Sensex hits two-week high; Nifty tops 8,100 on F&O expiry
|Source: The Hitavada Date: 30 Dec 2016 09:34:18|
A SUDDEN spurt in buying at the fag end of the trading lifted markets higher Thursday as the Sensex rebounded over 155 points to end at an almost two-week high of 26,366 as December derivatives contracts expired amid recovery in the rupee. The broader NSE Nifty, too, regained the key 8,100-mark.
Mood was further boosted by India’s biggest bourse NSE filing its draft prospectus for a Rs 10,000-crore IPO with the Securities and Exchange Board of India (Sebi).
After shuttling between 26,429.41 and 26,166.67, the Sensex finally settled higher by 155.47 points, or 0.59 per cent, at 26,366.15 -- its highest closing since December 19 when it closed at 26,374.70. The index had shed 2.76 points in the previous session. The broader Nifty ended higher by 68.75 points, or 0.86 per cent, at 8,103.60 after trading between 8,111.10 and 8,020.80. This is its highest closing level too since December 19. In typical thin year-end trade, buying amid the expiry of the December series of futures and options contracts -- the last settlement of 2016 -- supported the recovery. Participants were seen carrying their long bets in futures and options (F&O) segment to the next series for January amid hopes of better returns in the new year, which accelerated the gains towards the fag end, they said.