Sensex closes above 36,000; Nifty crosses 11,000-mark on IMF growth projections
In its latest World Economic Outlook update released in Davos on the sidelines of the World Economic Forum annual meet on Monday, the IMF has also projected 7.8% growth rate for India in 2019.business Updated: Jan 23, 2018 17:46 IST
Benchmark Sensex zoomed 342 points to close above the 36,000-mark for the first time on Tuesday, while the broader Nifty too breached the historic 11,000-level after International Monetary Fund projected India’s growth getting back on track.
Investor sentiment got a boost after the IMF said India will see its growth picking up to 7.4% in 2018-19 to regain the status of the world’s fastest growing major economy.
In its latest World Economic Outlook (WEO) update released in Davos on the sidelines of the World Economic Forum annual meet on Monday, the International Monetary Fund (IMF) has also projected 7.8% growth rate for India in 2019.
Continuing its record-setting run for the fifth straight session, the 30-share Sensex hit a new high of 36,170.83 (intra-day) on the back of widespread gains in metal, PSU, oil and gas and financial counters.
Finally, it settled at 36,139.98, up 341.97 points, or 0.96% — breaching its previous record of 35,798.01 reached Monday.
The gauge had risen 1,026.96 points in the previous four sessions.
The Sensex took just five trading sessions (January 17- 23) to reach the historic 36,000-level from 35,000, while the NSE Nifty advanced to 11,000-mark from 10,000 in six months (July 26, 2017 to January 23).
The Nifty touched a new high (intra-day) of 11,092.90 Tuesday.
It closed the session with a hefty rise of 117.50 points, or 1.07%, at a fresh life high of 11,083.70, bettering its previous record close of 10,966.20 reached in Monday’s trade.