Sensex closes lower after hitting all-time high

Yet another record was created on Dalal Street on Wednesday. After closing at a record peak on Tuesday, the benchmark Sensex soared to an al...

Yet another record was created on Dalal Street on Wednesday. After closing at a record peak on Tuesday, the benchmark Sensex soared to an all-time peak of 6,272.68 in early trades but lost steam later and closed at 6,227.83 with a marginal loss of 6.46 points, or 0.10 per cent.

The previous all-time high was 6,249.60 touched on January 9, 2004. Sensex missed this target on Tuesday by just 1.17 points and ended at its all-time closing high of 6,234.29.

However, Reliance shares gained ground following signs of a thaw between the Ambani brothers sparring over control of the Reliance group.

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The market remained volatile with the Sensex moving in an intra-day range of 97 points. The broader 50-share S&P CNX Nifty index also followed a similar trend but ended 3.25 points higher at 1,962.05.

“The market displayed high volatility amid alternate bouts of buying and selling, selling from local funds and lack of significant inflow from FIIs,” said Milind Pradhan, head of institutional dealing, UTI Securities.

“Global liquidity is driving the markets upwards. Attractive valuations, coupled with strong growth performance is attracting global money into Indian equities,” said Mihir Vora, Head Equities, ABN AMRO AMC.

FIIs are driving the rally. On Tuesday, foreign fund inflows crossed the $7 billion mark and touched $7.17 billion in 2004 as compared to $6.6 billion in 2003.

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Reliance Industries , REL and IPCL traded higher throughout in an otherwise volatile trading session.

The police said that Kumar, a resident of Turbhe MIDC in Navi Mumbai, was driving his concrete mixer truck when it collided with an SUV.

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The mother of a dismissed IAS officer, Manorama Khedkar, has been booked by the police for obstructing an investigation and aiding suspects involved in a road rage incident. The incident occurred on September 13 and involved two men who allegedly kidnapped a truck helper.

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