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MARKET WRAP: Nifty ends May F&O expiry above 10,700, Sensex gains 416 pts

SI Reporter/New Delhi 31 May 18 | 03:30 PM

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Benchmark indices gained on Thursday on expectations that the domestic economy likely gained momentum in the first three months of 2018. Investors also cheered expiry of F&O contracts for May 2018 series.

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The S&P BSE Sensex ended the day at 35,322, up 416 points while the broader Nifty50 index settled at 10,736, up 121 points 

India is likely to retain the position of world’s fastest growing major economy in the January-March quarter, surpassing China’s growth of 6.8 per cent, driven by gains in manufacturing and consumer spending.

The median in a Reuters poll on the latest quarter’s annual growth was 7.3%, the best pace since July-September 2016. Forecasts for January-March range from 6.9 to 7.7%.

Among sectors, financials firmed up and accounted for most of the gains on the indices, with HDFC Bank gaining nearly 5% and Housing Development Finance Corp inching 2% higher.

Shares of Reliance Communications jumped nearly 6% after the Anil Ambani-led company said on Wednesday it expects to complete its asset sale to Reliance Jio Infocomm and Canada’s Brookfield in coming weeks.

Global Markets

Asian stocks bounced back from a two-month trough as a degree of calm returned with the two anti-establishment parties renewing efforts to form a coalition government rather than force Italy into holding elections for the second time this year.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.7% after slumping on Wednesday to its weakest since early April.

(With inputs from Reuters)

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Sensex

Company Price Gain (%)
Sun Pharma.Inds.601.656.91
Yes Bank381.752.87
ICICI Bank332.302.17
Axis Bank618.302.15
Reliance Inds.1,210.952.00

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