The
benchmark Sensex today conquered the 28,000 mark for the first time
as markets hit new highs of the fourth day on expectations of more
reforms by the Modi government and a rate cut by the RBI. The BSE
barometer, however, settled a tad lower but still a new closing peak
of 27,915.88, a gain of 55.50 points of 0.20 per cent. The 30-share
index resumed higher at 27,907.19 and rose further to a high of
28,010.39 before ending at 27,915.88. Markets were enthused after
Finance Minister Arun Jaitley today promised reforms in labour, land
acquisition and insurance laws and expressed readiness to look at
privatisation of some loss-making public sector companies. The index
surpassed its previous record high of 27,969.82 hit on November 3.
Its previous closing peak was 27,865.83 (October 31). Similarly, the
CNX 50-share Nifty firmed up by 14.15 points, or 0.17 per cent, to
all-time closing high of 8,338.30. "Markets consolidated post
the recent rally in the markets, which has come about on the back of
renewed optimism on fiscal reforms, sharp correction in crude prices,
improved growth in US, liquidity easing by Japan and diminished
possibilities of an immediate increase in US interest rates,"
Dipen Shah, Head- Private Client Group Research, Kotak Securities.
Strong foreign capital inflows coupled with strong European cues
mainly boosted the domestic market sentiment, even as services sector
activity in India stagnated during October amid weaker growth of new
orders an per a HSBC survey. Leading global crude oil producer Saudi
Arabia yesterday slashed its export prices for the US market. "The
fall in crude oil prices will have a positive impact on, among other
things, inflation....it will embolden the RBI to cut rates,"
said HDFC Securities in a note. The market sentiment got a fillip
after data showed Foreign Portfolio Investors on Monday bought shares
worth a net Rs 1,413.34 crore. Most Asian stocks ended mixed
following weak economic data from China. Key benchmark indices in
China, Taiwan, Hong Kong and South Korea fell by 0.19 per cent to
0.63 per cent while indices in Singapore and Japan rose by 0.18 per
cent to 0.44 per cent. Both exchanges, BSE and NSE will remain close
tomorrow on account of Gurunanak Jayanti.
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