Sensex rises 176 points to 33,969, Nifty at 10,504 level; Tata Steel, Dr Reddy's, L&T top gainers

 BusinessToday.in        Last Updated: January 5, 2018  | 09:17 IST
Sensex rises 176 points to 33,969, Nifty at 10,504 level; Tata Steel, Dr Reddy's, L&T top gainers

The Sensex and Nifty closed higher in Thursday's trade  with capital goods and consumer durables stocks leading the gains.

While Sensex rose 176 points to 33,969, Nifty was up 61 points to 10,504 level. The markets gained steam during the last hour of trade.

Metal stocks too contributed to the rally with BSE metal index rising 420 points  to 15,578 level on BSE.

The BSE consumer durables and capital goods index rose 578 points and 408 points, respectively.

Public sector bank stocks too rose after finance ministry cleared proposal for infusion of Rs 7,577 crore in six weak public sector banks (PSBs) as part of the recapitalisation plan to bolster capital adequacy ratio.

Bank Nifty rose 144 points to 25,462 level. BSE Bankex rose 144 points to 28,777 level. PNB (5.97%), Bank of Baroda (3.77%) and SBI (1.72%) were the top index gainers.

Market breadth was positive with 1,915 stocks closing higher against 1,002 stocks falling on BSE. Tata Steel (3.74%), Dr Reddy's (3.33%) and L&T (3.08%) were top Sensex gainers.  

SJVN (11.88%) was the top gainer on BSE after the firm said it would consider a buyback of shares at its board meeting to be held on January 9.

The Hindustan Foods stock was locked in upper circuit in Thursday's trade after the firm announced it has received all licences and started commercial production of pest products from January 2, 2018.

The stock of the FMCG firm closed 10% or 34.20 points higher to Rs 376.20 on the BSE, a fresh 52-week high level.  The stock opened at 375 level and hit an intra day low of 348 on BSE.
 
Global markets

Meanwhile, Asian stocks surged to their decade highs on the back of strong US economic data.

Nikkei 225 was the top gainer in Asia  rising 3.26% or 741 points to 23,506 level. Hang Seng, Shanghai SE Composite Index rose 0.57 percent and 0.59 percent, respectively.

US factory activity increased more than expected in December, boosted by a surge in new orders growth, in a further sign of strong economic momentum at the end of 2017. On Wall Street, the three main stock indexes hit record closes, helped by a 1.5 percent rise in energy stocks.

In Germany, Europe's economic power house, the unemployment rate hit a record low of 5.5 percent in December, underpinning a broad-based economic upswing.

Oil prices were touching levels not seen since before commodity markets slumped in 2014/15, having been boosted by tensions in key producer Iran and ongoing OPEC-led output cuts.

US West Texas Intermediate (WTI) crude futures rose to as high as $62.17 per barrel, up 0.9 percent for the day and their highest level since mid-2015. International benchmark Brent also scaled a 2-1/2-year high of $68.19 a barrel.

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