Sensex soars 231 pts, Nifty ends at record high

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The 30-share BSE Sensex rose 231.41 points to 30,126.21 and the 50-share NSE Nifty climbed 47.95 points to 9,359.90, the highest ever closing level.

Also, the NSE Nifty was trading 32.35 points or 0.35 per cent lower at 9,327.55.

The 30-scrip Sensitive Index (Sensex), was trading 276.64 points or 0.92 per cent lower during the afternoon trade.

Bank Nifty soared to close at an all-time high of 22,720.10 after touching an intra-day record peak of 22,743.70, with Canara Bank, SBI, Axis Bank, Bank of Baroda, Punjab National Bank, IDFC Bank and Federal Bank rising by up to 6.47 per cent.

The bank improved its asset quality, with net non- performing assets (NPAs) or bad loans easing to 1.28 per cent of net loans as on March 31, 2017, from 1.64 per cent at the end of March 2016. European stocks were higher in their early trade as investors assessed the outlook for USA interest rates.

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"Performance in the banking sector is also good with lenders showing a pick-up in growth".

Broader market was positive with 1,445 stocks advancing against 1,071 scrips declining on BSE.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 517.74 crore yesterday, as per provisional data released by the stock exchanges.

Cheering the decisions of Cabinet Committee on Economic Affairs, the key Indian equity market indices on Thursday opened higher.

The Indian rupee marginally weakened by 19-20 paise to 64.37-38 per United States dollar from its previous close of 64.18 to a greenback. "Banking sector stocks failed to hold gains in the second half of the session and traded with mixed sentiments", Desai told IANS.

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Airline stocks rallied on expectations that they would benefit from lower oil prices.

In contrast, the S&P BSE IT index surged by 135.46 points, the Teck (technology, media and entertainment) index rose by 51.39 points and the realty index was up by 30.29 points.

The automobile index dipped by 258.85 points, and the oil and gas index fell by 232.19 points.

However, Tata Motors fell 2.27 per cent, ONGC 1.15 per cent, M&M 0.89 per cent, Cipla 0.84 per cent, Reliance 0.84 per cent and TCS 0.44 per cent.

Among specific stocks, ICICI Bank surged over 9 per cent after the private sector lender reported a five-fold rise in consolidated net profit at Rs 2,082 crore for the quarter ended March 31, 2017 against Rs 406.71 crore reported for the corresponding quarter previous year.

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