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Sensex coasts to all-time high on Rupee, Q3

Thursday, 23 January 2014 - 9:17am IST | Place: Mumbai | Agency: DNA

The S&P BSE Sensex on Wednesday ended at its new lifetime closing high as it continued its positive run for the third straight day on the back of a stable rupee, largely decent third quarter or Q3 corporate earnings and lack of any negative triggers globally.

The Sensex gained 0.41% or 86.55 points to close at 21337.67, eclipsing its previous high of 21326.42 set on December 9, 2013. The Nifty, however, ended at its second-best closing level of 6338.95, up 0.40% or 25.15 points over Tuesday’s close.

All the sectoral indices barring capital goods and FMCG closed in the green with healthcare and metal stocks rising the most by 1.31% and 0.93% respectively.

The markets have been in consolidation mode with a positive bias on hopes of the RBI not going ahead with any further rate hikes. Also, the quarterly results of companies that constitute frontline stocks have been in line with, or better than, expectations, helping the markets to maintain their uptrend.

This, along with easing pressure on the current account deficit and higher capital inflows, has brought in stability on the currency front as well. 

The foreign institutional investors or FIIs have pumped in nearly Rs 19,622 crore into Indian debt and net-bought equities worth Rs 2,440 crore so far this month, helping the rupee to remain in the 61.50-62.00 band against the dollar for better part of this month.

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