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.

Related Articles

  • Colts should show interest in LB Navorro Bowman

    Colts should show interest in LB Navorro Bowman

    A knee injury kept Bowman out for the entire 2014 season and an Achilles injury ended his season in 2016 after just four games. Still, the 29-year-old linebacker should have something left in the tank and is a brilliant leader.
    OnePlus 5 no longer available, fueling rumors of the impending OnePlus 5T

    OnePlus 5 no longer available, fueling rumors of the impending OnePlus 5T

    Several media reports are also circulating claiming that the OnePlus 5T may launch as early as November. The smartphone is expected to sport a Full HD+ display with a resolution of 2160 x 1080 pixels.
    Bayer to sell selected crop science biz to BASF for $7 billion

    Bayer to sell selected crop science biz to BASF for $7 billion

    Bayer shares were trading over 1% higher mid-morning, while BASF shares were a little lower. The proceeds of the sale are to go toward partially refinancing the Monsanto bid.
  • Oasis Petroleum Inc. (OAS) Given Average Rating of "Hold" by Analysts

    Whereas, firm has insider ownership was declared as 1.30% and Insider transaction was recorded recently as -7.97%. Lorentzatos sold 10,985 shares of the business's stock in a transaction that occurred on Friday, September 22nd.
    Encana Corporation (ECA) - Morgan Stanley Maintains Rating And Raises Price Target

    Encana Corporation (ECA) - Morgan Stanley Maintains Rating And Raises Price Target

    Over the long run, the price of a stock will normally go up in lock step with its earnings (assuming the P/E ratio is constant). Moreover, Mitsubishi Ufj Tru And Banking Corp has 0.04% invested in The Western Union Company (NYSE:WU) for 986,680 shares.
    Microsoft Edge preview arrives on iOS, coming soon to Android

    Microsoft Edge preview arrives on iOS, coming soon to Android

    Along with that, Microsoft introduced a new Android launcher app, which lets you customize you phone's home screen. It has Continue on PC functionality as well to enable users' smartphones and Windows 10 PCs to gel well together.
  • I Have Tougher Attitude on N. Korea

    I Have Tougher Attitude on N. Korea

    Of all voters, 65 percent say the USA should negotiate with North Korea diplomatically, while 29 percent say it's a waste of time. Guam is a major military hub and home to US bombers that periodically fly missions over the divided Korean Peninsula.
    Talwars to spend weekend in jail as authorities await signed order

    Talwars to spend weekend in jail as authorities await signed order

    The order, however, failed to bring a closure to the case and the public opinion remained divided, even after years of the conviction.
    'Crazy' Florida Cop Captures 9-Foot Anaconda With Bare Hands

    'Crazy' Florida Cop Captures 9-Foot Anaconda With Bare Hands

    Video of the capture has gone viral, piling up almost 2,000 shares, since it was uploaded to the Sheriff's Office's Facebook page Thursday.
  • Bristol-Myers Squibb Co (BMY) Analysts See $0.75 EPS

    After $0.19 actual EPS reported by Oclaro Inc for the previous quarter, Wall Street now forecasts -15.79% negative EPS growth. The stock of Bristol-Myers Squibb Co (NYSE:BMY) has "Underweight" rating given on Friday, December 18 by Atlantic Securities.
    State AGs ready to sue Trump over health care subsidies

    State AGs ready to sue Trump over health care subsidies

    In May, he and Becerra led a coalition of 18 Attorneys General and moved to intervene in House v. Schneiderman said he expected other states to join in the suits.
    Analyst's opinion on Hewlett Packard Enterprise Company (HPE)

    Analyst's opinion on Hewlett Packard Enterprise Company (HPE)

    On average, analysts expect that Hewlett Packard Enterprise will post $1.40 earnings per share for the current fiscal year. The percentage of shares being held by the company management was 0.1% while institutional stake was 70.8%.