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Published: Tue, July 25, 2017
Economy | By Melissa Porter

Stocks close at record high, Nifty nears 10000

Stocks close at record high, Nifty nears 10000

India's benchmark index Sensex hit a record high on Monday, led by blue-chip Reliance Industries after the petrochemicals-to-retail conglomerate reported a better-than- expected quarterly earnings and announced a low-priced, 4G-enabled phone.

The Nifty at the National Stock Exchange also touched a new intra-day peak, and later gained 46 points to reach 9,961.

Intra-day trade saw both the indexes hitting fresh record highs of 32,320.86 and 9.982.05, respectively.

The surge has occurred after the International Monetary Fund said India's GDP growth may come in at 7.2 per cent in 2017, even as the fund believes global growth outlook is skewed to the downside in medium-term.

In Asia, slipped with the MSCI's broadest index of Asia-Pacific shares outside Japan down 0.2 percent. The shares of Avenue Supermarts, the operator of D-Mart retail chain, gained 5.5 per cent after reporting that its Q1 net profit increased 47.7 per cent at Rs 174.7 crore as against Rs 118.4 crore in the same quarter a year ago.

However, the BSE market breadth was bearish with 1,413 declines and 1,303 advances.

On the currency front, the rupee strengthened by nine paise to 64.34-35 to a U.S. dollar from its previous close at 64.43-44.

Benchmark Nifty50 index was 20 points up at 9,935, while the 30-share Sensex was 85 points up at 32,114 around 9.45 am (IST). Foreign portfolio investors (FPIs) bought shares worth a net Rs 12.90 crore last Friday, as per provisional data.

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