Sensex nears 18K psychological level in afternoon trade

The BSE touches a new intra-day peak of 17,979.18 during late afternoon session, spurred by expectations of interest rate cut in the near future.

The benchmark Sensex on Friday came close to 18K psychological level and touched a new intra-day peak of 17,979.18 during late afternoon session, spurred by expectations of interest rate cut in the near future.

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The Bombay Stock Exchange (BSE) index, which ruled below 17,800 level earlier in the day, suddenly surged to near 18K mark on news that the government had asked bankers to have a re-look at their interest rates in order to stimulate growth.

Shares of Ambani brothers' companies hogged the limelight on heavy buying support from foreign funds.