Market logs a new record high on lower inflation, funds rush

Mumbai: Benchmarks Sensex and NSE Nifty closed at fresh lifetime highs of 30,322 and 9,445, respectively, today as lower inflation numbers and better- than-expected quarterly earnings drove investors.

The 30-share barometer closed at an all-time high of 30,322.12, up 133.97 points, or 0.44 per cent. It broke previous record closing of 30,250.98 touched on May 11. The gauge had retreated 62.83 points on Friday.

The NSE Nifty after shuttling between 9,449.25 and 9,423.10, rebounded 44.50 points, or 0.47 per cent, to end at a new all-time high of 9,445.40, surpassing previous record of 9,422.40 hit on May 11.

Investor sentiment received a boost after retail inflation fell sharply to multi-year low of 2.99 per cent in April, from 3.89 per cent and inflation based on the wholesale price index slipped to a four-month low of 3.85 per cent in April, creating headroom for rate cuts by Reserve Bank in coming month.

Besides, the rupee appreciating to 64.03 against the dollar (intra-day) at the forex market added to the lift.