Nifty flies to record high, Airtel leads from the front

Phillip Butler
October 17, 2017

Key Indian equity indices-BSE Sensex and NSE Nifty started off the Diwali week at fresh record high on Monday.

The Sensex added 618.47 points, or 1.94 per cent, during the week - the biggest such weekly jump since July 14 when it read 660.12 points, or 2.10 per cent - and the NSE Nifty soared 187.75 points, or 1.88 per cent.

The 30-share Sensex, resumed higher at 32,488.23 and hovered in a range of 32,687.32 and 32,445.43 before quoting 32,540.47 at 1130 hours, still showing a rise of 107.78 points or 0.33 per cent from its last close. "BSE Sensex rose 192.38 points, or 0.59 per cent, to 32,625.07, while the Nifty 50 gained 64.35 points, or 0.63 per cent, to 1", 231.80", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Investors also cheered official data, which showed that India's annual wholesale price inflation unexpectedly eased to 2.60 percent in September after accelerating in the previous two months.

Buying activity picked up momentum on positive economic data after industrial production grew to a 9-month high of 4.3 per cent in August while retail inflation came in at 3.28 per cent in September, unchanged from August.


Shares of Bharti Airtel and Bharti Infratel hit the 52-week highs, rising 1.7% and 1.5% respectively.

On the other hand, the S&P BSE healthcare index fell by 40.67 points, followed by FMCG index by 25.86 points and capital goods index by 24.25 points.

Major Sensex losers were: Dr. Reddy's Lab, down 1.18 per cent at Rs 2,351.90; Mahindra and Mahindra, down 0.95 per cent at Rs 1,326.40; Sun Pharma, down 0.87 per cent at Rs 534.70; ITC, down 0.43 per cent at Rs 265.85; and Maruti Suzuki, down 0.41 per cent at Rs 7,872.20.

Asian stocks held firm near a 10-year high on Friday thanks to expectations of brisk global growth, although investors held off chasing the shares higher ahead of United States and Chinese economic data as well as the Chinese Communist Party congress next week.

Hong Kong's Hang Seng was trading higher by 0.94 per cent, while Shanghai Composite rose 0.14 per cent in late morning trade.

Other reports by Ligue1talk

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