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Sensex closes at all time high at 14,403.77

Sensex closed at a new record high led by hopes of sustained economic growth after central bank boosted its full-year growth forecast to 8.5-9.0.

DNA Web Team

Updated : Sep 14, 2017, 04:08 PM IST

Updated at 6:35 pm

MUMBAI: Indian share prices closed up 0.96 percent at a new record high on Friday led by hopes of sustained economic growth after India's central bank boosted its full-year growth forecast to 8.5-9.0, dealers said.

They said buying was hectic in telecom, capital goods and automobile companies.

The 30-share Mumbai stock exchange Sensex index rose 136.59 points to 14,403.77, beating its previous high of 14,282.72 on January 25.

The Sensex also hit a new all-time intraday peak of 14,462.77 on Friday from a previous 14,325.92 on January 18.

"The markets have seen robust third-quarter earnings. The RBI raised its economic growth forecast, which is a positive ahead of the budget," said Naresh Garg, chief investment advisor with private sector Sahara Mutual Fund.

On Wednesday, India's central bank raised its growth forecast for the year ending March 31 while hiking its short-term borrowing rate by a quarter percentage point to 7.50 percent to stem inflation which is riding at two-year highs.

Private sector Tata Steel gained 5.2 rupees or 1.14 percent to 462.95 after falling nearly 12 percent in two trading days, after it outbid rivals to acquire Anglo-Dutch steelmaker Corus.

Telecom company Reliance Communications rose 16.75 rupees or 3.54 percent to 490.55 rupees on media reports the mobile services firm plans to spend 2.5 billion dollars on expansion of local operations.

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