Monday, 18 August 2014

Nifty hits record high on Modi's speech

Brokers trade on their computer terminals at a stock brokerage firm in Mumbai. (Reuters photo)

NEW DELHI: The Nifty rose to a record high on Monday as blue-chips such as ICICI Bank gained after Prime Minister Narendra Modi on Friday vowed to fire up the bureaucracy to deliver results, while easing wholesale inflation also helped.

The broader 50-share index rose to 7,844.30, surpassing its previous all-time high of 7,840.95 hit on July 25.

Delivering his first Independence Day speech, Modi emphasized the need for better governance but announced none of the sweeping market reforms that many who handed him India's biggest election mandate in three decades have been awaiting.

India's wholesale price inflation easing to a five-month low in July, just days after retail inflation accelerated to a two month-high of 7.96%, helped.

ICICI Bank rose 2.1% while Tata Motors advanced 2.8%.



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