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22 September 2017, 12:13 | Louis Holland
Nifty surges to record high of 10,154.35 Sensex gains
ICICI Bank fell as much as 1.2 percent and Bharat Petroleum declined up to 2.8 percent after two straight sessions of gain.
Amid lingering worries on the valuation front, even the 30-share Sensex ended near the base line as the Federal Reserve kicks off its two-day policy review meeting.
Key Indian equity indices closed on a flat note with fractional losses on Wednesday as caution ahead of the US Federal Open Market Committee (FOMC) policy meet outcome, coupled with heavy outflow of foreign funds, kept investors' sentiments subdued. The NSE Nifty had gained 16 points, or 0.15 per cent, to touch a high of 10,157.15 in early trade.
In terms of the broader markets, the S&P BSE mid-cap index was lower by 0.07 per cent and the small-cap index by 0.14 per cent. Asian markets logged healthy gains and European shares jumped to a higher opening, tracking Wall Street hitting fresh highs on Friday ahead of this week's United States interest rate call and cooling North Korea tensions, traders said.
The US Federal Reserve said it would initiate the balance sheet normalisation programme as per the schedule in October as announced in June 2017.
"However, market gradually recovered from low as liquidity was driven to export oriented sectors like IT and pharma to take the benefit of the dollar and of regulatory approvals", Nair added. The rupee dropped by 53 paise to 64.80 against the USA dollar.
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 125.55 crore while foreign portfolio investors (FPIs) bought equities of Rs 418.86 crore on Friday, showed provisional data.
However, healthy buying in automobile and oil and gas stocks pared some losses.
However, shares of Dr Reddy's, Cipla, Lupin, Bajaj Auto, Sun Pharma, Tata Steel, Adani Ports, HDFC Ltd, Hero MotoCorp, Kotak Bank and Maruti Suzuki were trading in the positive terrain with gains of up to 3.13 per cent.
The Sensex was down by 1.86 points or 0.01 per cent at the Wednesday's closing.
"The Nifty Pharma index rose over 3 per cent hitting 7-week high on Thursday", Desai told IANS.
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