Falling crude prices fuel market engine

Riding high on rate cut hopes by the RBI and a fall in crude prices, the Indian markets hit record highs once again.

While the 30-share Sensex gained 255.08 points to end at 28693.99, the Nifty ended 94.05 points higher at 8588.25.

It was a historic day for BSE as well as its market capitalisation hit Rs 100 lakh crore during intra-day trades before retreating marginally and ending with a market capitalisation of Rs 99.83 lakh crore.

Commenting on the achievement, BSE MD and CEO Ashishkumar Chauhan said, “This achievement is a reflection of India’s growth potential as seen from the foreign investor’s perspective as well as the competitiveness of Indian entrepreneurs to manage world class organisations.”

It has taken India and BSE 140 years to reach this milestone of Rs 100 lakh crores market capitalisation. However given India’s potential, India should be able to achieve multiple times Rs 100 lakh crore market capitalisation in time to come, Chauhan added.

Bank shares were in limelight and were among the top gainers on the Nifty on hopes of a rate cut by the RBI in its policy next week. Punjab National Bank was the top gainer on the Nifty (up 7.68 per cent) with volumes of 33.42 lakh shares. Other major banking gainers included Bank of Baroda (up 7.48 per cent), SBI (up 5.38 per cent), Indusind Bank (up 4.08 per cent) and Kotak Mahindra Bank (up 3.84 per cent).

Oil marketing companies also gained on the back of fall in crude oil prices after the Organization of the Petroleum Exporting Countries (OPEC) decided not to cut supplies.

While Hindustan Petroleum zoomed over 9 per cent to Rs 597.95 on the NSE with volumes of over 85.83 lakh shares, IOC ended 4.11 per cent higher at Rs 363.40.

BPCL also ended with good gains, up 3.78 per cent at Rs 747.80 with volumes of 68.33 lakh shares on NSE.

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