Markets sign off 2017 with 28 pc gains

It had gained 508.92 points, or 1.94%, last year.

The 30-share index rose 110.26 points, or 0.32 per cent, to 33,958.29.

"Market surprised the investors with a positive note on the final trading day of 2017".

Top five Sensex gainers were HUL (+1.64%), Tata Steel (+0.86%), Dr Reddy's (+0.44%), ITC (+0.4%) and HDFC Bank (+0.38%), while the major losers were Sun Pharma (-1.24%), Axis Bank (-0.82%), Hero MotoCorp (-0.82%), YES Bank (-0.81%) and Wipro (-0.65%). The Sensex advanced by 116.53 points, or 0.34 per cent, while the Nifty gained 37.70 points, or 0.35 per cent, during the period.

United States stocks had eked out a slight gain on Wednesday, as advances in some major technology stocks offset losses in energy and helped keep major indexes just above the unchanged mark. On the other hand, auto index fell 0.26 per cent, banking 0.24 per cent, healthcare 0.24 per cent and IT 0.11 per cent.

Metal stocks moved up, tracking a rally in copper prices, and pushed the BSE Metal index up by over 2 percent. Shares of the company listed with a premium of 130 per cent on NSE at Rs 115 against the issue price of Rs 50. It has rocketed 32 per cent in the year so far.

The valuations have gone so stretched. Nikkei is trading higher led by automakers, technology and financial stocks. This time, it is very widespread anything doing small, mid, large, is quite fancy priced hoping that a big blast in the earnings are coming.

The end of December series contracts in the derivatives segment and a mixed trend in global markets after an oil rally made investors wait and watch. According to reports, the central bank rejected all bids in 2022 and 2031 bonds auction totalling Rs 11,000 crore. Globally, too, the markets had to contend with geo-political worries.

Among Asian markets, Hong Kong led the charge with gains of 36 per cent for the year, while South Korea notched up 22 per cent and India 27 per cent.

The gains in India's two key indices are higher than the Dow Jones, which has risen over 25 per cent. Indices in Europe have risen 6-10 per cent. In Europe, the German DAX has gained almost 14 per cent, though the UK FTSE has lagged a little with a rise of 7 per cent, Reuters reported.

  • Terrell Bush