MUMBAI: Market scaled fresh lifetime highs, but surrendered most of the gains on profit-booking towards the end of the week on IMF report about slowdown in Indian economy due to”international factors”.
Both the bellwether indices, sensex and Nifty, failed to maintain their all-time highs despite sustained capital inflows.
The sensex resumed up at 22,423.14 and shot up further to hit an all-time intra-trade high of 22,620.65 on strong buying on the back of persistent foreign capital inflows.
However, the S&P BSE benchmark declined afterwards to end at 22,359.50 on tail-end profit-booking, still showing a gain of 19.53 points, or 0.09 per cent.
However, the NSE 50-share Nifty settled at 6,694.35, a tad lower from the last weekend’s level of 6,695.90 after logging a fresh lifetime intra-day high of 6,776.75.
Brokers attributed the rally to investor hopes of a stable government after the forthcoming general elections and economy returning to high growth path.
The Reserve Bank of India ( RBI), at its April 1 policy meet, left the short-term lending rate, or repo, unchanged at 8 per cent and cash reserve ratio at 4 per cent.
Brokers said the RBI’s decision was largely in line with investor expectations and failed to have any major immediate effect on the market. —PTI