Stocks

Sensex spurts 348 points to 32,182; Nifty jumps to 10,096

Our Bureau Chennai | Updated on January 08, 2018

Realty, metal stocks hog the limelight

The benchmark BSE Sensex surged nearly 350 points due to building up of fresh positions by participants ahead of key economic data — industrial production (IIP) for August and consumer inflation for September to be released later today.

Investors also resorted to heavy buying ahead of corporate earnings season that begins with TCS results today.

The 30-share BSE index Sensex ended higher by 348.23 points or 1.00 per cent at 32,182.22 and the 50-share NSE index Nifty closed up 111.60 points or 1.12 per cent at 10,096.40.

All BSE sectoral indices ended in the positive zone. Among them, metal index gained the most by 1.9 per cent, followed by realty 1.49 per cent, FMCG 1.18 per cent and healthcare 1.15 per cent.

Top five Sensex gainers were Reliance (+3.82%), Sun Pharma (+2.59%), TCS (+1.92%), Axis Bank (+1.77%) and HUL (+1.71%), while the major losers were Bharti Airtel (-1.17%), Coal India (-0.46%), Infosys (-0.37%), PowerGrid (-0.17%) and Asian Paints (-0.03%).

Sun Pharma topped the gainers list after the company said it has received establishment inspection report (EIR) from the US health regulator for its Dadra facility.

Stock of the country’s largest software exporter, TCS, was trading higher by 0.83 per cent at Rs 2,521.15 ahead of its September quarterly earnings slated later in the day.

“Market has been witnessing a broad-based consolidation mode for a few months now which will continue for a while. This earnings season is critical as the first quarter was disappointing and hopes are now pinned to see a recovery in the second quarter,” said Rakesh Tarway, head of research at Reliance Securities.

Asian stocks were near a decade high on Thursday, riding the bull run in global equity markets, while the dollar sagged after the Federal Reserve showed a guarded view towards inflation.

MSCI’s broadest index of Asia–Pacific shares outside Japan rose to its highest since December 2007 and was last up 0.2 per cent.

Published on October 12, 2017

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