Sliding crude oil prices and prospects of faster divestment of government stakes in PSU banks pushed up both the sensex and the nifty to record highs in Friday's session. The sensex closed 255 points higher at 28,694 while the nifty closed 94 points up at 8,588. The day's gains also took investors' wealth, measured by BSE's market capitalization, to Rs 100 lakh crore mark during the session although it closed a tad lower than the 15-digit mark, at Rs 99.83 lakh crore.
The day's session started with the sensex hitting a new all-time high at 28,822 within hours of opening and then remained steady as foreign investors continued their buying spree. The main trigger was the falling prices of crude oil, the biggest import item for India, which fell below the $70 per barrel mark, a level not seen since 2010.This happened in the face of demand for reducing supplies by some of the OPEC members, a decision that may have supported its price.
Investor sentiment on Dalal Street was further boosted after the government said it was planning to reduce its stakes in PSU banks to 52% through divestments and in turn raise about Rs 89,100 crore.
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