Nifty at New High of 10,043.30 as L&T Jumps Most in Two Months

The rupee appreciated by 5 paise to 64.10 against the US dollar.

Published31 Jul 2017, 05:14 AM IST
Business
2 min read

Indian shares climbed, snapping a two-day losing streak, led by gains in the nation’s largest construction company Larsen and Toubro Ltd, after it reported better-than-anticipated earnings.

The S&P BSE Sensex gained 0.4 percent to 32,451 while the NSE Nifty 50 surged to a new high of 10,043.30 . The market breadth was skewed in favour of the buyers. About 648 stocks advanced, 402 declined on the NSE.

Nifty at New High of 10,043.30 as L&T Jumps Most in Two Months
(Photo: BloombergQuint)

Shares of the infrastructure major (L&T) gained as much as 4 percent to Rs 1,207, the most in over two months, after reporting quarterly earnings.

Other big movers were ONGC, Kotak Bank, Tata Steel, PowerGrid and ICICI Bank. Continued buying by domestic institutional investors (DIIs) and encouraging quarterly numbers from a few blue-chip companies made it a perfect setting, traders said.

Hong Kong's Hang Seng and Shanghai Composite rose firmed up. Japan's Nikkei, however, fell. The US Dow Jones Industrial Average closed 0.15 per cent higher on Friday.

Meanwhile, the rupee appreciated by 5 paise to 64.10 against the US dollar, with the American currency coming under heavy selling by banks and exporters.

The dollar's slide overseas amid concerns over renewed show of strength on the Korean Peninsula and a stronger opening of domestic equities took the rupee high.

On Friday, the rupee had retreated by 4 paise to end at 64.15 against the US dollar even as the greenback struggled to bounce back globally.

(With inputs from BloombergQuint and PTI.)

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