MUMBAI: Benchmark equity indices rose on Thursday, with the Nifty hitting its lifetime high after the RBI approved the highest ever dividend of Rs 2.11 lakh crore to the government and supported buying in blue chips Reliance Industries. Sensex rose more than 800 points. HDFC bank.
The NSE Nifty rose 262.85 points or 1.16 per cent to 22,860.65 - a record peak.
The 30-share BSE Sensex again reached the level of 75,000. It rose 844.3 points or 1.13 percent to 75,065.36. The 30-share benchmark index is just 60 points away from its all-time high.Larsen & Toubro, Axis Bank, IndusInd Bank, Maruti Mahindra & Mahindra, HDFC Bank, Bajaj Finserv, State Bank of India and Reliance Industries were the major gainers among Sensex companies.
Sun Pharma, PowerGrid, NTPC and JSW Steel were among the laggards.
The Reserve Bank of India will pay the government a record dividend of Rs 2.1 lakh crore for the financial year ending March 31, more than double the budgetary expectation, to help boost revenues before the new government takes charge.
The RBI board approved the transfer of surplus in its 608th meeting on Wednesday, the central bank said in a statement.
V Vijayakumar, chief investment strategist at Geojit Financial Services, said, “There are both positives and negatives for the market today.The biggest positive thing is the dividend of Rs 2.11 lakh crore from RBI to the government."
This means the government can reduce its fiscal deficit and step-up infrastructure spending, he said.
"Brent crude falling below US$82 is positive for India's macros," Vijaykuma said. Global oil benchmark Brent crude fell 0.15 percent to US$81.79 a barrel.
He said the US Fed meeting minutes were negative for equity markets indicating concerns over stubborn inflation.In Asian markets, Tokyo was trading in the green, while Seoul, Shanghai and Hong Kong witnessed losses.
Wall Street ended Wednesday in negative territory.
"The Nifty index has hit a record high after the Reserve Bank of India (RBI) announced a substantial dividend of Rs 2.1 lakh crore to the government. This development is a significant macroeconomic positive for the market, which has serious implications for the fiscal deficit and bond yields,” said Santosh Meena, head of research at Swastika Investmart Ltd.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 686.04 crore on Wednesday.On Wednesday, the BSE benchmark closed 267.75 points or 0.36 per cent higher at 74,221.0. NSE Nifty closed at 22,597.80, up 68.75 points or 0.31 per cent.
The NSE Nifty rose 262.85 points or 1.16 per cent to 22,860.65 - a record peak.
The 30-share BSE Sensex again reached the level of 75,000. It rose 844.3 points or 1.13 percent to 75,065.36. The 30-share benchmark index is just 60 points away from its all-time high.Larsen & Toubro, Axis Bank, IndusInd Bank, Maruti Mahindra & Mahindra, HDFC Bank, Bajaj Finserv, State Bank of India and Reliance Industries were the major gainers among Sensex companies.
Sun Pharma, PowerGrid, NTPC and JSW Steel were among the laggards.
The Reserve Bank of India will pay the government a record dividend of Rs 2.1 lakh crore for the financial year ending March 31, more than double the budgetary expectation, to help boost revenues before the new government takes charge.
The RBI board approved the transfer of surplus in its 608th meeting on Wednesday, the central bank said in a statement.
V Vijayakumar, chief investment strategist at Geojit Financial Services, said, “There are both positives and negatives for the market today.The biggest positive thing is the dividend of Rs 2.11 lakh crore from RBI to the government."
This means the government can reduce its fiscal deficit and step-up infrastructure spending, he said.
"Brent crude falling below US$82 is positive for India's macros," Vijaykuma said. Global oil benchmark Brent crude fell 0.15 percent to US$81.79 a barrel.
He said the US Fed meeting minutes were negative for equity markets indicating concerns over stubborn inflation.In Asian markets, Tokyo was trading in the green, while Seoul, Shanghai and Hong Kong witnessed losses.
Wall Street ended Wednesday in negative territory.
"The Nifty index has hit a record high after the Reserve Bank of India (RBI) announced a substantial dividend of Rs 2.1 lakh crore to the government. This development is a significant macroeconomic positive for the market, which has serious implications for the fiscal deficit and bond yields,” said Santosh Meena, head of research at Swastika Investmart Ltd.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 686.04 crore on Wednesday.On Wednesday, the BSE benchmark closed 267.75 points or 0.36 per cent higher at 74,221.0. NSE Nifty closed at 22,597.80, up 68.75 points or 0.31 per cent.
