Stocks at record highs on IMF comments |
Stock markets surged to all-time closing highs as positive macro data and encouraging comments by the IMF cheered investors, sending the benchmark BSE Sensex higher by 200 points. The 30-share index scaled an all-time high of 32,687.32 in early trade before ending up by 200.95 points at 32,633.64, the highest closing level so far. The broader NSE Nifty zoomed past the 10,200-mark for the first time to hit an all-time high of 10,242.95 in early trade. However, it pared some of gains to settle at record closing level of 10,230.85, up 63.40 points, or 0.62 per cent. Market sentiment was buoyant in a truncated trading week ahead of Diwali and encouraging Q2 earnings from oil-to-telecom conglomerate Reliance Industries. The rupee appreciating further to 64.68 against the dollar (intra-day) at the forex market too fuelled the rally. Sentiments got a lift after IMF chief Christine Lagarde said the Indian economy is on a “very solid track” in the mid-term, triggering all-round buying activity.
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