Sensex hits life-time peak of 25,828.11; Nifty at 7,723.55

Last Updated: Wednesday, July 2, 2014 - 13:50

Zee Media Bureau

The BSE Sensex hit its life-time peak of 25,828.11 in afternoon trade Wednesday on widespread buying on the back of sustained foreign capital inflows coupled with higher global cues on hopes that the newly elected government will announce reforms to revive the economy in its first budget next week.

Finance Minister Arun Jaitley`s comment on Tuesday that "mindless populism" in policymaking needed to be checked stoke expectations of a pragmatic budget on July 10 also supported investors' sentiment.

Jaitley`s comments that a high fiscal deficit and inflation are major challenges for India also added to expectations that he could unveil fiscal consolidation measures in his first annual budget, traders said.

The Sensex resumed higher at 25,660.57 and rose further to an all-time peak of 25,828.11, surpassing previous record of 25,725.12 reached on June 11.

The Nifty also rose to a record high at 7,723.55.

Among the blue-chips, ICICI Bank gains 1.2 percent while Housing Development Finance Corp rose 1.4 percent.

The Nifty also rose to a record high at 7,723.55.

Asian stocks scored a three-year peak today in the wake of upbeat global economic data that whetted risk appetites and helped Wall Street taste all-time highs.

In the global market, the S&P 500 index and the Dow Jones Industrial Average climbed to all-time highs yesterday as manufacturing activity picked up in the US and Asia in June and increased optimism about the global economy's health.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 856.35 crore yesterday, as per provisional data from the stock exchanges.

With agency inputs

First Published: Wednesday, July 2, 2014 - 10:10

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