Sensex, Nifty at new closing highs, rate cut hopes buoy sentiments

Cheered by hopes of a rate cut in the upcoming monetary policy review of the Reserve Bank of India (RBI), coupled with expectations of healthy quarterly results, the key Indian equity indices provisionally closed at new highs on Monday.

Investors' sentiments were buoyed by broadly positive global cues and intense buying activities in banking, consumer durables and capital goods stocks.

The wider Nifty50 of the National Stock Exchange (NSE) rose by 62.60 points or 0.63 per cent to provisionally close at 10,077.10 points (at 3.30 p.m.).

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,412.20 points, closed at 32,514.94 points -- up 205.06 points or 0.63 per cent, from its previous close of 32,309.88 points.

The Sensex touched a high of 32,546.50 points and a low of 32,324.45 points during intra-day trade.

However, the BSE market breadth was bearish with 1,438 declines and 1,247 advances.

On Friday, the benchmark indices took a breather and closed on a subdued note as negative global cues, coupled with disappointing quarterly results and heavy selling pressure in healthcare, metal and banking stocks hampered investors' sentiments.

The NSE Nifty50 fell by 6.05 points or 0.06 per cent to close at 10,014.50 points, while the Sensex closed at 32,309.88 points -- down 73.42 points or 0.23 per cent.