Sensex rises 100 points, Nifty above 10500, RCom shares gain over 30%

  • Sensex rises 100 points, Nifty above 10500, RCom shares gain over 30%

Sensex rises 100 points, Nifty above 10500, RCom shares gain over 30%

While the implementation of the GST caused short-term disruptions, investors feel the government will stay firm on its reforms agenda, backed by the BJP's strong showing in Gujarat and Himachal Pradesh assembly elections, brokers said. All the sectoral indices led by power, capital goods, infrastructure and healthcare were up, rising by up to 1.01 per cent. The Nifty too rallied 2,344.90 points, or 28.65%, in 2017.

Market ended the final trading session of the calendar year on positive note, thanks to favorable local cues.

"Focus on upcoming Union Budget and government's reforms will direct investors to turn sector/stock specific".

"Though the outlook on main indices is moderate in the short to medium-term, the broad market will maintain its vibrancy as businesses flourish", Vinod Nair of Geojit Financial Services, said.

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

It surpassed its previous closing high of 34,010.61 reached on December 26. It had gained 508.92 points, or 1.94 per cent, last year.

On the National Stock Exchange (NSE), the wider Nifty50 fell by 40.75 points or 0.39 per cent to close at 10,490.75 points.

The Dow Jones Industrial Average rose 28.09 points or 0.11 per cent to 24,774.3, the S&P 500 gained 2.12 points or 0.08 per cent to 2,682.62 and the Nasdaq Composite added 3.09 points or 0.04 per cent to 6,939.34.

In four days, shares of the company have zoomed 122% adding Rs 5,506.76 crore to its market capitalisation.

-Raamdeo Agrawal, MD & CO-Founder, MOFSL In other news, the Reserve Bank of India cancelled sale of two bonds scheduled for today, during late market hours.

-Jayant Manglik, President, Retail Distribution, Religare Securities Midcap stocks such as Reliance Communications, R Power, GMR Infra surged over 10 per cent each while smallcaps such as JP Power (up 19.90 per cent), FCL (up 19.39 per cent) and Castex Technologies (up 18.37 per cent) led gains on BSE Smallcap index. Japan's Nikkei shed 0.08%.

Dollar index is languishing near its three month low of 92.40 mark and USD/INR futures for January 2018 on the NSE are quoting flat around 64.33 levels, recovering from around 64.44 mark at the start of the trading session today.