Mumbai: Equity benchmark indices Sensex and Nifty hit their fresh record highs on Thursday as low inflation data boosted hopes of an interest rate cut by the RBI.
Besides, heavy buying in capital goods, consumer durables and industrial stocks also helped the index, traders said.
According to government data released, retail inflation continued to decline in May due to a marginal decline in food prices and touched a one-year low of 4.75 per cent and remained within the Reserve Bank's comfort zone of below 6 per cent. Wednesday.
Rising for the second straight day, the 30-share BSE Sensex jumped 538.89 points or 0.70 to hit its lifetime peak of 77,145.46.It later ended at a new record high at 76,810.90; Up 204.33 points or 0.27 percent.
NSE Nifty closed at a new closing level of 23,398.90, up 75.95 points or 0.33 per cent. It rose 158.1 points or 0.67 percent during the day to its record peak of 23,481.05.
Among the 30 Sensex companies, Mahindra & Mahindra, Titan, Larsen & Toubro, IndusInd Bank, Tech Mahindra, UltraTech Cement, Wipro, Tata Consultancy Services, Bajaj Finance and Nestle were the biggest gainers.
On the other hand, Hindustan Unilever, Power Grid, Axis Bank, Bharti Airtel, ICICI Bank and ITC were among the laggards.In Asian markets, Seoul and Hong Kong closed higher, while Tokyo and Shanghai closed lower.
European markets were trading lower. US markets mostly closed with gains.
“There is good news on the inflation front in both the US and India. Inflation data shows that the disinflation process is well on track.From a market perspective, this is positive news, especially for banking stocks,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Federal Reserve officials said Wednesday that inflation has fallen to their target level in recent months, but signaled they expect to cut their benchmark interest rate only once this year.
Policymakers' forecast of a rate cut was lower than the previous three, possibly because inflation, despite declining over the past two months, remains stubbornly high.
Global oil benchmark Brent crude fell 0.71 percent to US$82.01 per barrel.According to exchange data, foreign institutional investors (FIIs) bought equities worth Rs 426.63 crore on Wednesday.
On Wednesday, the BSE benchmark closed 149.98 points or 0.20 per cent higher at 76,606.57. Nifty closed at 23,322.95 with a gain of 58.10 points or 0.25 per cent.
Besides, heavy buying in capital goods, consumer durables and industrial stocks also helped the index, traders said.
According to government data released, retail inflation continued to decline in May due to a marginal decline in food prices and touched a one-year low of 4.75 per cent and remained within the Reserve Bank's comfort zone of below 6 per cent. Wednesday.
Rising for the second straight day, the 30-share BSE Sensex jumped 538.89 points or 0.70 to hit its lifetime peak of 77,145.46.It later ended at a new record high at 76,810.90; Up 204.33 points or 0.27 percent.
NSE Nifty closed at a new closing level of 23,398.90, up 75.95 points or 0.33 per cent. It rose 158.1 points or 0.67 percent during the day to its record peak of 23,481.05.
Among the 30 Sensex companies, Mahindra & Mahindra, Titan, Larsen & Toubro, IndusInd Bank, Tech Mahindra, UltraTech Cement, Wipro, Tata Consultancy Services, Bajaj Finance and Nestle were the biggest gainers.
On the other hand, Hindustan Unilever, Power Grid, Axis Bank, Bharti Airtel, ICICI Bank and ITC were among the laggards.In Asian markets, Seoul and Hong Kong closed higher, while Tokyo and Shanghai closed lower.
European markets were trading lower. US markets mostly closed with gains.
“There is good news on the inflation front in both the US and India. Inflation data shows that the disinflation process is well on track.From a market perspective, this is positive news, especially for banking stocks,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Federal Reserve officials said Wednesday that inflation has fallen to their target level in recent months, but signaled they expect to cut their benchmark interest rate only once this year.
Policymakers' forecast of a rate cut was lower than the previous three, possibly because inflation, despite declining over the past two months, remains stubbornly high.
Global oil benchmark Brent crude fell 0.71 percent to US$82.01 per barrel.According to exchange data, foreign institutional investors (FIIs) bought equities worth Rs 426.63 crore on Wednesday.
On Wednesday, the BSE benchmark closed 149.98 points or 0.20 per cent higher at 76,606.57. Nifty closed at 23,322.95 with a gain of 58.10 points or 0.25 per cent.