Tuesday 16 May 2017

Sensex and Nifty close at record highs as IT, telecom stocks rise

Benchmark BSE Sensex closed at 30,582.60 higher by 260.48 points or 0.8% whereas  Nifty-50 closed at 9,512.25 higher by 66.85 points or 0.7%, on Tuesday backed by PSU banks, FMCG, auto and IT stocks.
Nifty PSU Bank index led the market rally in today’s trading session  gaining 2.4% during the trade, while the Nifty closed above 9,500 for the first time ever, Sensex closed above its psychological 30,500 mark. Reliance, SBI, ITC and TCS contributed 45% to the Nifty gains, with IOC and Indian Hotels being the prominent Nifty gainers.
ITC gained 2.2 percent to Rs 283.45, hitting a  high and low of  Rs 284.25 and 278.10  respectively, in intraday trade.  Auto stocks rose with  Hero MotoCorp gaining 3.2%, Eicher Motors went up 1.39%, Tata Motors rose 1.23%, Bajaj Auto went up  0.98% among others.
The market breadth was strong with  853 advancing stocks against 791 declining stocks  and 307 unchanged stocks on NSE.
The stock of Voltamp Transformers surged 8% as the company today reported a net profit at Rs 22.65 Cr, for the quarter ended March 2017, versus Rs 19.21 Cr, for the corresponding quarter of the last year.

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