Mkts rise to record levels for 7th day; Sensex up 60 pts


Mumbai: Starting the new fiscal on an upbeat note, key stock market indices BSE Sensex and NSE Nifty today set fresh all-time highs for the seventh day in succession after the RBI kept key rates unchanged as widely expected.

In a highly volatile trade, IT and oil shares, TCS and RIL in particular, helped the Sensex rise from day’s low levels to end the day at fresh closing high of 22,446.44, a rise of 60.17 points or 0.27 per cent from its previous close.

This is the fifth day in a row the Sensex is ending at new high. Market players said bourses are on a record-setting spree primarily on sustained capital inflows into equities.

After opening the day in positive terrain, the key index hit a new record high of 22,485.77 intra-day for the seventh straight day. After the news of RBI monetary policy filtered in, it shed 90 points.

The 50-issue NSE Nifty rose by 16.85 points or 0.25 per cent to end at new peak of 6,721.05. It recorded its fresh intra-day life-time high of 6,732.25.

Firm global cues and frantic buying by foreign funds buoyed the market sentiment, a broker said.

At 3.30 per cent, Wipro was the best Sensex performer of the day. SSLT was second best 2.08 per cent, followed by TCS at 2.08 per cent. Tata Steel gained 1.89 per cent. Reliance Industries (RIL) (RIL) was 1.25 per cent higher.

M&M, Dr Reddy’s Lab, NTPC, ONGC and Tata Motors gained over 1 per cent each.

Brokers said the RBI’s decision to keep interest rates unchanged was largely in line with investor expectations and failed to have any major immediate effect.

The Reserve Bank of India (RBI) in its first bi-monthly monetary policy left the short-term lending rate or repo rate unchanged at 8 per cent, and cash reserve ratio at 4 per cent.

Jignesh Chaudhary, Head Of Research, Veracity Broking Services said: “The benchmark stock index traded positive to range bound as some investors judged the rally to a record was overdone.”

Brokers aid market started the 2014-15 on a bullish note after notching up handsome gain of 3,550.50 points, or an increase of 18.8 per cent during 2013-14.