【Mumbai】With brokerages re-rating India and increasing weightages on the back of a historic win by the Narendra Modi-led BJP in the 2014 parliamentary elections, the Sensex on Monday rallied to yet another lifetime high, closing at 24,363.05 points, up 1% over Friday’s close.
Though the benchmark indices gained just one per cent, the real action was seen in the small- and mid-caps, especially in companies dependent on the domestic economy.
The broader Nifty too surged to 7,263.55 points, up 0.84%, a new high. The turnover in the cash market rose to R36,267 crore, its highest level in three and a half years. Foreign institutional investors were buyers in equities for the 20th straight session.
The S&P BSE benchmark Sensex ended the session flat on Tuesday due to profit-booking by funds and retail investors amid weak European cues.
○Rupee hits 11-month high, but RBI intervention caps gains
【Mumbai】The rupee strengthened to an 11-month high on Monday, gaining for a fourth consecutive session as strong foreign inflows led domestic equities to record closing highs after the election of a new government.
However, continued central bank dollar-buying capped broader gains, with traders expecting the Reserve Bank of India to continue stepping in as it looks to build up its foreign exchange reserves.
Data on Friday showed India's dollar reserves surged to a more than two-year high of $313.83 billion for the week to May 9, the highest since November 11, 2011.
【News source】
Street re-rates India, sure Narendra Modi can kickstart growth
Modi rally charges up power, infra stocks
Sensex ends flat; realty, TECk stocks major gainers
Rupee hits 11-month high, but RBI intervention caps gains
Rupee up 5 paise against dollar in early trade
Rupee ends weaker at 58.63
Rupee likely to appreciate to 57 against the $ soon
Rupee up 5 paise against dollar in early trade
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