Sensex Hits Another record of 29,000 Points as Interest Rate Cut Party Continues

Business

oi-Sunil

By Sunil Fernandes

Updated: Thursday, January 22, 2015, 9:44 [IST]

The Sensex and the Nifty scaled another record high as markets rallied for the sixth straight day following the interest rate cut announced last week. The Sensex was last trading 90 points higher at 28,984 points, while the Nifty was higher by 14 points at 8746 points.

Shares in ITC which had fallen sharply on Tuesday recovered ground and were trading one per cent higher. The stock had lost a huge 5 per cent in trade following a dismal set of quarterly results.

HDFC which has had a stupendous rally in the last few weeks gave up gains and was trading lower. Hindustan Unilever too saw some profit booking in trade and was quoting lower.

Shares in Suzlon rallied after reports that the company was likely to sell its German subsidiary Senvion for a valuation of about 1 billion euro.

Cairn India was trading slightly lower ahead of its results to be declared later today. Software stocks were in the limelight with Infosys and TCS gaining ground. Wipro on the other hand was marginally weak in trade.

Kotak Mahindra, NMDC and Reliance Industries were a few stocks that added pressure on the Sensex. Shares in DLF also lost ground in trade.

Meanwhile, markets in Asia were trading higher led by gains in the Hong Kong's Hang Sang and the Shanghai Composite.

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