- BSE Sensex gains 46.30 pts, logs fresh record closing high, ends FY14 on cheerful noteWhy Raghuram Rajan should consider a rate cut: 5 factsStock markets in 2013-14 increased investor wealth by Rs 10 lakh cr to Rs 74 lakh crIndian stocks to watch: NTPC, Tata Communications, Reliance Industries
Beginning the new fiscal year on a high note, the BSE Sensex today rose by 60.17 points to all-time closing high of 22,446.44 in a volatile session after Guv Raghuram Rajan's RBI kept key policy rates unchanged.
The 30-share index continued its record setting spree for the seventh session with touching a new high of 22,485.77 points in the day trade.
The market was jittery in afternoon session and the index dropped by 90 points to a day's low of 22,295.65 points.
Brokers said RBI's decision to keep interest rates unchanged was largely in line with investor expectations and failed to have any immediate effect.
However, buying in IT and oil stocks, mainly in Reliance Industries, at the fag-end helped the barometer end session at fresh record closing high of 22,446.44, up by 60.17 points higher, or 0.27 per cent.
Reliance Industries rose by 1.25 per cent.
The wide-based National Stock Exchange index NSE Nifty also set a new record high level by rising 16.85 points, or 0.25 per cent to 6,721.05, after an intra-day record of 6,732.25.
RBI kept key policy rates unchanged since retail inflation still remains "sticky" but introduced steps to increase liquidity and contain volatility in the money market.
A higher opening in Europe supported the trading sentiment in later part of the session, brokers said.
In 30-BSE index components, 15 stocks gained and 14 ended with losses, while Sun Pharma held unchanged.
IT stocks, led by Wipro, TCS and Infosys, were the star performers in the current rally. The IT sector index gained the most by rising 1.65 per cent to 8,934.45.
The consumer durable was second best performer by adding 1.33 per cent to 6,612.63.
Axis Bank, HDFC, Dr Reddy's Lab, ONGC, NTPC, Sesa Sterlite and Tata Motors were among major gainers.
Dipen Shah, Head- Private Client Group Research, Kotak Securities:
RBI maintained status quo in interest rates and CRR, as expected. It expects the CPI inflation to be at about 8% by end of FY15 and the GDP growth rate to be at between 5.5% and 6% in FY15. In the short term, we believe that, the RBI will remain on hold at least till the new Government releases the budget. While the RBI has maintained status quo, it has given several