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Earnings optimism propels markets to new highs

Friday, January 12, 2018

Benchmarks spurted to fresh life- time highs yesterday on optimism surrounding corporate earnings, with IT and realty counters leading the charge. The BSE Sensex jumped 70.42 points to end at 34,503.49, while the broader NSE Nifty finished at 10,651.20, up 19 points.

Investors were optimistic that blue-chip companies will post encouraging third quarter results, brokers said. The 30-share Sensex, after a cautious start, gathered momentum and rallied to 34,558.88, before ending at 34,503.49, a rise of 70.42 points, or 0.20%.

It broke its previous closing high of 34,443.19 hit on January 9. The 50-share Nifty, after range-bound morning trade, soared to touch an all-time high of 10,664.60 on a flurry of buying deals. It finally settled 19 points, or 0.18% higher at 10,651.20, surpassing its previous closing record of 10,637 hit on January 9. "Market continued to stay on the positive side on traction in IT, realty and small-cap stocks but some volatility was seen in banks.

"Investors are focusing on earnings growth in Q3 to support the premium valuation. Tomorrow's CPI inflation data is expected to rise...Which may influence investors to remain cautious," said Vinod Nair, Head of Research, Geojit Financial Services.

Domestic institutional investors bought shares worth a net Rs 600.24 crore yesterday, while FPIs net sold shares worth Rs 572.26 crore, as per provisional data. Infosys was the top performer among the Sensex constituents, rising 2.28% ahead of its Q3 earnings, while Bharti Airtel jumped 1.66%.

Other gainers were Kotak Bank, HDFC Ltd, Asian Paints, HUL, M&M, Yes Bank, Sun Pharma, Tata Motors, SBI, HDFC Bank, Adani Ports, ITC Ltd, Dr Reddy's and ONGC, gaining up to 1.61%.

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