Markets log life highs on Modi's I-Day pledge, easing inflation

Written by ENS Economic Bureau | New Delhi | Updated: Aug 19 2014, 13:45pm hrs
Domestic markets rose over 1 per cent on Monday to record highs as blue-chips surged after Prime Minister Narendra Modis August 15 pledge to boost infrastructure and manufacturing, while easing wholesale inflation helped too. Opening after a long weekend, stock markets were in a cheerful mood as investors infused funds to pick up shares across-the-spectrum. Sustained buying by foreign funds and firm European trends also helped, brokers said.

Rising for the fifth consecutive session, the Sensex ended at a new high of 26,390.96, up 287.73 points or 1.1 per cent, while the Nifty closed at a record 7,874.25, up 82.55 points or 1.06 per cent. The trend in Indian markets mirrored a similar move in key Asian and European markets, largely driven by a decline in crude oil prices on hopes of easing geopolitical tensions.

Dealing room checks show strong buying by foreign institutions on Monday. Foreign portfolio investors purchased a net $80-million shares in the cash segment, showed stock market data. (With Agencies)