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India's NSE index hits record high, moves closer to 10,000 mark

Monday, July 24, 2017 - 16:00

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[BENGALURU] India's NSE index rose to a record high on Monday, inching closer to the 10,000 mark, as market heavyweight Reliance Industries Ltd continued to surge on optimism about its outlook for the core business and telecom venture.

The broader NSE index rose as much as 0.54 per cent to 9,968.95, surpassing the previous record set a week earlier, while the benchmark BSE index climbed 0.67 per cent to an all-time high of 32,242.78.

Reliance was the leading gainer, advancing as much as 2.5 per cent to its highest since Jan 15, 2008, after the oil-to-telecoms conglomerate posted better-than-expected earnings and unveiled a low-cost 4G-enabled phone last week.

But indexes could struggle to post stronger gains in the near term as analysts warned investors would likely enter a consolidation phase as more companies report earnings, including HDFC Bank Ltd later in the day. "The process of consolidation is likely to continue. We will see more stock-specific moves coming through depending on how corporate results unfold," said Gaurang Shah, vice president, Geojit Financial Services.

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Among other gainers, Lupin Ltd rose as much as 2.8 per cent after the US health regulator cleared inspection of the company's Goa facility with no adverse observations.

Bharti Airtel Ltd gained 1.5 per cent, recovering from Friday's 2 per cent decline, as analysts said the impact from the unveiling of the JioPhone would not be as bad as initially feared.

Meanwhile, strong quarterly results helped lift stocks such as Vijaya Bank and Jammu and Kashmir Bank. Vijaya Bank rose over 2.5 per cent while Jammu and Kashmir Bank gained 6.5 per cent.

REUTERS

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