Sensex, Nifty at record high on GST roll out hopes

Markets cheer BJP win Nifty hits lifetime high of 9,000 Sensex soars over 600 points Rupee at 11-month high

The broader Nifty closed on Friday at an all-time high while the Sensex is only 350 points away from its historic high.

The BSE gauge had gained 187.74 points in the previous session after the prospects of a gradual approach to United States rate hike removed a big uncertainty. But it ended at 9,160.05 - a new high - up 6.35 points, or 0.07 per cent, surpassing yesterday's close of 9,153.70.

The Federal Reserve, as expected, hiked the benchmark interest rate by a quarter percentage point, but gave a more dovish outlook for future hikes and painted a positive picture of the world's largest economy.

The gauge had shed 44.52 points in the previous session.

The holiday-truncated eventful week saw the traders eagerly awaiting poll-outcome in five-states, while BJP's landslide victory in UP and impressive show in rest other states generated direct bearing on country's financial markets including rupee appreciating to multi-month highs as well as shares performing to the optimal.

Hefty buying by foreign institutional investors, the main market mover, was seen across the board.

Foreign investors bought around a net $820 million in Indian shares in the two trading sessions after Modi's electoral win was announced. On the flip side, Idea Cellular slumped 4.6 percent after recent sharp gains. Tata Steel surged 4.30 per cent amid reports that the company will finalise decision on United Kingdom business merger by May.

The Fed lifted its interest rates by 25 basis points to a range of 0.75 per cent to 1.00 per cent, but said further increases would only be "gradual".

However, Coal India was biggest Sensex loser, its stock fell by 8.47 per cent, it was followed by Bharti Artl 4.93 per cent, Gail 0.98 per cent, ONGC 0.76 per cent and TCS 0.59 per cent. Realty and power stocks are also finding good support, while bank, automobile, information technology, consumer durables, capital goods and oil stocks are relatively subdued.

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