Home Uncategorized Sensex, Nifty at new highs as RBI injects liquidity

Sensex, Nifty at new highs as RBI injects liquidity

Sensex, Nifty at new highs as RBI injects liquidity

Sensex-fallsThe BSE benchmark Sensex rose by 173 points to close at all-time high level on buying in metal, oil & gas and power stocks as RBI injected liquidity into the markets while keeping key rates unchanged.

The 30-share barometer spurted by 173.74 points, or 0.70 per cent, to close at record 24,858.59 points, surpassing previous all time high of 24,716.88 reached on May 26.

The 50-share Nifty of the National Stock Exchange also closed at record 7,367.10 points, up by 53.35 points, or 0.72 per cent.

As expected by market participants, RBI kept policy rates and CRR unchanged but cut the statutory liquidity ratio (SLR) for banks by 0.50 per cent.

The central bank, in its second bi-monthly monetary policy statement for 2014-15, unlocked about Rs. 40,000 crore of banking fund by reducing SLR to 22.5 per cent.

Metal stocks turned investors’ fancy after surveys showed China’s factory and services sectors had their best showings in months in May.

Tata Steel rose the most among Sensex scrips by 6.69 per cent, followed by Sesa Sterlite which jumped 6.53 per cent.

Oil major ONGC gained 4.40 per cent and RIL by 1.15 per cent, helping the Sensex to rise for second day in a row.

Among 30-index components, 17 stocks closed with gains.

Banking shares had a mixed trend today with some counters such as SBI, ICICI Bank and Axis Bank succumbing to profit-booking, while HDFC Bank and Yes Bank closed higher.