Indian equities cheer cabinet decisions, Nifty at new closing high (Second Lead)

Mumbai May 4 (IANS) Indian equity markets cheered the overnight decisions of the Cabinet Committee on Economic Affairs with the NSE Nifty closing on Thursday at a record high level. The BSE Sensex too closed above the 30 000-mark.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 47.95 points or 0.51 per cent to provisionally close at 9 359.90 points -- a new record.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE which opened at 30 069.72 points provisionally closed at 30 126.21 points (at 3.30 p.m.) -- up 231.41 points or 0.77 per cent from its previous close at 29 894.80 points.

The Sensex touched a high of 30 169.95 points and a low of 30 007.40 points during the intra-day trade.

The BSE market breadth was marginally in favour of the bulls -- with 1 444 advances and 1 413 declines.

Banking stocks witnessed healthy buying and surged by 603.73 points or 2.39 per cent during intra-day trade after the cabinet at a meeting chaired by Prime Minister Narendra Modi on Wednesday night approved an ordinance to amend the Banking Regulation Act to tackle the mounting non-performing assets (NPAs) of public sector banks.

On Wednesday the benchmark indices closed on a flat-to-negative note on the back of negative global cues and outflow of foreign funds.

The NSE Nifty inched down by 1.85 points or 0.02 per cent to close at 9 311.95 points while the BSE Sensex closed at 29 894.80 points -- down 26.38 points or 0.09 per cent.

--IANS
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