Published: Tue, October 24, 2017
Research | By Raquel Erickson

Sensex, Nifty Inch Higher Led By Telecom Stocks

Sensex, Nifty Inch Higher Led By Telecom Stocks

Continuous buying by domestic financial institutions also supported trading sentiment. Nifty PSU bank index closed up 3.8 percent, with State Bank of India rising 3.6 percent.

The stock of HDFC Bank ended little changed, up 0.13% at Rs 1,865.15 after the most valuable lender reported a 20.1% jump in net profit to Rs 4,151 crore for the second quarter of FY 2017-2018. At 9.48 a.m, the Sensex was trading up 104.37 points or 0.32% at 32,611.09 with 21 components gaining.

The NSE index Nifty too climbed 34.25 points, or 0.33 per cent, to trade above the 10,200-mark at 10,219.10.

The US Dow Jones Industrial Average, however, shed 0.23 per cent in yesterday.

The Sensex touched a high of 32,614.89 points and a low of 32,312.74 points during the intra-day trade. "Volatility continued to plague market momentum as mixed global cues and the expiry of October derivatives contracts impacted investor sentiment", said Karthikraj Lakshmanan, senior fund manager, Equities, BNP Paribas Mutual Fund.

The benchmark BSE index closed up 0.36 percent at 32,506.72, while the broader NSE index ended 0.38 percent higher at 10,184.85. While selling was seen in IT, healthcare and consumer durables sector counters.

Major gainers were, ONGC by 2.77 per cent, NTPC 2.52 per cent, Tata Steel 1.85 per cent, among others.

However, Tata Motors fell 1.11 per cent, Sunpharma 0.92 per cent, TataMtrDvr 0.77 per cent and M&M 0.74 per cent. Among the S&P BSE sectoral indices, power rose by 1.28 per cent followed by utilities 1.26 per cent, telecom 0.82 per cent, oil&gas 0.63 per cent, bankex 0.62 per cent and metal 0.55 per cent.

Globally, Asian shares hovered near decade highs.

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