market watch

Sensex gains 250 points, Nifty touches record high after steady inflation, higher industrial output

The rupee appreciated 18 paise to 64.90 against the dollar, further boosting the rally.

The benchmark Bombay Stock Exchange Sensex and National Stock Exchange Nifty50 made significant gains on Friday, with Nifty reaching an all-time high, a day after government data said inflation rates were steady and industrial output had grown.

The Sensex closed higher by 250.47 points, at 32,432.69. Nifty50 rallied 71.05 points, ending the day at 10,167.45 after testing a high of 10,187.80. A rise in the rupee, which breached the 65-a-dollar mark again, further boosted the stocks. The rupee rose 18 paise to 64.90 a dollar.

Bharti Airtel’s stocks went up 7.7% to Rs 431 on the National Stock Exchange, after the company announced a merger with the consumer mobile business of Tata Teleservices Ltd and Tata Teleservices Maharashtra in a cash-free, debt-free deal. Stocks of TCS, India’s largest software services, rose 0.5% to Rs 2,559.75, as the company’s net profit rose 8.4% in the September quarter.

Tata Steel, Kotak Mahindra Bank and HDFC Bank were also among the top gainers on the NSE.

Reliance Industries shot up by 0.5% as participants raised bets ahead of earnings, to be released later in the day. Idea Cellular ended the day 5.9% higher as shareholders approved its merger proposal with Vodafone.

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