Sensex surges 355 points to record high

Shares of IDFC and Shriram Group of companies fell by up to 5.7 per cent after they agreed to merge and create the largest retail-focused bank in the country

By: ENS Economic Bureau | Mumbai | Published:July 11, 2017 1:59 am
Photo for representational purpose

Despite technical glitches disrupting trading at the National Stock Exchange on Monday, stocks staged a strong rally with the BSE Sensex surging by over 355 points to record a new closing high of 31,715.64 and NSE Nifty settling above the 9,700-mark for the first time,

The 30-share BSE Sensex resumed higher and remained in the positive terrain throughout the day and hit an all-time high of 31,768.39 (intra-day) before ending 355.01 points, or 1.13 per cent higher, its biggest single session gain since May 25, at new record closing of 31,715.64, surpassing its previous record high of 31,369.34 hit on July 6. It had also breached its intra-day-high of 31,522.87 points reached on June 22. The 50-share NSE Nifty also rose by 105.25 points, or 1.09 per cent, to 9,771.05, its record closing high, breaching its previous record high of 9,675.10 recorded on June 5. It also touched an all-time intra-day high of 9,782.20, surpassing 9,709.30 reached on June 6.

Shares of IDFC and Shriram Group of companies fell by up to 5.7 per cent after they agreed to merge and create the largest retail-focused bank in the country. The scrip of IDFC tumbled 5.68 per cent to close at Rs 56.50 on the BSE. During the day, it lost 6 per cent to Rs 56.25. Shares of IDFC Bank, however, rose by 0.69 per cent to Rs 65.20 after earlier falling 3.32 per cent to Rs 62.60.

The scrip of Shriram City Union Finance tanked 5.56 per cent to close at Rs 2,349.20. Intra-day, it declined by 7 per cent to Rs 2,312.80.

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