Sensex tops 31,450, HDFC Bank leads gains; Rupee recovers, adds 22 paise vs US dollar

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Published: September 29, 2017 9:55:57 AM

The key equity indices -- Sensex and Nifty -- opened higher on Friday after a choppy trade through the week. Within minutes of trading, the benchmark Sensex rose 170 points to hit the day's high of 31,452.77 points.

Bombay Stock Exchange building. (Image: Wikimedia Commons)

The key equity indices — Sensex and Nifty — opened higher on Friday after a choppy trade through the week. BSE Sensex gained 85 points to open at 31,367.25 points and NSE Nifty added 45 points to start at 9,814.3 points. Most of the Asian shares also advanced in the early trade today after a tough week in which the gathering risk of a US rate rise which lifted the Treasury yields toward nine-year highs and boosted borrowing costs across the region. Within minutes of trading, the benchmark Sensex rose 170 points to hit the day’s high of 31,452.77 points while the broader Nifty 50 jumped 58 points to mark the day’s high at 9,827.35 points.

Shares of Bajaj Auto (up 1.5%), HDFC Bank (up 1.07%), Maruti Suzuki (up 0.94%), Asian Paints (up 0.9%), State Bank of India (up 0.93%) were the top gainers on the Sensex while HUL and TCS lost up to 1.2%. The stocks of heavyweight companies such as HDFC Bank, ICICI Bank, Maruti Suzuki, Kotak Mahindra Bank, and State Bank of India contributed the most to the Sensex upsurge. Collectively these five stocks alone added about 86 points out of the 143-point gain in the index.

Most of the sectoral indices are trading in green except Nifty IT and FMCG. The banking stocks benchmark Nifty Bank edged above 24,000, helped by the up move in the shares of HDFC Bank, State Bank of India, and Kotak Mahindra Bank.

The Indian rupee appreciated for the second day in a row, gained 22 paise from the previous close of 65.5 to 65.28 against the US dollar.

Wall Street ended higher on Thursday, with the S&P 500 posting a record on gains in McDonald’s and healthcare names, while investors continued to hope President Donald Trump will be able to make progress on tax reform. The Dow Jones Industrial Average rose 40.49 points or 0.18 % to 22,381.2 points, the S&P 500 gained 3.02 points or 0.12% to 2,510.06 points and the Nasdaq Composite added 0.19 points to 6,453.45 points.

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