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Market closes at record levels, ignoring high inflation

Maharashtra,Business/Economy

Author : Indo Asian News Service

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Mumbai, Jan 14 (IANS) The benchmark Sensex on Tuesday closed at an all-time high of 41,952 as the US and China were scheduled to sign a partial trade deal later this week.

Sensex touched an intra-day high of 41,994.26 despite retail inflation rising to its highest in over 5 years in December.

After the CPI jumped to a 5 year high, the WPI data released on Tuesday showed that sharp uptick to 2.59 per cent in December from 0.58 per cent in November.

Sensex's closing at 41,952.63 was higher by 92.94 points while the broader Nifty settled at 12,362.30, up by 32.75 points.

Vinod Nair of Geojit Financial Services said: "Market is moving ahead, ignoring the sudden jump in CPI with an optimistic view on the budget and earnings growth visible in the on-going Q3 results."

Yes Bank closed 8.43 per cent lower at Rs 38.55 after falling as much as 13 per cent intra-day owing to prolonged uncertainty over its capital raising plan.

While the Nifty Bank declined 0.3 percent and Nifty Realty fell 0.1 percent, Nifty Media rose the most, up 2 percent, while Nifty FMCG rose 1.4 percent.

Global markets were upbeat after the US said China would no longer be designated a currency manipulator, in a sign of easing trade tension between the two economies.

--IANS

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