Early Diwali in equity markets as Nifty closes at record high

Early Diwali in equity markets as Nifty closes at record high

Shares of Bharti Airtel on Friday gained over 8 percent - the highest in five months - after the country's largest telecom operator on Thursday announced it would acquire Tata Teleservices in a debt-free cash-free deal.

It broke previous record closing of 10,153.10 hit on September 18. On Friday, the Sensex ended up 0.8%, or 250.47 points, at 32,432.69, while the Nifty rose 0.7%, or 71.05 points, at 10,167.45, its highest ever.

The Nifty has soared by 24 per cent and the BSE Sensex by 22 per cent so far this year.

The data, which come out late on Thursday, showed annual consumer price inflation rose to 3.28 percent in September from a year earlier, in line with the August number, Business Standard reported.

At 12.55 p.m., the wider Nifty50 of the National Stock Exchange (NSE) rose by 62.75 points, or 0.62 per cent, to trade at 10,159.15 points. On the other hand Tata Tele hit the 10 percent upper circuit for the second session on Friday. "Better IIP figures have given reasons for investors to resume buying, pushing behind fears of soft corporate numbers". So the markets are waiting for the Sensex to cross the new highs made in August.

Sectoral indices turned green across the board, with metal, realty and FMCG posting sizeable gains of up to 1.90 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Market saw a fresh high due to good start to Q2 (second quarter) results".

Reliance Industries shot up by 1.15 per cent to Rs 882.50 as participants raised their bets ahead of earnings, to be released later in the day. Hong Kong's Hang Seng, however, was down 0.16 per cent.

In the primary market, the Rs 11,370 crore initial public offer (IPO) of General Insurance Corporation of India (GIC Re) got subscribed 1.16 times on the final day of the bidding process. TCS firmed up 0.32 per cent to Rs 2,556.75 even as the company's net profit fell 2.1 per cent in the September quarter.

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