Mumbai: The Indian markets ended on high note on Tuesday as Sensex went up 248 points and ended at a record high of 61,872.99 and Nifty rose 74.25 points to 18,403.40.
The indices surged on Tuesday taking cues from the rally of global stocks on hopes that the US Federal Reserve would ease its aggressive policy stance. The ease in domestic inflation also helped the market sentiments.
In terms of broad-based indices, BSE LargeCap surged 0.33 per cent to 7,143 level with ONGC, Powergrid, Gail, ICICI Bank, Hero MotoCo and Dr Reddy’s among the most active stocks.
BSE MidCap moved 19.11 points to 25,498.01 as Balkrishna Industries, IGL, Lodha, Muthoot Finance and Godrej Industries were among the gainers on the index. BSE SmallCap went up 2.01 points to 29,058.35 with RVNL, RailTel, NCC, Force Motor among the big gainers on the index.
Wholesale inflation in October came down to 18-month low whereas retail inflation moderated to a three-month low of 6.77 per cent in October from 7.41 per cent the previous month.
Further, the rupee strengthened slightly this morning to open at 81.13 versus Monday’s close of 81.26.
The rupee has continued to strengthen in most of the recent sessions against the global benchmark dollar as the US dollar index has weakened substantially. The weakening of the dollar is a positive for other currencies.
The slightly higher earnings of the corporates during the September quarter also added sentiment to the stock markets in the country.
The Reserve Bank of India, taking into account the inflation, is planning to review the monetary policy. If the inflation comes in the central bank’s mandated range, the RBI could take a view of not further enhancing repo rate.