Sensex Touches Record High, Days After Markets Crashed On Counting Day

The Indian share market posted massive gains after the Reserve Bank of India (RBI) decided to keep the policy rate unchanged for the eighth time in a row. The 30-share Sensex jumped over 1,600 points to its record high of 76,787 points while Nifty was up 450-plus points during the day.

This is the third straight session of gains after initial trends during vote counting sparked a massive rout on Tuesday. Sensex, the BSE benchmark, has surged 2,995.46 points or 4.15 per cent since in the previous two sessions, wiping out most of the losses from the counting day.

All Sensex stocks have advanced today. Wipro, Infosys, Tech Mahindra, Bajaj Finserv, Tata Steel and Tata Consultancy Services were among the biggest gainers in the Sensex pack.

The Reserve Bank of India (RBI) this morning kept its key lending rate unchanged at 6.5% for the eighth time in a row, stating that it will maintain a tight vigil on inflation.

The markets had fallen nearly 6% on the counting day as the BJP did not get a clear majority in the Lok Sabha elections. On Tuesday, Sensex closed at 72,079 points, a day after rallying to 76,468 points banking on the exit polls predictions. But value buying led to a surge in successive sessions with the BSE benchmark regaining the 76,000 level on Friday.

Asian markets ended on a mixed note with Seoul quoting gains and Tokyo, Shanghai, and Hong Kong trading lower.