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4:31 am - Saturday November 18, 2017

Nifty breaches 9,300-mark for first time

Agencies, Mumbai

Market benchmark Nifty surged past the 9,300-level for the first time today, fuelled by a rally in Reliance Industries and other bluechips on upbeat earnings.

Positive Asian cues and a higher opening in European markets also added to the momentum. Domestic sentiment was also buoyed as rupee hit 64.21 against the dollar (intra-day) at the forex market.

The 50-share NSE Nifty soared 89.45 points or 0.97 percent to quote at its new lifetime high of 9,307.40 at 1520 hrs. It broke the previous record of 9,273.90 reached on April 5.

Reliance Industries Ltd climbed as much as 3.6 per cent to its highest since May 2008, making it the biggest gainer on the NSE index, after the oil-to-telecoms conglomerate on Monday posted a 12.8 per cent rise in fourth-quarter profit, beating expectations.

Sentiment was also bolstered as Asian markets hit multi-year highs, reflecting the return of risk appetite after a centrist victory in the first round of the French presidential election.

Posted in: Business

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