Sensex, Nifty hit record closing high

Mumbai, April 16 (IANS) Major Indian indices -- Sensex and Nifty -- closed at their highest-ever on Tuesday riding strong and sustained foreign fund inflows and bets of yet another rate cut over a near-normal monsoon forecast.

Both indices touched their all-time highs -- Sensex at 39,364.34 and Nifty 11,810.95 -- during the early trade and mostly held on to the gains throughout the day, led primarily by banking stocks, though closed slightly lower from the peaks.

The BSE Sensex advanced by 369.80 points or 0.95 per cent to 39,275.64 and the broader Nifty jumped 96.80 points or 0.83 per cent to 11,787.15.

"The sentiment got a fillip due to the near-normal monsoon forecast. The (Dalal) Street is also anticipating further rate cuts to reverse the economic slowdown and sensing a return of consumption demand post elections," said Devang Mehta, Head - Equity Advisory, Centrum Wealth Management.

"The banks continue to have a lion's share in the ongoing rally and the onus to lead the earnings for Nifty will lie with the private banks. With two good primary market listings in two days and an upbeat mood, all eyes are now on the ongoing fourth-quarter earnings season."

Jet Airways witnessed a steep decline and closed 7.62 per cent lower as the struggling-to-stay-afloat airline awaits operational funding from the lenders. However, Jet's competitor like Indigo marched higher to end 7.35 per cent up.

SpiceJet also finished on a strong note, up 11.19 per cent after it informed the exchanges that it will induct five 90-seater Q400 Bombardier aircraft in the next 10 days.

IT major Wipro ended 2.45 per cent lower. It reported a 38 per cent rise in its year-on-year net profit for the fourth quarter of 2018-19.