NSE Nifty closes at all time high of 3,573.50 pts

Mumbai, Apr 20 (UNI) The National Stock Exchange (NSE) 50-share S&P CNX Nifty index closed at new all time high of 3,573.50 with a gain of 37.65 points.

The NSE Nifty's record high closing tracked the movement of the benchmark index of the Bombay Stock Exchange (BSE) which crossed Rs 12,000 mark today.

Reliance Industries made huge gains today on the back of company getting approval from SEBI for US petro giant becoming co-promoter in Reliance Petroleum Ltd. The oil discovery in the Godavri basin also fired up the scrip to an all time high of Rs 999.70 and finally closed at Rs 992.55, up by 7.68 per cent.

Other top gainers on the Nifty were Reliance Industries, MTNL, Tata Steel, Hindalco, IPCL, VSNL, Tata Motors, Satyam Computers, SAIL, HCL Technologies.

However, Nifty rose 1.06 per cent despite crude oil prices reaching an all time high of 74.35 per barrel in the global markets and foreign fund outflow of Rs 273.90 crore from the equity markets on Tuesday.

There were quite a few losers on a day when Nifty and the Sensitive Index(Sensex)of BSE closed at record high, they were Sun Pharma, Jet Airways, HDFC,Hero Honda, Ranbaxy, Cipla, TCS, NALCO, Wipro and HPCL.

''The rally is liquidity driven and fundamentally this rally is moving ahead of time, market needs to consolidate a bit and hence there will be choppiness in the market in the coming three-four months,'' said Angel Broking CMD Dinesh Thakkar.

''The downturn in market seen last week was temporary, the way forward is positive, said Mr Mahesh Thakkar, a trader and investor in the equity market.

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