Market ended the final trading session of the calendar year on positive note, thanks to favorable local cues.
This has taken the Sensex and the Nifty over the 34000 and 10500 levels. "Rich valuation and lack of fresh triggers may lead the market to a consolidation phase", said Vinod Nair, Head of Research, Geojit Financial Services. "We feel that though the outlook on main indices is moderate in the short to medium-term, the broad market will maintain its vibrancy as businesses flourish", saidNair.
Mumbai: The BSE Sensex opened higher on Friday against the previous session's closing.
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Among BSE sectoral indices, metal index gained the most by 1.31 per cent, followed by realty 0.74 per cent, FMCG 0.37 per cent and oil & gas 0.09 per cent.
On the National Stock Exchange (NSE), the wider Nifty50 fell by 40.75 points or 0.39 per cent to close at 10,490.75 points.
Both the indices rose for the fourth straight week.
Shares of Reliance Communications continued their upward march for yet another session, soaring 19.51 per cent to Rs 37 after reports that Mukesh Ambani-led Reliance Jio will acquire mobile business assets including spectrum, mobile towers and optical fibre network of Reliance Communications. The Nifty 50 index was off 0.30 points at 10,490.45.
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In four days, shares of the company have zoomed 122% adding Rs 5,506.76 crore to its market capitalisation.
Power Grid, Tata Steel, L&T, Adani Ports, Axis Bank, SBI, NTPC, Asian Paint, HDFC Ltd, Hero MotoCorp, ITC Ltd, Sun Pharma, Maruti Suzuki, TCS and Reliance Industries were major gainers, which supported the indices.
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Indices extended gains in the evening trade, with the Sensex trading above the psychological 34,000 mark on the last trading day of 2017. Japan's Nikkei shed 0.08%.
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Metal stocks moved up, tracking a rally in copper prices, and pushed the BSE Metal index up by over 2 percent.