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|Market record close: Nifty closes above 9,100 for the first time, Sensex closes 187 pts higher|
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New Delhi, Thursday, March 16, 2017 | 09:04 IST
Nifty Bank index was up by 0.50 per cent while BSE Bankex was up 0.47 per cent.
Bajaj Auto and Indusland Bank were up 2.33 per cent and 2.27 per cent respectively.
S&P BSE Sensex ended the day at 29,585.85, up 187.74 pts and just 96 pts shy from record close.
Tata Steel and Adani Ports were the top gainers on the BSE Sensex gaining over 4 per cent.
Shares of capital goods companies were trading higher for the fifth straight session with the BSE capital goods index hitting 18-month high in today's trade.
L&T rose over 2 per cent after the company said L&T Electrical & Automation FZE won a major order worth Rs 500 crore from Qatar Rail Company (QRAIL) for Phase I of Doha Metro.
The market hit a speed bump in midday trade as the Sensex traded at 29,514, still up 116 points, propped up by metals, industrials and capital goods amid rising Asian cues.
In line with expectations, the Federal Reserve raised the benchmark interest rate by a quarter percentage point, but offered a more dovish outlook for future hikes.
Foreign money into Indian equities continued unabated.
After a higher opening, the Sensex stayed between 29,614.79 and 29,482.83, before quoting at 29,514.48 at 12. 22 AM, up 116.37 points, or 0.40 per cent.
The broader NSE came off its life high of 9,152.90 while trading up by 45.40 points at 9,130.20 at 12.22 AM.
Adani Ports stayed ahead with a 4.07 per cent gain. Tata Steel was up 2.81 per cent, Asian Paints 1.57 per cent, Infosys 1.17 per cent and NTPC 1.17 per cent.
Foreign funds bought a massive net Rs 1,141,13 crore on Wednesday, according to provisional data.
The Indian rupee pared its initial gains, while holding its 16-months highs by 28 paise to 65.41 in late morning deals, on the back of continued unwinding of dollars from banks and exporters amid heavy foreign capital inflows and strong equities.
Weak dollar overseas also lifted the rupee sentiment, a forex dealer said.
Earlier, the rupee resumed higher at 65.40 as against yesterday's closing level of 65.69. Later, it strengthened sharply to 65.21 before trading at 65.41 at 1020 hours.
The domestic currency hovered in a range of 65.41 and 65.21 during morning deals.
Meanwhile, the dollar index was trading lower by 0.17 per cent at 100.57 against a basket of six currencies in late morning trade.
Overseas, the US dollar struggled at one-month low against basket currencies in early Asian trade, after the Federal Reserve sounded less hawkish than anticipated on future rate hikes, while the euro stood tall after Dutch exit polls pointed to a comfortable win by Prime Minister Mark Rutte over his far-right rival Geert Wilders.
Meanwhile, the benchmark Sensex rallied, trading higher by 164.93 points, or 0.58 per cent, in late morning deals.
The S&P BSE Sensex was trading at 29,551.55, up 153.44 pointswhile the Nifty was trading at 9,135.25, up 50.45 points.
Among the top gainers were Adani Ports and Tata Steel on the BSE and NSE.
Bharti Airtel was the major laggard on both the bourses.
Indian markets well placed to absorb 0.25 per cent US Fed rate hike: Economic Affairs Secretary Shaktikanta Das.
The Indian rupee scales to new highs at 65.34 against the US dollar.
The rupee rose by another 47 paise to hit a new 16-month high at 65.22 against the dollar in early trade today at the Interbank Foreign Exchange on sustained foreign fund inflows and increased selling of the US currency by exporters and banks.
Forex dealers said that besides a higher opening in domestic equity market, the dollar's weakness against other currencies overseas after the Federal Reserve raised interest rates supported the rupee.
Yesterday, the rupee had continued its stellar run against the dollar to finish at a fresh 16-month high of 65.69 as exporters aggressively offloaded the US currency ahead of the Fed meet outcome.
Shares of Sun Pharma surged 1.74 per cent after US FDA Completes Malanpur plant inspection without any observation.
Sensex inches towards its 30,000-mark.
The S&P BSE Sensex was trading at 29,598.94, gaining 200.83 points while the Nifty50 was ruling 9,146.25, up 61.45 points.
The NSE Nifty50 hits a fresh lifetime high at 9,140 logging over 50 points.
Sensex rallies over 150 points.
Among the top performers on the BSE were Adani Ports gaining over 2 per cents. ONGC and Hindustan Unilever gain over 1 per cent adding to the market rally. GAIL, Tata Motors and Larsen & Toubro follow, supporting the market gains.
"Since there is no major change in the chart structure, our bullish view remains intact. We would continue to remain upbeat on market and expect the Nifty to keep marching higher, first towards 9200 and then towards our near term target of 9400 - 9600 (price extension of previous up move from recent low of 7893.80) over the next few weeks. On the downside, Tuesday's gap area of 9060 - 8975 would act as a strong support zone. Any dip within this range should be used to create fresh longs in the market without any hesitation of being an overbought territory," said an Angel Broking report.
PRE MARKET OPENING
CIPLA and ONGC are up over 1 per cent each, leading the pre market gains on the BSE Sensex
The US dollar nursed bitter losses in Asia on Thursday while sovereign bonds savored their biggest rally in nine months after the Federal Reserve hiked interest rates, as expected, but signaled no pick-up in the pace of tightening.
The Dow Jones Industrial Avergae ended on Wednesday with gains of 0.54 per cent, while the S&P 500 added 0.84 per cent and the Nasdaq 0.74 per cent.
The Fed lifted its interest rates by 25 basis points to a range of 0.75 per cent to 1.00 per cent, but said further increases would only be "gradual."
The Fed said its inflation target was "symmetric," indicating that after a decade of below-target inflation it could tolerate a quicker pace of price rises.
Among the Asian markets, China's Shanghai Composite was up 21.32 points, Hong Kong's Hang Seng Index surged over 270 points.
Japan's Nikkei 225 was, however, down 25 points.
(With inputs from Reuters)
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