Sensex at fresh record high as RBI keeps rates unchanged
Beginning the new fiscal year on a high note, the BSE benchmark Sensex on Tuesday rose by 60.17 points to all-time closing high of 22,446.44 in a volatile session after RBI kept key policy rates unchanged.business Updated: Apr 01, 2014 17:25 IST
Beginning the new fiscal year on a high note, the BSE benchmark Sensex on Tuesday rose by 60.17 points to all-time closing high of 22,446.44 in a volatile session after RBI kept key policy rates unchanged.
The 30-share index continued its record setting spree for the seventh session with touching a new high of 22,485.77 points in the day trade.
The market was jittery in afternoon session and the index dropped by 90 points to a day's low of 22,295.65 points.
Brokers said RBI's decision to keep interest rates unchanged was largely in line with investor expectations and failed to have any immediate effect.
However, buying in IT and oil stocks, mainly in Reliance Industries, at the fag-end helped the barometer end session at fresh record closing high of 22,446.44, up by 60.17 points higher, or 0.27%.
Reliance Industries rose by 1.25%.
The wide-based National Stock Exchange index Nifty also set a new record high level by rising 16.85 points, or 0.25% to 6,721.05, after an intra-day record of 6,732.25.
RBI kept key policy rates unchanged since retail inflation still remains "sticky" but introduced steps to increase liquidity and contain volatility in the money market.
A higher opening in Europe supported the trading sentiment in later part of the session, brokers said.
In 30-BSE index components, 15 stocks gained and 14 ended with losses, while Sun Pharma held unchanged.
IT stocks, led by Wipro, TCS and Infosys, were the star performers in the current rally. The IT sector index gained the most by rising 1.65% to 8,934.45.
The consumer durable was second best performer by adding 1.33% to 6,612.63.
Axis Bank, HDFC, Dr Reddy's Lab, ONGC, NTPC, Sesa Sterlite and Tata Motors were among major gainers.