NDTV Profit

Nifty Settles Above 9,900 For First Time, Wipro Gains On Buyback Plan

The broader NSE Nifty hit a life high, rising as much as 0.34 percent to 9,920.30, while the BSE Sensex gained as much as 0.35 percent to 32,131.92, a record level.
EMAIL
COMMENTS
Nifty Settles Above 9,900 For First Time, Wipro Gains On Buyback Plan
Indian shares ended at record high levels on Monday with IT stocks such as Infosys and Wipro Ltd leading the gains, while firm Asian markets on strong economic growth in China boosted investor sentiment. The 50-share Nifty closed above its psychological level of 9,900 for first time while the Sensex also closed at a new record high.

Asian shares set a fresh two-year high, boosted by stronger-than-expected economic growth in China and bets that lacklustre U.S. data will keep the Federal Reserve cautious about the pace of further policy tightening.

The broader NSE Nifty hit a life high, rising as much as 0.42 percent to 9,928.20, while the BSE Sensex gained as much as 0.35 percent to 32,131.92, a record level.

"Foreign investors are continuously buying into selected index heavyweight stocks, resulting in the upmove in the market," says Deven Choksey, promoter, K R Choksey Investment Managers.

Both the Nifty and tech indexes posted their best weekly gain last week, since the week ending March 17, 2017.

Nifty IT index ended 1 percent higher. Infosys Ltd rose 1.4 percent while Wipro Ltd gained 3.2 per cent after the software service provider said on Friday that it would consider a buyback proposal.

Meanwhile, Fortis Healthcare Ltd and Religare Enterprises Ltd fell as much as 12.8 per cent and 8.9 per cent, respectively after India Ratings and Research downgraded some non-convertible debentures (NCDs) and loans held by RHC Holding Pvt Ltd, which owns shares in Fortis and Religare, to default levels of "IND D" and "IND C".

The Sensex ended 54 points higher at 32,075 and Nifty advanced 0.3 per cent or 30 points to close at 9,916.

For latest news on Business, like us on Facebook and follow us on Twitter.
ALSO READ Nifty After 10,000: Will Markets Break More Records This Year?

Advertisement

Advertisement

GAINERS / LOSERS