Markets begin new fiscal year on strong note

Markets begin new fiscal year on strong note
Indian markets started the new financial year on a strong note with the Nifty hitting a new closing high on the first trading day itself.

While the S&P BSE Sensex gained 289.72 points (0.98%) to end at 29,910.22, the Nifty 50 rose 71 points in intra-day trades to reach a new high of 9,245, it ended up 64.10 points (0.7%) at a new high of 9,237.85.

 “Positive global cues, foreign institutional investor and domestic institutional investor buying interest, hope of GST implementation and stable oil price, strong rupee boosted market sentiment. Infrastructure, select banks and power stocks witnessed fresh buying,” Motilal Oswal Investment Services said in its MOSt Market Roundup.

 L&T was the top gainer on Nifty 50, ending up 5.63% at Rs 1,663.50. Retreating from multi-month high, the rupee plunged by 18 paise to close at 65.03 against the US currency on fresh dollar demand from importers and banks.

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