Nifty closes above 11,000-mark on IMF boost

Nifty closes above 11,000-mark on IMF boost

Mumbai: NSE benchmark Nifty ended above the 11,000-level for the first time ever after the International Monetary Fund (IMF) said India is set to regain the status of the world’s fastest growing major economy in 2018-2019.

Positive global cues also boosted investors’ sentiment.

In its latest World Economic Outlook (WEO) update released yesterday in Davos on the sidelines of the World Economic Forum, the IMF projected India’s grow at 7.4 per cent in 2018, retaining the fastest growing major economy tag.

The IMF also projected 7.8 per cent growth rate for India in 2019.

The Nifty touched a new high (intra-day) of 11,092.90 today.

It closed the session with a hefty rise of 117.50 points, or 1.07 per cent, at a fresh life high of 11,083.70, bettering its previous record close of 10,966.20 reached in yesterday’s trade Overseas, European shares opened higher, following strong gains seen in Asia. Asian shares gained following the stronger lead from Wall Street after US lawmakers reached a deal to end a government shutdown.

US stocks ended higher yesterday, after the Senate reached a short-term compromise to end a government shutdown that began last week. The stopgap bill approved by the Senate will keep the US government open through 8 February 2018.

It saw an intra-day movement of about 98.35 points.

Sector-wise, Metal rose 4.07 per cent, followed by PSU bank 3.97 per cent, energy 1.30 per cent, bank 1.29 per cent, IT 1.19 per cent, private bank 1.18 per cent, pharma 1.17 per cent and financial service 0.92 per cent.

Major index gainers were Vedanta, Hindalco, SBI, Tata Steel and Cipla.

Index losers included Ambuja Cement, Eicher Motor, Wipro, Zeel and Hind Petro.

The market breadth, indicating its overall health, was in favour of losers.

On the NSE, 865 stocks advanced, 928 declined and 54 remained unchanged.
Total securities that hit their price bands were 204.

Turnover in the cash segment rose to Rs 42,482.86 crore from Rs 35,915.33 crore yesterday.

A total of 19,158.93 lakh shares changed hands in 13,623,168 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,54,64,545 crore.