Nifty hits record high in morning trade, Sensex surges 191 points

Nifty hits record high in morning trade, Sensex surges 191 points

India's broader NSE Nifty index ended lower on Thursday after the U.S. Federal Reserve set an October start for shrinking its balance sheet and maintained a forecast for another rate increase this year.

Driven by stronger rupee and revival of buying interest of foreign investors amid abundant liquidity, the NSE Nifty closed at 10,153.10 - a new peak - up 67.70 points, or 0.67 per cent, after shuttling between 10,171.70 and 10,131.30. The flagship BSE index gave in to the propensity to take profit as it hit a low of 32,358.63 before closing down 21.39 points, or 0.07 per cent, at 32,402.37. The Nifty too was down by 6.40 points or 0.06 per cent.

The 30-share index finally settled down 1.86 points, or 0.01 per cent, at 32,400.51.

Sentiments remained upbeat for yet another session following healthy gains across Asian and a higher opening at European markets, traders said.

Market breadth was in the favour of losers, with about 2 stocks declining to every 1 stock that advanced. "Current developments to bring petroleum products under GST might enthuse investors", said Anand James, Chief Market Strategist, Geojit Financial Services Ltd. "So, this can impact in the short-term but unlikely in the long-term, as seen by the appreciation of INR (Indian rupee) in spite of selling by FII", Nair added.

The rupee fell sharply by 26 paise to 64.53 against the dollar at the interbank forex market in early trade today as the greenback strengthened overseas.

In terms of investments, provisional data with the exchanges showed that FIIs sold scrip worth Rs 1,185.44 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 946.23 crore.

During the day's trade, shares of Reliance Industries hit a record high of Rs 872.10.

The Sensex was down by 1.86 points or 0.01 per cent at the Wednesday's closing.

It also regained against the Japanese yen to close at 57.60 per 100 yens from 57.73 yesterday.

Banks, auto, FMCG and metals stocks pulled the market lower but healthcare stocks outperformed throughout session. Among the sectoral indices, Nifty Pharma was the top gainer, up by 0.80 per cent. Dr. Reddy's, Sun Pharma, Cipla and Lupin were all among the stocks which made upward move in morning trade.