MARKET REACH ANOTHER PEAKS

The BSE benchmark Sensex rose to its historic high level for the fifth straight day today but ended a tad lower at 22,339.97, which is its fresh closing record. The 30-share index surged to record intra-day high of 22,363.97 points on buying by foreign funds mainly in banking stocks after RBI extended the deadline for banks to implement BASEL III norms by a year to 2019.
Increased fun flows also pushed the rupee to trade below a crucial 60 level against the US dollar which further strengthened the market sentiment, brokers said.
Later, the barometer closed at 22,339.97 points, up by 125.60 points, or 0.57 per cent, over the previous close. The National Stock Exchange's wide-based index Nifty shot up by 54.15 points, or 0.82 per cent, to record closing high of 6,695.90, after hitting a life-time high of 6,702.60 in day trade. Both the key indices touched record high levels intra-day in the five sessions till today.

Brokers said the market remained on a record setting spree this week ever since indications of an improvement in the economic growth and expectations of RBI keeping interest rates on hold in its policy meeting on Tuesday. They said the FIIs were fancy of Indian equties and remained net buyers, which also raised demand for the rupee. The rupee appreciated to 59.90 per dollar at one point of time, its best level in eight months. The currency has risen 2.8 per cent this month, the most among major Asian currencies. State-run banks continued to support the rally on interest concerns and RBI extended the deadline for banks to implement Basel III capital rules by a year, they added.
In 30-BSE index components, 19 stocks ended with gains led by SBI, Infosys, Reliance Industries and Tata Power. The power sector index surged the most by rising 3.02 per cent to 1,734.99 followed by PSU index by 2.17 per cent to 6,363.83.
The Realty index rose by 1.61 per cent to 1,427.96 and metal index by 1.52 per cent to 9,684.27.