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Metal, IT stocks lead gains; M-cap at record high of 117 lakh cr
The market benchmark Sensex on Monday surged 193 points to close at nearly five-month high of 28,661.58 on robust buying in metal and IT counters amid positive global cues.
Mumbai: The market benchmark Sensex on Monday surged 193 points to close at nearly five-month high of 28,661.58 on robust buying in metal and IT counters amid positive global cues.
The market sentiment also got a boost after IT major TCS approved a share buyback plan of up to Rs 16,000 crore. The buyback price has been set at Rs 2,850 a piece. Shares of TCS jumped 4.08 per cent to Rs 2,506.50. The market capitalisation (m-cap) of BSE-listed companies zoomed to record high of Rs 117,27,922 crore ($1.7 trillion).
Adding to this, positive global cues and a strong rupee supported the indices. The BSE Sensex, after opening a tad higher, quickly slipped into negative terrain to hit a low of 28,419.27 on profit-booking. But it staged a strong comeback to touch a high of 28,696.53 before settling at 28,661.58, showing a rise of 192.83 points, or 0.68 per cent. This is its highest closing since September 23, 2016, when it had closed at 28,668.22.
The NSE Nifty-50, after shuttling between 8,809.80 and 8,886.25, finally closed 57.50 points, or 0.65 per cent higher at 8,879.20. roup firm Idea Cellular are likely to finalise their merger within a month, creating India's largest telecom firm. TCS emerged as the top performer in the 30-share Sensex pack Unilever shares slide after Kraft Heinz withdraws $143B bid New York.
Shares in Unilever slumped 6.5 percent on Monday to 41.91 euros in Amsterdam, one of the places they're listed. They'd jumped 14 per cent on Friday. Globally, most Asian market rose while investors awaited further details from US President Donald Trump on his economic policies, including tax reforms.
