Sensex rises 100 points, Nifty above 10500, RCom shares gain over 30%

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Indices extended gains in late morning deals, with the Sensex trading above the psychological 34,000 mark after regaining the level in morning trade.

IT index gained over 1% after remaining subdued for the last one month, with KPIT and Tata Elxsi gaining 4% and 3%, respectively, in the evening trade. Reliance Industries Ltd rose 0.6% to Rs930. These came despite multiple headwinds on the domestic front that included the impact of demonetisation and disruption from the implementation of the GST.

However, these challenges could not come in the way of equity prices, which got a major boost from strong liquidity, particularly from mutual funds that saw record inflows from retail investors.

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Analysts have predicted record rise for the Sensex and Nifty next year after BJP swept Gujarat and Himachal Pradesh polls this year.

Indian stock markets are likely to start Thursday's session on a higher note with the SGX Nifty on Singapore Exchange trading up 30.50 points at 10,524. The Sensex advanced by 116.53 points, or 0.34%, while the Nifty gained 37.70 points, or 0.35%, during the period.

The Sensex clocked its best performance in recent years in 2017, rising by 7,430.37, or 27.91 per cent year-on-year.

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Infratel (+2.4%), Asian Paints (+2%), TCS (+1.7%), Tata Motors (+1.6%) and Axis Bank (+1.5%) were the top gainers on Nifty50. The broader indices outperformed the benchmark indices and ended in the positive territory.

"The concluding session of the year traded with a positive bias and eventually wrapped up the activity nearly at record close".

It has been an upbeat year for the markets.

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