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Sensex, Nifty hit record closing high

IANS  |  Mumbai 

Indian indices -- Sensex and Nifty -- closed at their highest-ever on Tuesday riding strong and sustained foreign fund inflows and bets of yet another rate cut over a near-normal monsoon forecast.

Both indices touched their all-time highs -- Sensex at 39,364.34 and Nifty 11,810.95 -- during the early trade and mostly held on to the gains throughout the day, led primarily by stocks, though closed slightly lower from the peaks.

The advanced by 369.80 points or 0.95 per cent to 39,275.64 and the broader Nifty jumped 96.80 points or 0.83 per cent to 11,787.15.

"The sentiment got a fillip due to the near-normal monsoon forecast. The (Dalal) Street is also anticipating further rate cuts to reverse the economic slowdown and sensing a return of consumption demand post elections," said Devang Mehta, Head - Equity Advisory, Centrum Wealth Management.

"The banks continue to have a lion's share in the ongoing rally and the onus to lead the earnings for Nifty will lie with the private banks. With two good primary market listings in two days and an upbeat mood, all eyes are now on the ongoing fourth-quarter earnings season."

witnessed a steep decline and closed 7.62 per cent lower as the struggling-to-stay-afloat awaits operational funding from the lenders. However, Jet's competitor like marched higher to end 7.35 per cent up.

also finished on a strong note, up 11.19 per cent after it informed the exchanges that it will induct five 90-seater Q400 aircraft in the next 10 days.

IT ended 2.45 per cent lower. It reported a 38 per cent rise in its year-on-year net profit for the fourth quarter of 2018-19.

--IANS

ravi/nir

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 16 2019. 17:34 IST
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