Nifty reaches all-time high, crosses 9,000 mark
The broader Nifty rose to a record high on Tuesday led by gains in Reliance Industries after CLSA said the conglomerate could report a record profit for the fourth quarter, while hopes of higher weightage in the MSCI index also helped.business Updated: Mar 03, 2015 16:43 IST
The Nifty rose to a record high on Tuesday, led by gains in Reliance Industries after CLSA said the conglomerate could report a record profit for the fourth quarter.
The 50-share index rose as much as 0.58% to 9,008.40, surpassing its previous record of 8,996.60 hit on January 30.
Hopes India's weightage in MSCI indexes would increase due to the government's proposal to merge foreign direct investment and foreign portfolio investment limits, also underpinned sentiment.
The Sensex ended 0.46% higher, still 0.85% away from its all-time high of 29,844.16 hit on January 30.
The Nifty ended 0.44% higher after breaching the psychologically important 9,000 level for the first time.
Reliance Industries gained 4.2%, marking its biggest daily gain since March 7, 2014.
Exporters also rose, led by a 1.9% gain in Sun Pharmaceutical Industries after it agreed to buy GlaxoSmithKline'sopiates business in Australia to strengthen its pain management portfolio.