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Nifty breaches 11,600 mark for first time, Sensex hits all-time high of 38,487.63 in early trade

The benchmark BSE surged 201.88 pts to hit all-time high of 38,487.63 in early trade on Thursday

business Updated: Aug 23, 2018 13:30 IST
Press Trust of India
Press Trust of India
File photo of Mumbai Stock Exchange(PTI Photo )

Key benchmark indices hit record highs in early trade on Thursday.

The NSE Nifty breached the 11,600 mark for the first time , up 49.80 points, or 0.43 per cent, to 11,620.70 in opening trade, surging past its previous (intra-day) high of 11,581.75 on August 21.

The BSE benchmark Sensex rallied by 201.88 points, or 0.52 per cent, to quote at an all-time high of 38,487.63 in early trade.

The rupee, however, fell 27 paise against the dollar to trade near 70.08 again amid strong demand for the US currency after the US Fed released minutes of its policy meet on Wednesday.

At the Interbank Foreign Exchange, the local currency opened at a low of 70.03 a dollar, down from its previous close of 69.81, and weakened further to trade at a 70.08, down by 27 paise.

Forex dealers said increased demand for the US currency from importers and its gains against other currencies overseas on expectations of rising US interest rates, put pressure on the rupee.

With the US economy continuing to grow and the job market strengthening further, many Fed members said they likely will need to raise the benchmark interest rate again “soon,” according to the minutes of the Fed policy meeting early this month.

Forex market was shut on Wednesday on account of Bakri Id.

First Published: Aug 23, 2018 09:41 IST