Indian equity indices close at new highs amid trimming gains

Indian equity indices close at new highs amid trimming gains

Market observers say that positive global cues, along with inflow of foreign funds and upbeat quarterly corporate earnings, lifted the benchmark indices

By: || Updated: 18 Jan 2018 04:20 PM

Image: AFP/ File

Mumbai: Despite paring gains due to a sell-off in metals, consumer durables and oil and gas stocks, the key Indian equity indices managed to provisionally close at new highs on Thursday.

According to market observers, positive global cues, along with inflow of foreign funds and upbeat quarterly corporate earnings, lifted the benchmark indices to record highs during the mid-afternoon trade session.

The wider Nifty50 of the National Stock Exchange provisionally closed above the vaunted 10,800-mark. The index edged higher by 28.45 points or 0.26 per cent to close (at 3.30 p.m.) at a new level of 10,817 points.

The Nifty50 scaled a new level of 10,887.50 points during the intra-day trade.

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On the BSE, the barometer 30-scrip Sensitive Index (Sensex), which opened at 35,366.45 points, closed at a new high of 35,260.29 points -- up 178.47 points or 0.51 per cent -- from its previous session's close.

The Sensex also touched a fresh intra-day high of 35,507.36 points.

However, the BSE market breadth remained bearish as 2,248 stocks declined as compared to 707 advances.

"Markets opened with a bullish sign on expectation of rising foreign investment in banks and government's focus on fiscal prudence. But later the gains were trimmed due to profit booking in metals, PSU banks and realty," said Vinod Nair, Head of Research, Geojit Financial Services.

On Wednesday, the Sensex closed above the 35,000-mark at a high of 35,081.82 points, after touching an intra-day high of 35,118.61 points.

The Nifty50, which scaled a high of 10,803 points intra-day, rose 88.10 points or 0.82 per cent, to close at 10,788.55 points.

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