Equities rallied on the last trading session of 2017 on Friday, bringing to close a remarkable year that saw the benchmarks surging past milestones and rewarding investors with a stellar 28 per cent returns.
The BSE Sensex rose 209 points to finish at a fresh life-time high of 34,056.83 on Friday, while the broad-based NSE Nifty jumped 52.80 points, or 0.50 per cent, to end at 10,530.70, just shy of its closing peak.
Power, IT, auto and infrastructure stocks witnessed robust buying, while the beginning of the January 2018 series of futures and options added to the momentum.
It has been an upbeat year for the markets. The Sensex and Nifty surpassed the 34,000 and 10,500 levels for the first time, shrugging off below-expected corporate earnings as well as uncertainties on the global front.
While the implementation of the GST caused short-term disruptions, investors feel the government will stay firm on its reforms agenda, backed by the BJP's strong showing in Gujarat and Himachal Pradesh assembly elections, brokers said.
The Sensex clocked its best performance in recent years, rising by 7,430.37, or 27.91 per cent in 2017. It had gained 508.92 points, or 1.94 per cent, last year. The Nifty too rallied 2,344.90 points, or 28.65 per cent, in 2017.
“Market surprised the investors with a positive note on the final trading day of 2017. Expectation of a pick up in third quarter earnings and strengthening of rupee supported the sentiment. Focus on upcoming Union Budget and government's reforms will direct investors to turn sector/stock specific. We feel that though the outlook on main indices is moderate in the short to medium-term, the broad market will maintain its vibrancy as businesses flourish,” said Vinod Nair, Head of Research, Geojit Financial Services.
The 30-share index started the day on a strong note at 33,889.39 and hit a high of 34,086.05 before closing at 34,056.83, up by 208.80 points, or 0.62 per cent.
It surpassed its previous closing high of 34,010.61 reached on December 26. The broad-based NSE Nifty rose 52.80 points, or 0.50 per cent, to end at 10,530.70 after trading between 10,538.70 and 10,488.65.
Both the indices rose for the fourth straight week. The Sensex advanced by 116.53 points, or 0.34 per cent, while the Nifty gained 37.70 points, or 0.35 per cent, during the period.