Nifty breaches 11,600 mark for the first time, Sensex at fresh all-time high

Mumbai, Aug 23: Indian stock markets (Sensex and Nifty) started higher on Thursday with BSE Sensex hitting a new all-time high and NSE Nifty breaching the psychological mark of 11,600 for the first time in stock market history.

The rupee, however, fell 27 paise against the dollar to trade near 70.08 again amid strong demand for the US currency after the US Fed released minutes of its policy meet on Wednesday.

At the Interbank Foreign Exchange, the local currency opened at a low of 70.03 a dollar, down from its previous close of 69.81, and weakened further to trade at a 70.08, down by 27 paise.

Forex dealers said increased demand for the US currency from importers and its gains against other currencies overseas on expectations of rising US interest rates, put pressure on the rupee.

With the US economy continuing to grow and the job market strengthening further, many Fed members said they likely will need to raise the benchmark interest rate again "soon," according to the minutes of the Fed policy meeting early this month.

Forex market was shut on Wednesday on account of Bakri Id.

OneIndia News (with PTI inputs)