in a range-bound trade again on Tuesday followed by the value buying in the blue-chip stocks ahead of the festival season. The sentiments of the market participants turned slightly positive on the expectations of a better than expected second-quarter earnings starting with TCS on 12 October and Reliance Industries on 13 October. BSE Sensex gained 77 points to close at 31,924.41 points while Nifty added 28 points to finish at 10,016.95 points, a level reached after 11 trading sessions. The benchmark Sensex rose as much as 148 points to hit the day’s high of 31,994.77 points.

Shares of Lupin (up 2%), Power Grid (up 1.86%), Axis Bank (up 1.74%), Reliance Industries (up 1.52%), Infosys (up 1.3%), and Coal India (up 1.44%) were the major gainers on Sensex. The stocks of heavyweight companies such as Reliance Industries, Infosys, Axis Bank, and HDFC Bank contributed the most to the Sensex rise. Collectively these four stock alone added about 93 points to the index while ITC, ICICI Bank, and HDFC capped the gains. The macroeconomic data such as Index of Industrial production (IIP) for August and inflation numbers for September are also due on Thursday.

Shares of Cochin Shipyard advanced over 13% on Tuesday after the company bagged Rs 5,400 crore contract from Indian Navy. The company said that it has emerged as the lowest bidder (L1) for 16 X ASW SWC project of the Indian Navy. Following the announcement, the stock of Cochin Shipyard rose as much as 13.44% to hit the all-time high of Rs 585.35 before closing 11% higher at 572.4 on BSE today. Most of the sectoral indices of NSE ended in green except, Nifty FMCG and Nifty Realty.

Share prices were mostly higher Tuesday in Asia after the Wall Street rally took a breather overnight. Investors are awaiting trade data from China this week and keeping an eye on geopolitical risks centered on North Korea, Associated Press reported. Japan’s Nikkei index gained 0.6% to 20,823.51; South Korea’s Kospi jumped 1.7% to 2,435.52; Hong Kong’s Hang Seng index climbed 0.5% to 28,469.9 while the Shanghai Composite index edged up less than 0.1% to 3,375.89.

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