You are here: Home » PTI Stories » National » News
Business Standard

Nifty brings up a fresh closing peak, ITC in sweet spot

Press Trust of India  |  Mumbai 

The new-found optimism spurred stocks to new levels as the ended at a new peak of 9,160 today and the notched up minor gains, with liquidity giving investors enough confidence.

Fund inflows continued unabated after the BJP's sterling win in UP and assembly elections.

Buying activity picked up after the Council yesterday paved the way for rollout of the new regime from July, triggering interest in FMCG stocks.

The crossed the key 9,200-mark for the first time in early hours to hit an all-time high of 9,218.40. But it settled at 9,160.05 -- a new high -- up 6.35 points, or 0.07 per cent, surpassing yesterday's close of 9,153.70.

The closed up 63.14 points, or 0.21 per cent, at 29,648.99.

On a weekly basis, the rallied 702.76 points, or 2.42 per cent, and the 225.50 points, or 2.52 per cent, extending gains for the second straight week.

However, showed some weakness as Asian bourses struggled and caution prevailed following the previous day's rally. Investors were concerned about a lack of detail on Donald Trump's reforms and spending promises in his first budget.

The gauge had gained 187.74 points in previous session, tracking firm after the prospects of a gradual approach to US rate hike removed a big uncertainty.

Shares of cigarette makers were in the limelight after the Council approved a proposal to cap cess on demerit goods such as tobacco and cigarettes at 290 per cent or Rs 4,170 per 1,000 cigarette sticks.

Among cigarette stocks, VST Industries led gains by surging 7.55 per cent to Rs 2,839.45 while Godfrey Phillips rose 0.77 per cent to Rs 1,294.95.

In the 30-share Sensex kitty, Ltd, cigarette giant, emerged as the top gainer by climbing 4.85 per cent to Rs 281.20, followed by Infosys by 1.12 per cent to Rs 1,040.

Other gainers were Wipro, Maruti Suzuki, Axis Bank, HDFC Bank, TCS, RIL and HDFC Ltd on sustained buying activity.

Meanwhile, foreign funds bought a massive net Rs 1,360.10 crore yesterday, according to provisional data.

"Markets continued to move upwards for yet another session on the back of robust foreign fund inflows, powered by BJP's huge win in UP and Uttarakhand," said Deepak Pahwa, a Delhi-based stock broker.

Sectorally, FMCG index gained a whopping 2.41 per cent, followed by realty 0.78 per cent, IT 0.71 per cent and teck 0.10 per cent.

However, broader markets depicted a mixed trend with small-cap index rising 0.04 per cent while mid-cap index shed 0.14 per cent.

In overseas markets, key indices in Asia such as Hong Kong's Hang Seng rose 0.09 per cent, while Japan's Nikkei shed 0.35 per cent. Shanghai Composite Index fell 0.96 per cent.

Among European markets, London's FTSE was up 0.03 per cent and Paris CAC 40 gained 0.29 per cent in their early deals, but Frankfurt's DAX shed 0.11 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 17 2017. 17:13 IST