28 Nov 2014
Indian equities close at a record high on rate cut hopes
FXStreet (Mumbai) - Indian equity markets ended the day at record closing highs after a fall in Crude prices triggered hopes of an interest rate cut.
The S&P BSE Sensex hit a record high of 28,822.37 before ending the day 0.90% higher at 28,693.99 levels. The broader CNX Nifty climbed to 8,617, before closing 1.11% higher at 85888.25 levels.
The gains were led by a rally in banking stocks like SBI, PNB and Bank of Baroda, which gained 5% to 8%, after the government announced plans to bring down its stake in public sector banks to 52%. Oil marketing companies gained 4-9%, while airliner Jet Airways and SpiceJet rose 20% and 18% respectively.
Meanwhile, on the minus side was Cairn India, which fell by 4.5%, followed by Bhel, Bharti Airtel, ONGC, which slumped 1% to 3%.
The S&P BSE Sensex hit a record high of 28,822.37 before ending the day 0.90% higher at 28,693.99 levels. The broader CNX Nifty climbed to 8,617, before closing 1.11% higher at 85888.25 levels.
The gains were led by a rally in banking stocks like SBI, PNB and Bank of Baroda, which gained 5% to 8%, after the government announced plans to bring down its stake in public sector banks to 52%. Oil marketing companies gained 4-9%, while airliner Jet Airways and SpiceJet rose 20% and 18% respectively.
Meanwhile, on the minus side was Cairn India, which fell by 4.5%, followed by Bhel, Bharti Airtel, ONGC, which slumped 1% to 3%.