Sensex at 2-year high, Nifty hits new peak on Fed move

19 March, 2017, 00:22 | Author: Douglas Reid
  • A man looks at a screen displaying news of markets update inside the Bombay Stock Exchange building in Mumbai

The broader Nifty closed on Friday at an all-time high while the Sensex is only 350 points away from its historic high.

World stock indices surged to record highs on Thursday while the dollar hit a one-month low, building on moves that followed the US Federal Reserve's interest rate hike and signal there would be no pick-up in the pace of tightening. While Nifty gained 225.50 points, or 2.52 per cent to finish new closing peak at 9,160.05, it reached historic lifetime highs 9,218.40 intra-day trade on Friday.

The key indices traded with gains of around half a per cent each, well absorbing the 25 basis points (bps) rate hike by the US Federal Reserve on Wednesday for the second time in three months.

The gauge had shed 44.52 points in the previous session. It saw an intra-day movement of about 70.80 points. "This should also mean, save a negative surprise from monsoon forecast, Q4 numbers should prompt investors to be forward looking", said Anand James, chief market strategist, Geojit Financial Services.

On the global front, the greenback remained under enormous pressure and slipped to a five-week low spooked by fading expectations of a series rate increases by the US Federal Reserve despite fairly buoyant macro economic outlook.

Gotze out for the season
Goetze was then sent for specilaist help and Borussia's CEO Hans-Joachim Watzke has said it would not be a " short-term issue ". It was announced last month that the Germany worldwide will be out for an unspecified period of time due to the disorder.

Buying activity was so strong that all sectoral indices, led by metal and infrastructure, ended in the green.

Hefty buying by foreign institutional investors, the main market mover, was seen across the board.

Meanwhile, foreign funds bought a massive net Rs 1,360.10 crore yesterday, showed provisional data.

It finally settled the week on a buoyant note at 65.46, revealing a solid gain of 114 paise, or 1.71 per cent - stretching the gains for the fourth-straight week. In Europe, major shares ran up in early session. Tata Steel surged 4.30 per cent amid reports that the company will finalise decision on United Kingdom business merger by May. The mid-cap index was up by 1.55 per cent, and the small-cap index rose by 1.07 per cent. Bharti Airtel was the top loser, ending down 0.72% at Rs 360.60.

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