Mumbai: The BSE benchmark Sensex today surged nearly 105 points to close at all-time high of 21,033.97 on heavy foreign fund inflows in bluechips, amid speculation that the US Fed would maintain its monetary stimulus when they conclude a meeting today.
Continuing gains after yesterday's 359-point rally following the RBI policy, the Sensex shot up by 104.96 points, or 0.50 per cent to 21,033.97 -- eclipsing the previous record close of 21,004.96 on November 5, 2010. The 30-share bluechip index's intra-day high of 21,206.77 was hit on January 10, 2008.
Bharti Airtel zoomed by 5.23 per cent after the company posted better-than-expected operating performance. Other contributors to the Sensex were ITC, ICICI Bank, HDFC, Dr Reddy's Lab., TCS and Bajaj Auto.
“Continued buying from FIIs and greater risk appetite of investors at higher levels is leading to this rally,” said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio. The wide-based National Stock Exchange index Nifty rose by 30.80 points, or 0.50 per cent, to 6,251.70, after touching the day's high of 6,269.20. Also, SX40 index, the flagship index of MCX-SX, closed 69.68 points up at 12,514.81.
Brokers said the trading sentiment continued to be bullish on expectations of liquidity enhancement after the Reserve Bank of India cut marginal standing facility (MSF) to 8.75 per cent in its monetary policy review yesterday. A firming trend in the Asian region and higher opening in Europe before the outcome of US Federal Reserve's meeting where the USD 85 billion a month monetary stimulus is expected to be maintained, also influenced the Indian market sentiment.
Foreign funds have continued to buy domestic stocks for 18 straight sessions till yesterday, encouraging domestic participants to increase bets, experts said. Sectorally, the BSE Healthcare sector index gained the most by rising 1.19 per cent, followed by FMCG (1.12 per cent), TECK (0.66 per cent), Power (0.51 per cent) and realty (0.47 per cent).
Latest Business News
