The Bombay Stock Exchange Sensex and the National Stock Exchange Nifty both closed at record highs on Wednesday, ahead of the Reserve Bank of India’s two-day monetary policy meet. While Sensex rose 64.02 points to end at 29,974 – only 26 points shy of the 30,000 mark – Nifty was up 27.30 points, ending at 9,265.
The BSE index hit 30,007 in intraday trade, while the NSE index touched a lifetime high of 9,274 on the back of positive Asian cues and an increased inflow of foreign funds. But the figures dropped hours before the RBI’s meeting began. BSE’s MidCap and SmallCap indices, too, made gains in Wednesday’s trading.
Maruti Suzuki, Adani Ports and Reliance were the best performers on both the Sensex and Nifty. HDFC Bank was the biggest loser of the day on both bourses, dropping by nearly 3%. Realty firm Sobha traded higher after an operational update, with the company’s shares soaring 16.24%.
Titan also hit a record high, ending 7% up, while Shankara Building Products made a strong debut with its shares listing at Rs 555 on the NSE. Its initial public offering price was Rs 460.
According to a Reuters poll, the Monetary Policy Committee will leave the RBI’s key repo rate unchanged at 6.25%. “A lot depends on the RBI governor’s stance on key rates. But a majority expect unchanged stance this time,” Jayant Manglik, president of Retail Distribution at Religare Securities Ltd, told The Economic Times.