Business

Nifty hits 12,300 for 1st time; sensex up 300pts

Nifty hits 12,300 for 1st time; sensex up 300pts
MUMBAI: Equity indices started on a higher note and continued its upward trend on Friday. The benchmark BSE sensex jumped 309 points or 0.74 per cent to 41,761 led by gains in IT and banking stocks amid easing geopolitical tensions.

The broader NSE Nifty advanced 86 points or 0.70 per cent to breach 12,300-mark for the first time ever.

State Bank of India was the top gainer in the sensex pack, rising up to 2.10 per cent, followed by NTPC, Infosys, Tata Steel, Sun Pharma, Bajaj Finanace and L&T.

On the other hand, ICICI Bank, Titan, PowerGrid and Nestle India were trading on a negative note.

In the previous session, sensex rallied 635 points, or 1.55 per cent, to end at 41,452, and Nifty surged 191 points, or 1.58 per cent, to 12,216.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 431.11 crore, while domestic institutional investors purchased shares worth Rs 419.22 crore on Thursday, data available with stock exchanges showed.

According to traders, domestic equities extended gains as concerns over US-Iran standoff eased further after US lawmakers introduced a resolution on Thursday aimed at reining in President Donald Trump's ability to take military action against Iran.

Meanwhile, the US is likely to sign the first phase of a pending trade deal with China on January 15, pausing the nearly two-year trade war between the two countries.

Bourses in Hong Kong, Tokyo and Seoul were trading on a positive note in their early session, while Shanghai slipped in the red.

Exchanges on Wall Street ended with gains on Thursday.

Brent crude futures eased over 0.31 per cent to $65.17 per barrel.

Meanwhile, the rupee appreciated 8 paise to 71.13 against the US dollar in morning session.