Market hits yet another high

INSUBCONTINENT EXCLUSIVE:
MUMBAI: Indian stock markets on Monday scaled new record closing highs, with the Nifty crossing 11,500 mark for the first time ever
Positive cues from global markets and recovery in the rupee from its all-time low of 70.40 to a dollar hit last week, helped markets
gain. Most Asian stock indices gained on Monday amid reports that the US and China are drawing a road map to resolve their trade
dispute. Sensex ended up 330.87 points or 0.9per cent at 38,278.75
During the day, the index touched a new all-time high of 38340.69
Nifty rose 81 points or 0.7per cent at 11551.75
The benchmark index had hit an all-time high of 11,565.30 during the session
Volatility gauge India VIX ended down 0.3per cent at 13.12. Larsen Toubro, Tata Motors, Oil and Natural Gas Corporation, Tata Steel,
Vedanta, Bajaj Auto and Reliance Industries were among the top Sensex gainers, ending up 2.6per cent-6.7per cent. The IT index was the sole
laggard among Nifty sector indices, ending down 0.9per cent at 14,996.10
The fall was mainly because of a decline in shares of Bengaluru-based IT major Infosys which ended down 3per cent, as the worst performer on
Nifty, as its chief financial officer MD Ranganath resigned. Kerala-based lenders fell on Monday on concern that the flood in the state may
lead to rise in bad loans
Muthoot Capital Services, South Indian Bank and Federal Bank ended down 2.5per cent-10.2per cent. Foreign Portfolio Investors net bought
Indian shares worth Rupee147.31 crore in the local equity market on Monday while Domestic Institutional Investors bought local shares worth
against the greenback amid a global rout in currencies following the collapse in Turkish currency lira
Positive earnings growth outlook in India has also helped indices rise further besides easing of oil prices-an important factor for India
since the country imports significant part of its oil needs. Sanjiv Bhasin, Executive VPMarkets and Corporate Affairs at IIFL sees Nifty