Nifty flies to record high, Airtel leads from the front

Nifty ends at all-time high Sensex zooms over 250 points

The BSE Sensex was up by over 122 points or 0.38% at 32,305 while Nifty was up by over 29 points or 0.30% at 10,126.20 during early morning trade on Friday.

Appreciation in rupee against the USA dollar also gave a leg to the rally. The Nifty50 closed at a new high of 10,167.45 points, surpassing its previous closing high of 10,153.10 points scaled on September 18. The gauge shot up 348 points on Thursday.

The market took heart from macro data, earnings and telcos deals, according to media reports.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 41.75 points or 0.41 per cent higher at 10,138.15 points.

"There are reasonable expectations leading into Q2FY18 results, which are likely to be a mixed bag and the market seems to be factoring this in the latest Fed minutes reveal that limited rate hikes would be led by an improving growth outlook", said Kunj Bansal, executive director & CIO - equity, Centrum Wealth Management. Metal stocks were also on the move with the Nifty Metal sub-index gaining 0.5 per cent.

"Better IIP figures have given reasons for investors to resume buying, pushing behind fears of soft corporate numbers".

Indian shares extended gains on Friday, led by telecom major Bharti Airtel after it acquired Tata's mobile business for free.

Shares of Tata Consultancy Services rose as much as 2.4 percent to their highest since June 7 after its quarterly revenue rose 1.7 percent in constant currency terms in the second quarter.

Stocks in Asia traded near decade high ahead of USA economic data and next week's Chinese Communist Party Congress. Domestic institutional investors remained net buyers, picking up shares worth Rs 872.54 crore on Thursday.

On the other hand, Adani Ports and Special Economic Zone (0.45%), NTPC (0.31%), Dr Reddy'S Laboratories (0.23%), Hindustan Unilever (0.18%), Sun Pharmaceutical Industries (0.12%), and Kotak Mahindra Bank (0.06%) were the biggest losers in the Sensex.

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