Sensex scales new high, crosses 38,000 mark, Nifty hits a new high of 11,495.20

A ticker on the facade of the Bombay Stock Exchange (BSE) shows India's benchmark 30-share index- SENSEX in Mumbai on May 6, 2008. A stock market investment advisor has filed a case against the Mumbai stock exchange claiming ownership over the term Sensex, which is used to describe one of the country's most popular indices. The market advisor, Deepak Mohini has in his legal notice sought that the court grant him exclusive ownership to the trademark "Sensex". AFP PHOTO/ Indranil MUKHERJEE

Expectations of strong corporate numbers, renewed flows from foreign investors and a firm trend in the Asian markets pushed the benchmark Sensex to a new record high on Thursday, the touchstone BSE Sensex rose 162.56 points, or 0.42 per cent, to hit an all-time high of 38,050.12.

The Sensex breaches on extensive buying in energy, banking, and PSU stocks in the middle of relentless inflows by domestic and foreign institutional investors.

The broader Nifty of the National Stock Exchange (NSE) ended the day above the 11,000-mark at 11,495.
Factors like Positive global cues, the prediction of stable economic growth and more desirable quarterly results, are responsible for the lifting of the key Indian equity indices to new record intra-day and closing high-levels on Thursday.

According to market experts, factors like the inflow of foreign funds and healthy buying in consumer durables, banking and oil and gas stocks shoved the key indices higher. In the meantime, the rupee also goes up by 18 paise to 68.45 against the US dollar in opening trade on Thursday on ongoing selling of the American currency by exporters and banks amid foreign capital inflows.

Asian shares were mixed in early trade as a result of rising trade tensions between the US and China. Hong Kong’s Hang Seng was up 0.89 per cent and Shanghai Composite Index rushed to 1.83 per cent, while Japan’s Nikkei shed 0.27 per cent in early deals.

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