BSE Sensex Touches New Life High above 22,500
April 2, 2014 7:07 PM EST
The BSE Sensex hit a record high for an eighth consecutive session as potential bank licence candidates such as IDFC Ltd(IDFC.NS) surge after the Election Commission allowed the Reserve Bank of India to announce new bank licences before the outcome of general elections set to conclude next month.
A bronze bull sculpture is seen outside the Bombay Stock Exchange (BSE) building in Mumbai, in August, 2013 (Reuters).
The BSE Sensex is up 0.3 percent after earlier rising to an all-time high of 22,592.10, while the Nifty gains 0.2 percent after earlier touching to a record high of 6,763.50.
IDFC Ltd surges 3.1 percent and LIC Housing Finance (LICH.NS) is up 3.3 percent
Overseas investors bought Indian shares worth 3.85 billion rupees on Tuesday, provisional exchange data show, after buying $3.3 billion worth of stocks in March.
The Election Commission on Tuesday allowed the Reserve Bank of India (RBI) to announce new bank licences even ahead of general elections set to conclude next month, according to a notice in the commission's website.
The RBI had sought the commission's approval to issue new bank licences to ensure the process would not clash with the code of conduct ahead of elections, which prevents decisions that may be deemed as political from being taken by government officials or regulators.
"The commission is of the view that Reserve Bank of India may take necessary action as deemed appropriate by the Bank," election commission said regarding the central bank's query.
Most Popular Slideshows
- Gennady Golovkin Next Fight Options: Canelo Alvarez, Miguel Cotto Or Julio Cesar Chavez Jr.
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Travel Alert: Over 200 Canadians Infected with Mosquito-Borne Chikungunya Virus
- Economic Growth In US And Sub-Saharan Africa Allay 2015 Recession Fears
- US Dedicates 5 Airports for Travellers From Ebola-Stricken Nations, Lawmakers Want Travel Ban
- WHO Races to Release Ebola Serum in 2 Weeks, Vaccines in January
- Canadian Ebola Drug: Tekmira Firm Starts Limited Manufacturing of Vaccine, Available By December; Shares Up
- No Mercy: ISIS, Father Stones to Death Daughter for Alleged Adultery
- iOS 8 Jailbreak Release Date is Doomed as Team Evad3rs Opts Out, Pangu Hits Snag – Report
- Google Nexus 6 vs. iPhone 5S: 4 Important Things to Consider Before Switching to Android Lollipop
- Swedish Military Spots ‘Russian Submarine’ Off Stockholm Coast, An Alarming ‘Security Game Changer’
- Canada Raises National Terror Alert Level after Suspected Jihadist Runs Over Soldier
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Galaxy Note 4: Best Big-Screen Phone, Says Samsung; Analysts Believe Note 4 Unlikely To Beat iPhone 6 Plus [Watch Video]