Mumbai: The 30-share BSE Sensex soared to a record high on Thursday in the intra-day trade led by banking sector stocks after Sebi made it easier for strategic investors to pick up shares in distressed firms under the restructuring schemes.
However, the markets gave up all their gains during the second half of the trading session as weakness in global crude oil prices triggered heavy selling in the shares of oil marketing firms.
After hitting a record high of 31,522.87, the Sensex closed the day at 31,290.74, down 232.13 or 0.73 per cent from its day’s high and just 0.02 per cent high from its previous sessions close.
Similarly, Nifty too witnessed a steep fall from its day’s high of 9,698.85, to end the day at 9,630.
Apart from Sebi’s decision to ease norms, the minutes of the monetary policy meeting suggesting the likelihood of a rate cut fired up the shares of both private and public sector lenders.
“The minutes showed that members have become flexible in their outlook and are ready to be convinced by signs of lower inflation going ahead. Even as one member of the MPC voted for reduction in the repo rate, others wanted to see the trend continuing before cutting the policy rates,” said Anupam Singhi, COO, William O'Neil India.
