The BSE Sensex on Thursday closed 51.01 points higher to end at a new record high of 38,336.76, while the Nifty 50 ended 11.85 points higher at 11,582.75. Shares of information technology and fast-moving consumer goods companies lifted the stock markets on Thursday.

The Indian rupee again fell below 70 against the United States dollar early in the day and stayed there till the evening. The currency was trading at 70.11 at 5 pm. The rupee had last closed at 69.81 on Tuesday – the foreign exchange market was closed on Wednesday for Bakrid.

The rupee lost as the dollar gained ground in international markets after the US central bank released details of its last policy meeting, which showed policymakers were likely to raise interest rates soon. Higher interest rates mean the US economy is likely to continue s to recover since the lows of the recession of 2008, and this strengthens the currency.

The benchmark stock indices began the day by extending gains from Tuesday, but shed the record levels within an hour. Reliance Industries Ltd became India’s first firm to cross 8 trillion rupees in market capitalisation, Reuters reported.

Earlier in the day, the Nifty 50 had breached the 11,600 mark for the first time. The Sensex had also reached an all-time high of 38,467.63 points.

The top five gainers on the Sensex were Larsen & Toubro, NTPC, Reliance, Adani Ports and Maruti Suzuki. The stocks that lost the most were Tata Motors, Vedanta, Tata Steel, Kotak Mahindra Bank, and Bajaj Auto.

On Nifty 50, the top five stocks were Tech Mahindra, Larsen & Toubro, Dr Reddy’s, NTPC, and HCL Technologies. The stocks with the highest losses were Tata Motors, Hindalco, Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation.