Sensex, Nifty Hit New Highs On Reforms, Fed Rate Stance

By SiliconIndia   |   Thursday, October 30, 2014
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MUMBAI: The benchmark Sensex surged about 248 points to end at record closing peak of 27,346.33 on across-the-board buying by investors after government eased rules for FDI in construction sector and U.S. Federal Reserve reiterated its plan to keep interest rates at record lows.

While BSE Sensex surpassed both its intra-day high and closing high logged on September 8, NSE Nifty barometer hit a new intra-day peak of 8,181.55 but ended at 8,169.20 just a few notches below its record closing peak of 8,173.90.

Promient gainers which lifted key indices to record highs include RIL, Infosys, L&T, Maruti Suzuki, HDFC Bank, Hindalco, HDFC, GAIL, Dr Reddys, ITC, NTPC, TCS.

“Markets have been on an upward trajectory on the back of renewed vigor shown by government to initiate reforms, lower crude prices and supportive global cues among others. Though Quantitative Easing ended, but Fed keeping the ‘considerable period of time’ stance for raising rates until it sees more improvement in the economy, cheered markets,” said Devang Mehta, Sr VP & Head - Equity Advisory, Anand Rathi Financial.

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