India's Sensex jumps 200 points to end above 34,000 level; RCom climbs 18%

Asian shares were poised for a record close on the final trading day of 2017

india trader
Trader works at a local brokerage in Mumbai, India. Reuters

Indian benchmark Sensex index breached 34,000 level for the second time this month on the back of sustained overseas inflows.

Asian shares were poised for a record close on the final trading day of 2017. Trading volumes were, however, low ahead of New-Year holidays.

The MSCI Asia Pacific Index is set for an annual gain of almost 29 percent, boosted by the region's world-beating growth. Hong Kong led the charge with gains of 36 percent for the year, while South Korea notched up 22 percent and India 27 percent, Reuters data showed.

The S&P BSE Sensex added 0.62 percent at 34,056 while the broader NSE Nifty gained 0.50 percent to 10,530.

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Among the top Sensex gainers, Tata Consultancy Services rose 2.4 percent, Tata Motors gained 3 percent, Hero MotoCorp advanced 2.4 percent while Axis Bank was up 2.3 percent.

Reliance Communications surged 18 percent after Reliance Jio said it would buy majority wireless assets of RCom to help ease company's debt pile.

Other Anil Dhirubhai Ambani group companies also gained. Reliance Capital advanced 1.3 percent, Reliance Naval and Engineering 1.7 percent and Reliance Power added 12 percent.

Sicagen India gained about 1 percent after it acquired the remaining 40 percent equity capital of Danish Steel.

Aarti Industries advanced 6.5 percent after it entered into a Rs10,000 crore multi-year contract with Sabic Innovative Plastics US LLC for over a 20-year period.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

This article was first published on December 29, 2017