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March 27, Monday 2017 2:15 AM       

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       BUSINESS Next Article: Prominent Australians ask Adani to abandon coal mine project  
       Sensex soars 188 pts, Nifty at fresh closing peak on Fed move
 
         Posted on :18:34:55 Mar 16, 2017
   
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       Last edited on:18:34:55 Mar 16, 2017
         Tags: Sensex soars 188 pts, Nifty at fresh closing
 
MUMBAI: The prospects of a gradual approach to US rate hike gave markets more reason to rejoice as the Sensex today added 188 points to close at a 2-year high of 29,586 and the Nifty hit a new peak of 9,154, buoyed by strong capital flows.
 
The NSE index rose to a record 9,158.45 (intra-day) before ending the day at a new closing high of 9,153.70, up 68.90 points, or 0.76 per cent, breaching its previous record of 9,087 on March 14.
 
The Federal Reserve, as expected, hiked the benchmark interest rate by a quarter percentage point, but gave a more dovish outlook for future hikes and painted a positive picture of the world's largest economy.
 
The 30-share BSE index settled higher by 187.74 points, or 0.64 per cent, at 29,585.85. This is the highest closing since January 29, 2015 when it closed at 29,681.77.
The gauge had shed 44.52 points in the previous session.
 
Investors continued to soak in BJP's superlative show in UP and Uttarakhand, which is seen as giving an impetus to the government's reforms drive.
 
Continued foreign inflows have sparked a rally in the rupee, which hit an over 16-month high of 65.22 (intra-day) against the dollar, accelerating buying activity further.
 
"Though the record peaks have kept the investors nervy, the prospects of a gradual US rate hike looks to have improved the risk appetite, which is also reflected in the marked decline in volatility. This should also mean, save a negative surprise from monsoon forecast, Q4 numbers should prompt investors to be forward looking," said Anand James, Chief Market Strategist, Geojit Financial Services.
 
The buoyancy reflects a firming trend in Asia and Europe, tracking overnight gains in the US after the Federal Reserve went for a rate increase.
 
Buying activity was so strong that all sectoral indices, led by metal and infrastructure, ended in the green.
 
Second-tier stocks attracted heavy buying interest from retail investors and notched up handsome gains. The BSE midcap and smallcap indices closed up 1.55 per cent and 1.07 per cent, respectively.
 
Hefty buying by foreign institutional investors, the main market mover, was seen across the board. FIIs bought shares worth Rs 1,141.13 crore yesterday, as per provisional data.
 
Key indices in China, Hong Kong and Japan rose up to 2.08 per cent. In Europe, major shares ran up in early session.
 
Adani Ports jumped maximum (4.73 per cent). Tata Steel surged 4.30 per cent amid reports that the company will finalise decision on UK business merger by May.
 
Other major Sensex gainers were Bajaj Auto (2.31 per cent), Asian Paints (2.23 per cent), Infosys (1.62 per cent), Tata Motors (1.49 per cent) and HDFC (1.47 per cent).
 
However, Hero MotoCorp dropped by 1.32 per cent, followed by Bharti Airtel, RIL and Coal India.
 
The metal index went up 2.84 per cent. Power, consumer durables, infrastructure and capital goods too advanced.
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       BUSINESS
Next Article: Prominent Australians ask Adani to abandon coal mine project
 
 
BUSINESS HEADLINES
Aditya Puri features in Barron’s 30 best CEOs  
India is 3rd largest aviation mkt in domestic traffic  
China win for Apple as court overturns iPhone ruling  
CBEC to be renamed CBIC under GST regime  
Sebi bans RIL from equity derivatives market for 1 year  
Sensex up for 2nd day, Nifty reclaims 9100 as bank stocks gain  
Govt may table 4 GST bills in Parliament today: Minister  
Airfares in India among 'lowest' globally: Sinha  
Sensex tanks 318 pts, Nifty slumps below 9100 on global clues  
Notes ban to spur economic activity: Govt  
Govt nod for 18 new airports costing Rs 30,000 cr  
Govt nod for 18 new airports costing Rs 30,000 cr  
Adani Enterprises acquires Adani Infra  
Vodafone, Idea Cellular to create new Indian market leader  
Softbank appoints Kabir Mishra to Snapdeal board  
Idea to sell 2G, 3G, 4G mobile data at same price from Mar-end  
Airbus to set up its first Asia training facility in Delhi  
BSNL offers 2GB data per day, unlimited calling for Rs 339  
Sensex soars 188 pts, Nifty at fresh closing peak on Fed move  
Prominent Australians ask Adani to abandon coal mine project  
Harley-Davidson launches Street Rod at Rs 5.86 lakh  
India imports petrol, diesel from China  
Rupee hits 1-1/2 yr high, surges 78 paise on BJP sweep  
Tata Steel, Wipro in world's most ethical companies' list  
Google in talks with China to stage a comeback: report  
 
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