Sensex closes at record high of 12,513 pts

The benchmark 30-share Sensex index rose to an intraday high of 12,546.47 before retracing to close up 51.39 points at 12,513.86.

Sensex rose 0.41 per cent to close at a seventh-straight record high on Tuesday on strong fund buying in automobile and oil stocks, dealers said.

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They said morning trading was cautious in line with other Asian markets ahead of a US Federal Open Market Committee meeting on interest rates later on Wednesday as analysts forecast a hike.

But shares gained ground later in the day.

The benchmark 30-share Sensex index rose to an intraday high of 12,546.47 before retracing to close up 51.39 points at 12,513.86.

"Early market trends were cautious on profit-booking and weak Asian markets. In the afternoon, the markets recovered on strong interest in automobile and oil stocks," said Soumeel Chakravarthy at brokerage KJMC Capital Market Services.