Nifty closes above 9,900 level for the first time; Sensex sets new record
July 17 2017 08:29 PM
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Employees enter the National Stock Exchange of India building in Mumbai. The Nifty closed up 0.30% to 9,915.95 points yesterday.

Agencies/Mumbai

Showing renewed strength, the Nifty closed above the 9,900 level for the first time and the Sensex set a fresh life high yesterday, building on optimism about corporate earnings.
Most Asian shares ruled firm, picking up cues from stronger than expected economic growth in China and expectations that the Federal Reserve will tread with care in tightening its policy, given lacklustre data, which led to a record close in the US on Friday.
Investors were optimistic that blue-chip companies might post encouraging first quarter numbers in coming days. On top of it, monsoon progress so far has been above-normal.
The 30-share Sensex jumped further to set a life-time high of 32,131.92, before ending up 54.03 points, or 0.17%, at a new record 32,074.78. It broke its previous life high of 32,037.38, hit on 13 July. The gauge has lost 16.63 points on Friday.
The 50-share index ended above the 9,900 level for the first time by surging 29.60 points, or 0.30%, at new peak of 9,915.95, surpassing its previous closing high of 9,891.70 hit on July 13. “Start of Parliament’s Monsoon Session and anticipations of any updates on the banking sector pushed Nifty within striking distance of 10,000. Investors look less daunted by psychological mark as earnings season has encouraged a stock specific approach,” said Anand James, chief market strategist, Geojit Financial Services.
Wipro rose the most, up 3.12%, ahead of its board meeting to discuss buyback of shares. Infosys firmed up 1.37% after the company on Friday posted better-than-expected earnings and maintained 2017-18 revenue growth guidance.
Other big gainers were Adani Ports, ICICI Bank, Cipla, Hindustan Unilever and Reliance Industries. Jubilant FoodWorks surged 9.31% after the company today reported 25.53% jump in net profit for the June quarter.
The BSE realty index came out on the top with a gain of 1.28%. Metal, IT and technology indices followed. The broader markets too turned better.
Meanwhile the rupee yesterday closed five-week higher against the US dollar tracking gains in the local equity and Asian currencies markets.
The rupee closed at 64.36 a dollar — a level last seen on June 14, up 0.21% from its Friday’s close of 64.45. The rupee opened at 64.36 a dollar and touched a high and a low of 64.33 and 64.40, respectively.
The 10-year bond yield closed at 6.456%, compared to its previous close of 6.464%. Bond yields and prices move in opposite directions.
So far this year, the rupee has gained 5.3%, while foreign investors bought $8.36bn and $16.12bn in local equity and debt markets, respectively.
Asian currencies were trading higher after dollar touched a 10-month low on dismal US inflation and retail sales data released on Friday saw the measure print its largest weekly drop since May.
South Korean won was up 0.45%, Singapore dollar 0.27%, Thai baht 0.27%, China renminbi 0.11%, Indonesian rupiah 0.1%, Malaysian ringgit 0.1%, Japanese yen 0.1%, Taiwan dollar 0.05%, China offshore 0.05%.






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