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Sensex At Record High; Nifty Climbs Above 11,000

Indian shares rose notably on Thursday to reach fresh record highs as an overnight plunge in oil prices helped ease worries about rising inflation and higher twin deficits.

The benchmark BSE Sensex was up 253 points or 0.70 percent at 36,519, breaching the previous high of 36,444.

The broader Nifty index was up 76 points or 0.70 percent at 11,024, reclaiming the 11,000 mark for the first time since February 1.

Bharti Airtel rose half a percent and rival Idea Cellular advanced 0.7 percent after the Telecom Commission approved a new telecom policy.

IDBI Bank rallied 2.3 percent. Media reports suggest that LIC would make an open offer to minority shareholders after completing the 51 percent acquisition of the bank by the end of September.

Dr Reddy's Laboratories climbed 3.6 percent after launching a generic version of Plaquenil in the U.S.

HIL rose 1.2 percent after it agreed to acquire German flooring solutions company Parador.

BPCL, HPCL and IOC surged 4-5 percent after oil prices plunged 5 percent overnight on supply worries.

Similarly, InterGlobe Aviation, Spicejet and Jet Airways also jumped 4-5 percent on expectations that falling oil prices will result in lower jet fuel costs.

Aurobindo Pharma gained half a percent on receiving approval from the U.S. health regulator for an infection treatment drug.

by RTTNews Staff Writer

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