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Published: Sun, March 19, 2017
Sports | By Jaime Goodwin

Sensex at 2-year high, Nifty hits new peak on Fed move

Sensex at 2-year high, Nifty hits new peak on Fed move

Mumbai: BJP's remarkable election victory, particularly in Uttar Pradesh summed-up the market mood of the week, with Nifty index marking three lifetime highs and Sensex rallying 702.76 points to 29,648.99.

On Thursday, positive global cues, coupled with a strong rupee and fresh inflows of foreign funds, infused healthy buying sentiments and brought cheer to the equity markets. NSE Nifty gained 2.6%, closing at 9160 mark, claiming its crucial 9200 mark for the first time ever in intraday trade on Friday; and BSE Sensex gained 2.4%, closing at the 29,649 mark on Friday.

However, the global markets, which were focussed on the interest rate road map, were relieved to find the U.S. central bank announcing a dovish outlook of only two rate hikes this year.

The NSE index rose to a record 9,158.45 (intra-day) before ending the day at a new closing high of 9,153.70, up 68.90 points, or 0.76 per cent, breaching its previous record of 9,087 on March 14. Shanghai decreased 0.96 per cent, Hang Seng increased 0.09 per cent, while Nikkei reduced 0.35 per cent.

Advances outnumbered declines almost 3:1 on the NSE with 1,153 securities out of a total of 1,741 advancing, 490 declining and 98 remaining unchanged.

"The rally in the market is expected to continue until the fourth-quarter results are out".

Sector-wise, Metal rose 2.92 per cent, Infra 1.38 per cent, Realty 1.25 per cent, PSU Bank 1.10 per cent, IT 1.17 per cent, Auto 0.69 per cent, Finance Service 0.66 per cent, Pharma 0.56 per cent and Energy 0.48 per cent.

Among the 30-share Sensex pack, 26 stocks advanced and remaining 5 stocks fell during the week.

FIIs bought shares worth Rs 1,141.13 crore yesterday, as per provisional data.

Outperforming the front liners, The BSE Midcap and BSE Smallcap indices jumped by 4 per cent and 3 per cent respectively. However, Hero MotoCorp dropped by 1.32 per cent, followed by Bharti Airtel, RIL and Coal India. The market capitalisation of NSE stood at Rs 11,823,832.12 crore.

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