Published: Sat, October 28, 2017
Economy | By Melissa Porter

Market open: Sensex, Nifty hit fresh record high

Market open: Sensex, Nifty hit fresh record high

At present the banking sector is in a bad shape crippling with NPAs and the latest announcement from the government is expected to cheer it up.

A healthy inflow of foreign funds and a strengthening of the rupee's position against the U.S. dollar kept the market trajectory northwards throughout the session. The Sensex resumed higher at 33,228.32 and surged to an intra-day record of 33,286.51.

Quess Corp, PNB Housing Finance, Ashok Buildcon and Sadbhav Engineering rose 1-6 percent while Jaypee Infra and Jaiprakash Associates were down 5-10 percent.

The 30-share BSE Sensex was up 435.16 points or 1.33 percent at 33,042.50 and the 50-share NSE Nifty rose 87.70 points or 0.86 percent to 10,295.40.

Even global cues supported the Indian indices as major Asian and European markets ended on a positive note, barring the Nikkei index.

The Sensex had touched an intra-day low of 33,164.42 points-mark.

Earlier, the rupee opened lower by 20 paise at 65.02 per dollar as against yesterday's closing level of 64.82 per dollar at the Interbank Forex Market (FOREX).

Among the laggards, the S&P BSE Bankex Index fell 0.8 percent after rallying in the past two sessions.

"SBI was the top percentage gainer in the NSE Nifty, surging as much as 27 per cent to its highest since January 2015".

On the other hand, the S&P BSE banking index receded by 233.70 points and oil and gas index declined by 191.25 points while the telecom index inched-down by 84.14 points.

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