India shares gain as Fed keeps outlook unchanged; Nifty rises to record

India shares gain as Fed keeps outlook unchanged; Nifty rises to record

India shares gain as Fed keeps outlook unchanged; Nifty rises to record

The NSE index rose to a record 9,158.45 (intra-day) before ending the day at a new closing high of 9,153.70, up 68.90 points, or 0.76 per cent, breaching its previous record of 9,087 on March 14.

On Thursday, positive global cues, coupled with a strong rupee and fresh inflows of foreign funds, infused healthy buying sentiments and brought cheer to the equity markets.

Indian markets opened up on Friday on hopes of Goods and Services Tax roll out from July and tracking Asian bourses even as dollar continue to slide following Federal Reserve's signal of a gradual rate hike and other major central bankers maintaining status quo.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,482.83 points, traded at 29,520.17 points (at 12.30 p.m.) - up 122.06 points or 0.42 per cent from the previous close at 29,398.11 points. Selling was seen in PSU Bank, media and infra sectors, which dragged the Nifty down from its intra-day record high of 9,218.

Advances outnumbered declines almost 3:1 on the NSE with 1,153 securities out of a total of 1,741 advancing, 490 declining and 98 remaining unchanged.

The broader markets continued to outperform the benchmark indices.

In the forex market, the rupee opened at 65.45 against the USA dollar, down 4 paise from its previous close of 65.41.

So far in 2017, foreign investors have put in an excess of Rs 24,400 crore into equities here with another Rs 5,000 crore coming into debt.

After a firm start in early Friday trade that saw key equity benchmark equity indices, Sensex & Nifty, surge ahead, gains have tapered off a bit in noon trades on the back of select profit taking.

Buying activity was so strong that all sectoral indices, led by metal and infrastructure, ended in the green. Realty and power stocks are also finding good support, while bank, automobile, information technology, consumer durables, capital goods and oil stocks are relatively subdued.

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