Indian share prices closed at a new record high on Wednesday, gaining for five straight days, on expectations of positive first quarter earnings from companies, dealers said. They said buying sentiment continued to be strong on the fading of global and domestic interest rate concerns.
The 30-share benchmark Sensex index closed up 73.73 points or 0.50 percent to 14,880.24. The Sensex hit a new intraday record of 14,906.93 on Wednesday against a previous record of 14,828.39, set on Tuesday. Dealers said sentiment remains strong after India's inflation fell to a 14-month low of 4.03 percent, lowering pressure for a further interest rate hike.
"Buying was seen on expectations of sound quarterly earnings. But volatility has increased as valuations for some stocks appear stretched," said Advait Date, dealer at brokerage BHH Securities. Automobile and cement stocks gained while software and banking stocks fell. At Wednesday's close, the Sensex had risen nearly 21 percent from a recent low of 12,316.1 points hit on March 16. Indian companies are set to start announcing first-quarter earnings data next week.
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