Published On : Tue, Jul 25th, 2017

Nifty breaches 10,000 points for the first time

Mumbai: The NSE Nifty breached the 10,000 mark for the first time today ushering in hopes of improving earnings, accelerating economic growth. The Sensex rose by 69.47 points, currently at 32,315.34.

Yesterday, among the 51-components in the Nifty index, Reliance Industries scaled fresh 52-week high of Rs 1,624.90. However, the index closed 2.15 per cent up at 1,619.

RIL advanced after the company on Friday announced the launch of JioPhone, a 4G VoLTE-enabled feature phone, at an effective price of Rs zero.

Tata Consultancy Services, Indiabulls Housing Finance (up 1.98 per cent), HDFC Bank (up 1.95 per cent) and Bharti Airtel (up 1.87 per cent) stood among other top gainers in the index.

Expectations of RBI rate cut makes Nifty happy:

The 50-issue Nifty breached the historic 10,000 level by gaining 44.90 points, or 0.45 per cent, to trade at all-time high of 10,011.30, surpassing its previous intra-day high of 9,982.05 touched yesterday.

Brokers said sentiment was upbeat on sustained capital inflows and widespread buying by retail investors, driven by strong earnings by some more bluechip companies.

The flagship BSE Sensex too climbed 128.43 points, or 0.39 per cent, to trade at new record high of 32,374.30, breaking its previous record high of 32,320.86 reached in yesterday’s trade.

The gauge rallied 341.47 points in the previous two sessions. Besides, expectations of a rate cut by the Reserve Bank at its meeting next month too bolstered trading sentiments as participants indulged in raising their bets, they said.

Top performers during initial trade were Hero MotoCorpt, Bharti Airtel, HDFC Bank, Tata Steel, Power Grid, ICICI Bank, Kotak Bank, NTPC, Bajaj Auto, SBI, M&M, Dr Reddy’s, Adani Ports and ITC Ltd, rising by up to 1.28 per cent.