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Stock market rebounded: Gains momentum on Day 2 of 2018

06 January 2018
Stock market rebounded: Gains momentum on Day 2 of 2018

The NSE Nifty opened higher at 10,534.25 and moved in a range of 10,566.10 - its record high intra-day high - to 10,520.10 before ending at 10,558.85, up 54.05 points, or 0.51 per cent. It then climbed by279 points to touch the day's high at 34,188.85, before closing at34,153.85, with a gain of 184.21 points as compared to its last close.The Nifty recorded day's high and low at 10,566.10 and 10,520.10points, respectively.The sectoral indices like Materials, Telecom, Technology and Realtygained that supported the market.

The Nifty PSU Bank Index extended gains and rose over 1% in early trade as the Lok Sabha, late Thursday, passed the third batch of Supplementary Demands for Grants, which will enable the government to issue bonds worth Rs800bn to recapitalize the lenders in the current financial year.

The S&P BSE Mid-cap and small cap index ended up by 1%. During the first week of 2018, the Sensex notched up a rise of 97.02 points, or 0.28 per cent. The stock of IDFC Bank closed at Rs. 58.35 per share, up 6.97 per cent, South Indian Bank closed at Rs. 32.90 per share, up 5.11 per cent, Yes Bank closed at Rs. 332.90 per share, up 4.98 per cent, RBL Bank closed at Rs. 540.50 per share, up 4.46 per cent.

YES Bank was the top percentage gainer. Private peers ICICI Bank, Yes Bank, IndusInd Bank, HDFC Bank and Kotak Bank too rose by up to 3.15 per cent.

Index heavyweight SBI rose 1.72 per cent, while UCO Bank, IDBI, Punjab National Bank, Bank of India, Bank of Baroda and Oriental Bank of Commerce, among others, rallied by up to 8.50 per cent.

Foreign portfolio investors (FPIs) bought shares worth a net of INR 212.05 crore, while Domestic Institutional Investors (DIIs) made purchases worth a INR 325.24 crore on Thursday, as per provisional exchange data.

Domestic sentiment was also buoyed as the rupee appreciated to over 2-1/2 year high of 63.31 against the dollar (intraday).

Overseas, Asian bourses displayed a strong trend, with Japan's Nikkei rising 0.89 per cent, Shanghai Composite gaining 0.18 per cent while Hong Kong's Hang Seng rose 0.25 per cent.

The Sensex and Nifty rose in early trade amid Asian shares inching closer to their record high on strong USA jobs data.

It lost some ground on profit-booking, before finally ending 184.21 points, or 0.54 per cent higher at 34,153.85, smashing its previous record close of 34,056.83 reached on December 29 past year.