NewZNew (Mumbai) : BSE Sensex and NSE Nifty hit a new high for the fourth consecutive session, buoyed by growing optimism about Indian economy. The announcement of stimulus measures from Bank of Japan on Friday also boosted the sentiment.
The Sensex rose nearly 150 points to hit a new high of 28,006. The Nifty rose to 8,363, also a new high. The measures from the Bank of Japan will help Indian markets attract more foreign inflows from overseas investors. Analysts say that India is one of the most best poised markets to attract global fund flows.
The government last month announced a series of reform measures last month. Further boosting the market sentiment, the fall in global oil prices will help the government’s efforts to keep fiscal deficit within target. A further cut in domestic fuel prices will help cool inflation further, which is on an easing trend. This has led to expectations that the Reserve Bank of India would cut rates earlier than expected.
Indian markets have seen renewed buying from foreign investors after some selling in early part of October. Foreign portfolio investors have bought Indian shares worth $13.45 billion so far this year. This has made Indian markets the best performing markets this year.
Most of the Asian markets were lower today amid renewed concerns over global growth.