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Sensex at 2-year high, Nifty hits new peak on Fed move

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Markets may have a bull run after the BJP’s landslide victory in Uttar Pradesh elections

The wider 51-scrip Nifty of the National Stock Exchange (NSE), which opened at 9,207.80 points, touched a new record intra-day high of 9,218.40 points.

The NSE Nifty was up 68.90 points or 0.76 per cent - to close at 9,153.70 points.

While, Sensex remained 350 points away from its all-time high of 30,025 mark; and the Indian rupee after a four-day rally had surged to its 16-month high of 65.41 per dollar on Thursday.

The new-found optimism spurred stocks to new levels as the Nifty ended at a new peak of 9,160 today and the Sensex notched up minor gains, with liquidity keeping confidence level high.

"FMCG, cement and power sector stocks also traded with firm sentiments tracking over all buying sentiments in the Indian equity markets". Sector-wise, FMCG rose 2.56 per cent, IT 0.73 per cent and realty 0.75 per cent, while PSU Bank fell 1.81 per cent, infra 1.21 per cent, media 1.01 per cent, pharma 0.52 per cent and auto 0.47 per cent.

In contrast, the BSE market breadth was bearish - with 1,556 declines and 1,032 advances.

On the economic front, reports on housing, manufacturing and labor market proved to be a mixed bag.

The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1% but may end the 3.3% higher, its biggest weekly increase since September.

European stocks recouped early losses to trade mostly higher as talk of higher interest rates lifted banking stocks.

On the currency front, the Indian rupee strengthened by 27 paise to 65.42 against a United States dollar from its previous close of 65.69 to a greenback.

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 8,684.23 crore during the week, as per Sebi's record including the provisional figure of March 17.

Buying activity was so strong that all sectoral indices, led by metal and infrastructure, ended in the green. Oil & Gas, Capital Goods reduced more than 50 point each.

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