Mumbai, Sep 20 (FN Bureau) Led by a strong rally in the few banking and financial services shares, India’s benchmark indices hit record high with the BSE Sensex breaching the historic 84K-level. The BSE Sensex closed at 84,544.31 with gains of 1359.51 points or 1.63 percent up from its previous close. While the Nifty of National Stock Exchange ( NSE) rose 375.15 points or 1.48 percent to close at 25,790.95. The market remained in green throughout the session, as the Sensex opened on a strong note at 83,603.04, up 419 points. During the day it zoomed 1510 points at 84,694.46, day’s high, before closing at 84,544.31 with massive gains of 1359.51 points. The Mid-cap and the small-cap also rose by 1.16 percent and 1.37 percent respectively. In 30-scrips BSE Sensex, shares of 26 companies advanced further while that of four companies declined from their previous closure.
A leading trader in the market said that the Indian stock market joined the rally a day after the rate cut of 50bps by the Fed US. It is widely expected that the monetary policy instance by the US Fed will bring positivity to the economy and foreign inflows in the short to medium-term as the global economy continues to be robust. The Foreign Institutional Investors (FIIs) had sold equities in the cash segment worth Rs 2547 crore while the Domestic Institutional Investors (DIIs) had bought to the tune of Rs 2013 crore in yesterday’s trading session, according to data available. The gainers were M& M by 5.37% to Rs 2946.60, ICICI Bank by 4.47% to Rs 1349.25, JSW Steel by 3.85% to Rs 983.65 and L& T by 2.95% to Rs 3791.25. The losers were SBI by 0.70% to Rs 784.85 and Bajaj Finance by 0.18% to Rs 7574.35.