Science

Q2 results push Nifty to new high

Q2 results push Nifty to new high”

"Broad market indices like mid-cap in the NSE has closed marginally higher (up 0.21 per cent) and in the BSE closed on a flat note (up 0.04 per cent)", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

At 10.30 AM: Sensex was up by over 183 points or 0.57% at 32,365.93 while the wider Nifty was up by over 52 points or 0.52% at 10,149.35. On the other hand Tata Tele hit the 10 percent upper circuit for the second session on Friday. "Nifty has witnessed sharp upside momentum over the last two days and made a new all time high of around 10,191 levels", said Jasani.

Appreciation in rupee against the USA dollar also gave a leg to the rally.

"With domestic investors dipping their toes in the equity markets at an accelerated pace, the process of making new highs in the markets are likely to continue beyond the immediate highs".

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

More news: Marcus Mariota 'absolutely' plans to play on Monday Night Football

Industrial output hit a nine-month high of 4.3 per cent in August and CPI inflation held steady at 3.28 per cent in September, instead of accelerating as expected, raising tentative hopes the central bank would be less hawkish about interest rates.

Reliance Industries shot up by 1.15 per cent to Rs 882.50 as participants raised their bets ahead of earnings, to be released later in the day.

Sector-wise, the S&P BSE banking index surged by 365.34 points, followed by metal index by 167.34 points and telecom index by 74.87 points.

Major gainers in the 30-share index were Bharti Airtel (6.95%), Tata Steel (1.32%), ICICI Bank (1.18%), Cipla (1.16%), Tata Motors (1.09%), and Tata Consultancy Services (1.08%). Hong Kong's Hang Seng, however, was down 0.16 per cent.

Besides Bharti Airtel, IT bellwether TCS firmed up 0.32 per cent to Rs 2,556.75 even as the company's net profit fell 2.1 per cent in the September quarter.



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