Sensex, Nifty hit new highs on World Bank ranking, earnings | business-news | Hindustan Times
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Sensex, Nifty hit new highs on World Bank ranking, earnings

BSE Sensex zoomed over 387 points to close at a fresh life-time high of 33,600 while Nifty topped the 10,450-mark for the first time.

business Updated: Nov 01, 2017 16:27 IST
A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.
A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters File Photo)

The benchmark BSE Sensex zoomed over 387 points to close at a fresh life-time high of 33,600 while Nifty topped the 10,450-mark for the first time, powered by India’s jump on World Bank’s Ease of Doing Business list.

India went up by 30 notches to 100th position on the World Bank ranking, released yesterday.

Moreover, eight core sectors growing to a six-month high of 5.2 per cent in September and positive leads from global market accelerated the buying pace that lifted key indices to new highs.

The Sensex settled at a new closing peak of 33,600.27, up 387.14 points, or 1.17 per cent. The index surpassed its previous closing record of 33,266.16, touched on October 30.

Yesterday, the gauge had retreated from record by losing 53.03 points.

Similarly, the broader 50-issue NSE Nifty breached the 10,450-mark for the first time to hit a new intra-day peak at 10,451.65, bettering its record of 10,384.50 hit on October 30.

However, profit-taking at record levels erased gains and finally settled at 10,440.50

Better-than-estimated earnings by some more companies too bolstered trading sentiments.

The market rally was driven by strong buying in telecom, banking, realty, metal, FMCG and PSU counters. Traders said uninterrupted pumping of funds into equities by domestic institutional investors also boosted investor sentiment.

In the Sensex kitty, Bharti Airtel emerged biggest gainer by jumping over 8 per cent even as the company posted sixth straight quarter of drop on earnings as its consolidated net profit plunged 76.5 per cent for the September quarter.