 "Nifty hits new record high at 7809 but a correction can't be ruled out")
NSE Nifty hit a new record high at 7,809 in morning trade lead by gains in Bank of Baroda, Punjab National Bank, SBI and ICICI Bank, while theSensex rose 144.71 points to 26170.51 after hitting the day’s high of 26188.64.
Dhiraj Agarwal, director, Institutional Equities, Standard Chartered Securities expects Nifty to touch 8900-9000 in the next one year. According to him, the tide has turned around for the market . He, however, feels a correction of around 10 percent can come at some point is inevitable.
Foreign investors bought Indian shares worth Rs 412 crore on Tuesday, marking inflows of $620.86 million over five consecutive days of buying, exchange and regulatory data showed.
Meanwhile, the rupee is trading at 60.14/15, after hitting 60.1225, its highest since July 17 and versus previous close of 60.24/25.
Importer dollar demand to meet month-end payment commitments will limit gains in the Indian unit.
Foreign fund flows into the domestic sharemarket to remain key factor determining rupee direction.
With inputs from Reuters
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