Sensex cuts initial gains, up 100 points in late morning

Alan Olson
October 17, 2017

Among BSE sectoral indices, metal index was the star-performer and was up 1.47 per cent, followed by consumer durables 0.96 per cent, auto 0.96 per cent and FMCG 0.76 per cent.

Sify Editors @ 9:25 AM The Sensex open in green, Nifty on record highThe key Indian equity indices on Monday opened higher, with 50-scrip Nifty touching a fresh high.

After early rally, the market saw some profit booking due to selling pressure in Reliance Industries, but managed to gain strength in last couple of hours of trade, following recovery in same stock (Reliance). The Sensex touched a high of 32,687.32 points and a low of 32,477.47 points in the trade so far.

Underlying inflation in the United States was muted at 0.2 percent in August, data showed on Friday.

The 30-scrip Sensitive Index (Sensex) was trading 234.05 points or 0.72 per cent higher soon after opening.

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Major Sensex losers were: Dr. Reddy's Lab, down 1.18 per cent at Rs 2,351.90; Mahindra and Mahindra, down 0.95 per cent at Rs 1,326.40; Sun Pharma, down 0.87 per cent at Rs 534.70; ITC, down 0.43 per cent at Rs 265.85; and Maruti Suzuki, down 0.41 per cent at Rs 7,872.20. Hong Kong's Hang Seng, however, was down 0.16 per cent.

"Shares of metal companies were in focus with the S&P BSE metal index hitting six-year high on expectations of strong earnings growth in July-September quarter (Q2FY18)", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

"Nifty continued its up-run on Friday and closed the day higher by around 71 points".

Among the top Sensex gainers: Bharti Airtel rose 5 percent, Mahindra and Mahindra added 3 percent, Hindustan Unilever gained 2.6 percent while Tata Motors advanced 2.9 percent.

MSCI's broadest index of Asia-Pacific shares outside Japan gained for a fifth day running to its highest level since late 2007.

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