Markets vault to record high, post seventh week of gains

Source: The Hitavada      Date: 20 Jan 2018 10:35:40


Jan 19,


BENCHMARKS extended their gravity-defying run for the third straight session on Friday as healthy earnings by bluechips and GST rationalisation gave fresh impetus to the buying momentum. The BSE Sensex spurted 251.29 points to end at its fresh lifetime high of 35,511.58, while the broader NSE Nifty advanced 77.70 points to record 10,894.70. Intra-day, it breached the 10,900-mark for the first time. Investor sentiment got a leg-up after the GST Council yesterday cut the tax rate on 29 goods and 54 categories of services.

Encouraging third-quarter results by bluechips like HDFC Bank and ITC added to the cheer. Opening higher, the 30-share Sensex surged to an all-time high of 35,542.17 on a string of encouraging earnings. It finally ended 251.29 points, or 0.71 per cent higher at 35,511.58 -- bettering its previous record closing of 35,260.29 hit yesterday. The index has now rallied by 740.53 points in three straight sessions.

The 50-share NSE Nifty settled higher by 77.70 points, or 0.72 per cent, at 10,894.70. The index surpassed its previous lifetime closing high of 10,817 recorded in Thursday’s session. Intra-day, the index touched an all-time high of 10,906.85. It was the seventh week of gains in a row for markets.The Sensex recorded a significant rise of 919.19 points, or 2.65 pc while Nifty gained 213.45 points, or 1.99 pc, in the week.