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Journalism of Courage
The markets on Wednesday showed they liked the repo rate hike announced by RBI Governor Raghuram Rajan. The Sensex closed at an all-time high. The rise also comes amid optimism the US Federal Reserve will continue with its monetary stimulus in its statement after the end of its meeting scheduled later.
The Sensex has now gained 21 per cent since hitting an intraday yearly low of 17,448.71 points on August 28.
Building up on Tuesday 359-point rally following the RBI policy,the Sensex surged 104.96 points,or 0.5 per cent,to 21,033.97. The highest close previously was 21,004.96 on November 5,2010,while the intra-day record high was 21,206.77,which was hit on January 10,2008.
Hectic short covering ahead of the expiry of futures and options October contracts tomorrow,along with foreign capital inflows and higher global cues pushed the index higher.
Ravi Shenoy AVP-Midcaps Research Motilal Oswal Securities Ltd said,The rally today was lead by companies that have reported good September 2013 quarter results. Positive surprises have been more than negative ones on the result front for the last few days and good numbers by front-line companies could result in higher Sensex growth estimates for FY14 and FY15.
The 50-share CNX Nifty on the NSE rose 30.80 points,or 0.5 per cent,to 6,251.70.
