MUMBAI:: Banking stocks led as Nifty closed at a new life high level on Tuesday while the sensex settled at less than half a percent off its all-time peak. At close, Nifty was up 75 points or 0.3% at 22,197 while sensex closed 349 points or 0.5% up at 73,057. It was the sixth consecutive session of gains for both indices.

The day’s gains came on the back of strong domestic fund buying with a net inflow of Rs 1,491 crore, BSE data showed. Foreign funds were net sellers at Rs 1,336 crore. According to Siddhartha Khemka of Motilal Oswal Financial Services, the domestic market gained for the sixth consecutive day, trading in uncharted territory. The broader market, however, ended in the red. Sector-wise, it was a mixed bag with buying seen in banking, financials and realty sectors.

BSE’s market cap dipped marginally by about Rs 30,000 crore to Rs 397.8 lakh crore or about $4.8 trillion, official data showed. Market players now expect a pre-poll rally. “Globally, investors await the release of the US Federal Open Market Committee meeting minutes as this would provide some insights into the US Fed’s future direction,” Khemka said.

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