Nifty hits record high in morning trade, Sensex surges 191 points
- Author: Santos West Sep 22, 2017,
Sep 22, 2017, 0:13
Caution over a US Federal Reserve rate-hike in December, coupled with a weak rupee and profit booking by investors, pulled the key Indian equity indices lower to close in the red on Thursday. The 30-share barometer closed down by 30.47 points, or 0.09 percent at 32,370.04.
In terms of the broader markets, the S&P BSE mid-cap index was lower by 0.07 per cent and the small-cap index by 0.14 per cent.
Shares of Dr. Reddy's Laboratories advanced 7.5% to close at Rs 2,486.5 on Thursday after the drugmaker received an EIR (Establishment Inspection Report) from the United States food and drug regulator for it's Srikakulam plant.
The 50-share NSE Nifty, after moving between 10,158.90 and 10,058.60, finished lower by 19.25 points - or 0.19 per cent - at 10,121.90.
In the economic news, European Central Bank (ECB) in its economic bulletin released today, 21 September 2017 said that Eurozone economic growth is gaining momentum and the rapid fall in the unemployment rate is encouraging but inflation has yet to show convincing signs of a sustained upward trend, requiring continued stimulus. "Current developments to bring petroleum products under GST might enthuse investors", said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.
"FIIs (foreign institutional investors) have a neutral view on India today due to its high risk position in the risk-reward meter within the EM (emerging markets) basket".
Foreign portfolio investors (FPIs) remained net sellers in the past several sessions, offloading equities worth Rs 1,185.40 crore.
The Indian rupee traded nine paise down at 64.08 to the United States dollar at 10.48 am.
Market heavyweight Reliance Industries was in a sweet spot as the scrip hit a record high of Rs 872.10 (intra-day) before closing 0.85 per cent higher at Rs 847.10 after the IUC cut is seen as benefiting the company's telecom unit, Reliance Jio.
The BSE realty index was the biggest drag, down 2.28 per cent. Consumer durables, PSU and banking indices too weighed while healthcare and IT indices ended higher.