News Karnataka
Thursday, July 07 2022
India

Chidambaram brings Diwali cheer as Sensex hits new high - 2 min read

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Mumbai(DC):The BSE benchmark Sensex on Friday hit a life-time high of 21,293.88 by gaining over 129 points in opening trade on sustained foreign fund inflows in banking, auto, metal and realty sectors.

As the Sensex zoomed to an unprecedented high, Finance Minister P Chidambaram sought to bring more Diwali cheer, claiming on Friday that recent steps taken to boost Indias economy are yielding results. Foreign investors continue to retain faith in the Indian economy, he said, revising the current account deficit target downwards for the current fiscal.

Rising for the fourth straight session, the Sensex rose 129.36 points, or 0.61 per cent, to trade at record high of 21,293.88 points, surpassing previous intra-day record high of 21,206.77 reached on January 10, 2008. It had rallied 594.24 points in the past three sessions.

“The current account deficit is well under control and we are confident that we will adhere to the red line on fiscal deficit,” Mr Chidambaram said.

Stock brokers said sentiments remained bullish on continued foreign funds inflow and the RBI easing liquidity situation by cutting marginal standing facility (MSF) to 8.75 per cent in its monetary policy on Tuesday.

A mixed trend in the Asian region also influenced the trading sentiment here, they said. The BSE realty sector index was trading 1.50 per cent higher to 1,363.65 as stocks of DLF moved up (1.58 per cent), followed by HDIL (3.05 per cent), Unitech (0.57 per cent).

Chidambaram strongly backed the efforts of new RBI governor Raghuram Rajan to contain inflation and stabilize the rupee and said, “the rupee has by and large stabilised, though in my personal opinion it is still trading above its appropriate level. The stability in currency markets will give comfort to take more measures.”

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Mr Chidambaram’s comments come on a day when the Sensex hit a record high, breaking a record that stood for nearly six years. The broader Nifty closed above the 6,300 mark for the first time since November 2010.

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