BSE Sensex Touches New Life High above 22,500

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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.

Reuters
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

Among blue chip stocks, ICICI Bank Ltd (ICBK.NS) gains 1.6 percent, while Tata Motors Ltd (TAMO.NS) is up 2.2 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.

(Photo: Reuters / )
A bronze bull sculpture is seen outside the Bombay Stock Exchange (BSE) building in Mumbai, in August, 2013 (Reuters).
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