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Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Catch all that happened in the market here

SI Reporter  |  New Delhi 

The benchmark indices, S&P BSE Sensex and Nifty50 settled the day on record closing highs on Monday as investors remianed optimistic on the June corporate results. Markets also shrugged off the global weakness with Asian markets ending mixed ahead of the joint OPEC and non-OPEC ministerial meeting later in the day. Meanwhile, the International Monetary Fund (IMF) retained India's economic growth projections at 7.2% in 2017-18, up slightly from 7.1% in the previous year. However, the growth would accelerate to 7.7% in 2018-19, IMF said.

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Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Anand James, Chief Market Strategist, Geojit Financial Services said: Market inched closer to the 10k level as the banking stocks registered a strong comeback today. Investors may expect buoyancy in the market to continue in the F&O expiry week, on the backdrop of short covering, especially in the banking sector. Monsoon updates, liveliness in rupee and the hopes on monsoon session of Parliament will drive the indices in the coming sessions.

Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Nifty PSU Bank index Source: NSE

Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

HDFC Bank gained 2% after the lender reported 20.22% rise in net profit to Rs 3,893.84 crore for the quarter ended on June 30, 2017, compared to the same period last year.

Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Nifty50 index less than 50 points away from hitting the crucial 10,000-mark

Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

All except metals and pharma sectoral indices ended the day in green. Nifty PSU Bank was the top gainer, up 1.5% followed by Nifty IT (up 1%), Nifty FMCG (up 0.9%) and Nifty Bank (0.7%)

Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Bharti Airtel, Reliance Industries, HDFC Bank, Wipro and TCS gained the most on BSE Sensex while Dr Reddy's, Axis Bank, Tata Steel and Sun Pharma lost the most on the index.

Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Benchmark indices settled the day at record closing highs as investors stay optimistic on Q1 earnings results, despite weakness in global markets.   The S&P BSE Sensex ended the day at a new milestone of 32,245, up 216 points, surpassing previous closing high of 32,074, hit on July 17. The broader Nifty50 index also settled the day at fresh closing high of 9,966, up 55 points, racing ahead of its previous high of 9,915, hit on July 17.

Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

At 3:05 pm, the S&P BSE Sensex was trading at 32,229, up 200 points while the broader Nifty50 index was at 9,962, up 47 points. In broader markets, both BS Midcap and BSE Smallcap indices underperformed the frontline indices, up 0.3% each.

Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Shares of public sector banks (PSBs) were in focus with the Nifty PSU Bank gaining over 2% on the National Stock Exchange (NSE).   Jammu & Kashmir Bank, Allahabad Bank, Bank of India, Andhra Bank and IDBI Bank were up more than 3%, while State Bank of India (SBI), Oriental Bank of Commerce, Punjab National Bank, Union Bank of India and Bank of Baroda were up 1%-3% on NSE. Click here for full report

Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Top gainers and losers on BSE Sensex Source: BSE

Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Markets Check At 2:00 pm, the Sensex was trading at 32,251, up 223 points, while the broader Nifty50 was ruling at 9,970, up 55 points.  

First Published: Mon, July 24 2017. 15:31 IST
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Markets end at fresh closing highs amid earnings optimism; Airtel, RIL gain

Catch all that happened in the market here

The benchmark indices, S&P BSE Sensex and Nifty50 settled the day on record closing highs on Monday as investors remianed optimistic on the June corporate results. Markets also shrugged off the global weakness with Asian markets ending mixed ahead of the joint OPEC and non-OPEC ministerial meeting later in the day. Meanwhile, the International Monetary Fund (IMF) retained India's economic growth projections at 7.2% in 2017-18, up slightly from 7.1% in the previous year. However, the growth would accelerate to 7.7% in 2018-19, IMF said.

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