Sensex, Nifty climb to new closing highs as Modi euphoria continues

Continuing to overrun previous benchmarks, both the BSE Sensex and the National Stock Exchange's broader-based Nifty achieved record closing highs today amid continuing euphoria over the new Narendra Modi-led Bharatiya Janata Party government.

While the Bombay Stock Exchange achieved its all-time intra-day trading high of 25,375.63 on Friday, today was its highest close, as was that of the Nifty.

The benchmark BSE Sensex provisionally closed up 0.8 per cent at 24,315.48, marking a record closing high. The Nifty gained 0.7 per cent, also surpassing its previous record closing high hit on Friday.

Investors were seen switching to stocks focussed on the domestic market, including infrastructure and services. A big gainer was the state-run National Thermal Power Corp (NTPC), amid hopes that the incoming government would spur economic reforms.

However, broader gains were capped as exporters lost heavily after the rupee strengthened to an 11-month high against the dollar. Software exporter Tata Consultancy Services Ltd provisionally slumped 6.2 per cent.