Sensex, Nifty scale fresh lifetime highs ahead of Reserve Bank's policy decision

Mumbai: Equity indices defied gravity for the fourth straight session to finish at fresh lifetime highs on Thursday as investors accumulated IT, telecom and FMCG stocks ahead of RBI's policy decision.

A strengthening trend in the rupee and unabated foreign fund inflows have bolstered market sentiment, traders said.

After scaling its all-time peak of 54,717.24 during the day, the 30-share BSE Sensex settled 123.07 points or 0.23 per cent higher at its new closing record of 54,492.84.

In similar movement, the broader NSE Nifty rose 35.80 points or 0.22 per cent to its lifetime peak of 16,294.60. It touched an intra-day record of 16,349.45.

Bharti Airtel was the top gainer in the Sensex pack, surging 4.30 per cent, while Reliance Industries spurted 1.41 per cent as investors wagered on a two-player telecom market after Kumar Mangalam Birla stepped down as chairman of debt-laden rival Vodafone Idea.

On the other hand, SBI, IndusInd Bank, Bajaj Finance, ICICI Bank, Bajaj Finserv and UltraTech Cement were among the laggards, tumbling up to 3.33 per cent. Sectorally, BSE telecom, metal, teck, energy and IT surged up to 3.39 per cent, while realty, bankex, finance and utilities indices ended in the red.

Broader BSE midcap index rose 0.10 per cent, while the smallcap gauge fell 0.43 per cent.

Meanwhile, international oil benchmark Brent crude advanced 0.72 per cent to $70.89 per barrel. Rising for the fourth session on the trot, the rupee inched 2 paise higher to close at 74.17/US dollar.