Nifty hits record high above 8,400 before CPI data

MUMBAI (Reuters) - The BSE Sensex and Nifty touched record highs for the second time this week as rate-sensitive stocks such as Axis Bank rose on hopes easing inflation would prompt the RBI to cut interest rates earlier than expected.

Consumer inflation in October, due at 5:30 p.m., is expected to have eased to a record low of 5.80 percent, according to a Reuters poll.

Axis Bank provisionally rose 3.2 percent, while ICICI Bank ended 1.4 percent higher.

The Sensex provisionally closed 0.35 percent up, after earlier rising as much as 0.78 percent to an all-time high of 28,126.48.

The Nifty rose 0.25 percent after earlier gaining as much as 0.63 percent to a record high of 8,415.05.

 

(Reporting by Abhishek Vishnoi; Editing by Anand Basu)