Nifty closes above 9100-mark, up 69 points
- Author: Loretta Pittman Mar 19, 2017,
Mar 19, 2017, 0:22
Back home, the benchmark index BSE Sensex rose 0.6 percent on Thursday while the Nifty index climbed 0.8 percent to close at a record high.
The holiday-truncated eventful week saw the traders eagerly awaiting poll-outcome in five-states, while BJP's landslide victory in UP and impressive show in rest other states generated direct bearing on country's financial markets including rupee appreciating to multi-month highs as well as shares performing to the optimal.
However, the global markets, which were focussed on the interest rate road map, were relieved to find the United States central bank announcing a dovish outlook of only two rate hikes this year.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) was slightly up by 6.35 points or 0.07 per cent at 9,160.05 points. Hong Kong's Hang Seng index closed at a 19-month high and China's Shanghai Composite index gained 0.9%.
Sector-wise, all the sub-indices witnessed healthy buying, except the telecom index, which slipped a tad by 0.48 points. The market was closed on Monday, 13 March for "Holi".
"The rally in the market is expected to continue until the fourth-quarter results are out".
The Fed lifted its interest rates by 25 basis points to a range of 0.75 per cent to 1.00 per cent, but said further increases would only be "gradual".
However, broader markets registered a mixed trend, with the small-cap index advancing and mid-cap retreating. If we see sectorwise performance, the Nifty Midcap gained 4.6%, Nifty FMCG gained 5.4%, Nifty Junior gained 3.6%, Nifty Metal gained 3.2% and Nifty Infra gained 2.9% during this week, outperforming the major indices. However, Hero MotoCorp dropped by 1.32 per cent, followed by Bharti Airtel, RIL and Coal India.
The total turnover during the week on BSE fell to Rs 70,897.68 crore from Rs 73,598.16, while NSE rose to Rs 1,08,922.36 as against Rs 98,019.49 crs last weekend.