The Sensex firmed up 74 points and the Nifty reclaimed 9,900 today, aided by fresh buying by participants and availability of more foreign capital.
Companies and Markets
Companies & Markets
Initial public offers are once again drawing the interest of high networth individuals (HNIs). At a time when the secondary market is very expensive and big returns are unlikely in short-term, HNIs are betting big on initial public offers (IPO). Moreover, real estate and gold are not looking attractive enough either.
But on a weekly basis, both key indices Sensex and Nifty rose significantly by 660.12 points, or 2.10 per cent, and 220.55 points, or 2.28 per cent, respectively, largely driven by the successful rollout of the Goods and Services Tax (GST) and inflation staying subdued, offering the RBI headroom for a lower policy rate at its policy next month.
IT, healthcare, consumer durables, oil and gas stocks were among the big gainers. Asian cues remained mixed though.
The 50-issue Nifty crossed the 9,900 level for the first time by gaining 21.60 points, or 0.21 per cent, to trade at an all-time high of 9,913.30, within striking distance of 10,000. It surpassed its previous intra-day high of 9,897.25 touched yesterday.
The company’s revenue rose a paltry 1 per cent to Rs 29,584 crore during the period, much below the street expectations.
The currency-wage double whammy shaved off the IT giant’s operating margins by 2.30 percentage points to 23.4 per cent, missing the 26-28 per cent target.
Experts say both FPI and domestic mutual funds are flushed with funds. Domestic asset management companies (AMCs) have seen an inflow of over Rs 28,000 crore into their equity funds in April-June 2017, a surge of nearly three times the flow of the year-ago period, underscoring the growing investor confidence in the market.
A positive lead from Asia after US Federal Reserve chief indicated a gradual approach to raising US interest rates made investors here go in for fresh bets.
The 30-share index zoomed 215.60 points, or 0.67 per cent, to hit a new peak of 32,020.42, surpassing previous intra-day record of 31,885.11 reached on July 11.