Sensex, Nifty hit record closing highs; up in first week of 2018

Sensex, Nifty hit record closing highs; up in first week of 2018

Stocks were off to a positive start in the final trading session of 2017, with the benchmark Sensex gaining 110 points and the NSE Nifty crossing the 10,500-point mark on widespread gains led by banking, FMCG and capital goods shares.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE too scaled a new intra-day high of 34,188.85 points.

Globally, in the Asian region, Japan's Nikkei rose 0.55 per cent, Hong Kong's Hang gained 0.18 per cent, while China's Shanghai Composite Index rose 0.23 per cent in their early deals.

Index heavyweight SBI rose 1.72 per cent, while UCO Bank, IDBI, Punjab National Bank, Bank of India, Bank of Baroda and Oriental Bank of Commerce, among others, rallied by up to 8.50 per cent.

"Global growth expectation and continued buying in metal stocks raised the market sentiment, while PSU banks outperformed on account of finalisation of recapitalisation", said Vinod Nair, Head of Research, Geojit Financial Services.

Top five Sensex gainers were YES Bank (+5.03%), Adani Ports (+3.71%), Bharti Airtel (+3.36%), IndusInd Bank (+3.17%) and Dr Reddy's (+2.4%), while the major losers were ONGC (-0.83%), ICICI Bank (-0.7%), State Bank of India (-0.6%), Wipro (-0.56%), Sun Pharma (-0.39%).

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The finance ministry today sought Parliament's nod for extra expenditure of Rs 80,000 crore towards recapitalisation of bad loans-saddled public sector banks through bonds.

On the other hand, the S&P BSE oil and gas index declined by 63.33 points and energy index slipped by mere 0.32 points.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 212.05 crore, while domestic institutional investors (DIIs) made purchases worth Rs 325.24 crore on Thursday, as per provisional exchange data.

The US Dow Jones Industrial Average closed 0.26 per cent higher yesterday. The MSCI index was about 1 per cent off the all-time peak it hit in November 2007 of 591.5.

It lost some ground on profit-booking, before finally ending 184.21 points, or 0.54 per cent higher at 34,153.85, smashing its previous record close of 34,056.83 reached on December 29 past year.

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