BSE Sensex closes above 29,000-mark for first time; NSE Nifty at new peak of 8,761

Extending their record-setting spree for the third day, the BSE Sensex today closed above the 29,000-mark for the first time and the Nifty touched another peak of 8,774.15 with sustained buying by funds in healthcare, capital goods, metal and auto sector stocks.
Continuing its surge for the sixth day, the BSE Sensex crossed the landmark 29,000-level for the first time to hit a life-time high of 29,060.41.
After paring some gains, the 30-share index settled at an all-time closing peak of 29,006.02, up by 117.16 points, or 0.41 per cent, over the previous close. It surpassed the earlier record closing of 28,888.86 hit yesterday.
The gauge has now gone up by 1,659.20 points in the six consecutive sessions.

Anindya Banerjee, analyst, Kotak Securities:
Expectation of a large scale asset purchase program from the European central bank continued to push domestic equity markets higher. Domestic indices closed at a lifetime high, with Nifty closing at 8761 and Sensex closing at 29,006. Rupee has been largely flattish for the last two days as state run banks have been heard to be intervening aggressively. India and its domestic asset and currency continue to draw significant positive externality from the ongoing cycle of hard asset deflation and financial asset inflation. G7 central banks, with their ever rising balance sheets, have engineered a bull run in global equity markets, which is happening inspite of a weakening global economy. All in all, we expect the exuberance to remain at least till the Union Budget and as a result, Rupee can remain ranged between 61.15/20 and 62.30/50 over the medium term.

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