Markets hit record closing highs

Markets hit record closing highs
Highlights

Sensex gains 185 pts; Nifty ends above 11,700 mark on hopes of RBI rate cut

Mumbai: Building on previous three-session gains, the BSE benchmark Sensex on Tuesday added another 185 points to hit an all-time closing high of 39,056.65 and the NSE Nifty ended above the key 11,700-level on intense buying in auto, IT and banking stocks amid RBI rate cut hopes and robust global sentiment.

The 30-share Sensex started on a positive note at 38,988.57 and swung between a high of 39,121.69 and a low of 38,846.96. During the course, it also set its new intra-day record by touching 39,121.69.

The gauge finally settled the day at 39,056.65, 184.78 points or 0.48 per cent higher, marking its highest ever closing. Similarly, the NSE Nifty opened higher at 11,711.55 and rose to a high of 11,729.35. It closed at 11,713.20, up 44.05 points or 0.38 per cent.

In the last two days, the auto maker's shares have risen by nearly 16 per cent. Sectorally, realty, telecom, auto and IT emerged as prominent gainers. On the other hand, oil and gas, FMCG and basic materials indices were in the red.

Analysts said inflow of foreign liquidity in expectation of rate cut from the RBI and revival in earnings will provide stability in the market.

Investors are keenly awaiting the outcome of the RBI's first bi-monthly monetary policy review meeting. Experts believe that hopes of interest rate cut by the Reserve Bank have also aided the recent rally in domestic equities.

Maintaining the uptrend, foreign portfolio investors bought shares worth a net Rs 543.36 crore on Tuesday, as per provisional data. The Indian rupee closed at 68.74 to the US dollar, a rise of 40 paise.

Besides, domestic markets have a spillover effect of robust global sentiment as investors were encouraged by signs of strengthening economic indicators that showed manufacturing activities in China and the United States improving.

Asian bourses followed Wall Street gains on Tuesday amid strong indications of improving global macro-economic picture.

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