Sensex, Nifty scale new highs for 2nd day
Mumbai: Market benchmark indices Sensex and Nifty closed at life-time high levels for the second day in a row on Tuesday following gains in index-heavyweights HDFC, ITC, Axis Bank and TCS.
In a choppy trading session, the 30-share BSE Sensex hit life-time high of 41,994.26 in day trade. It finally settled up by 92.94 points or 0.22 per cent at 41,952.63 - its all-time closing high.
The broader Nifty of NSE also scaled a lifetime high (intra-day) of 12,374.25, before ending 32.75 points, or 0.27 per cent, higher at 12,362.30, which is its record closing level.
"Market is moving ahead ignoring the sudden jump in CPI with an optimistic view on the budget and earnings growth visible in the on-going Q3 results," Vinod Nair, Head of Research, Geojit Financial Services Ltd commented.
Official data released after market hours on Monday showed that retail inflation soared to more than five-year high of 7.35 per cent -- above the RBI's comfort level -- in December due to high vegetable prices.
Wholesale price index-based inflation also surged to an eight-month high of 2.59 per cent in December due to high prices of food articles, according to official data released on Tuesday.
"The month-on-month bounce in inflation is expected to settle since a large part of the gains are one-time in nature, as indicated in the WPI which is still sober in-line with the slow activities of the economy," Nair said.
Brent crude oil futures rose 0.16 per cent to USD 64.30 per barrel. The rupee closed almost flat at 70.87 per US dollar.