Hopes of steady monetary policy, Q1 results lift equity indices

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Mumbai, July 31 (IANS) Healthy quarterly earnings results and expectations of a dovish monetary policy aided the key Indian equity indices to pare their initial losses and end Tuesday’s trade session on a record high.

The trade was largely volatile ahead of the Reserve Bank of India’s monetary policy review on Wednesday.

However, supported by healthy buying in the consumer durables, capital goods and IT stocks, the indices ended on a positive note.

The day’s trade also witnessed Reliance Industries (RIL) surpassed Tata Consultancy Services (TCS) in market capitalization (market-cap).

On a closing basis, the market-cap of RIL on BSE stood at Rs 7.51 lakh crore, compared to Rs 7.43 lakh crore of TCS.

At 3.30 p.m., the wider Nifty50 on the National Stock Exchange, settled at 11,356.50 points, higher by 36.95 points and 0.33 per cent from its previous close.

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It had also touched a fresh benchmark of 11,366 points during the intra-day trade.

The barometer S&P BSE Sensex, which had opened at 37,534.95 points, closed at 37,606.58 points, higher by 112.18 points or 0.30 from its previous close of 37,494.40 points.

During the day, it touched a record intra-day high of 37,644.59 points and a low of 37,298.75 points.

–IANS

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