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The government Wednesday approved over 25 per cent hike in the price of ethanol produced directly from sugarcane juice for blending in petrol in a bid to cut surplus sugar and reduce oil imports.
Sentiment got a boost after the rupee rebounded from its historic low of 72.91 (intra-day) against the dollar to 71.86 in late afternoon trade.
The rupee touched a life-low of 72.6750 to the dollar, forcing the government to consider measures to soften the fall. It has declined nearly 15 per cent against the dollar this year.
At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which was quoting at 11,499.60 points, was up by 22.65 points or 0.20 per cent.
The Indian currency collapsed to a new lifetime low of 71.10 in intra-day trade, raising concerns on the macroeconomic front.
The escalating trade war between the world's two biggest economies is expected to affect the regional trade activities.
Investors in the region took some comfort from hopes that the trade talks between the US and China expected this week will ease trade tensions.
The shares of the company opened on a weak note at Rs 297.80, then fell to a low of Rs 289.95, down 3.73 per cent over its previous closing price.
The 30-share BSE index spurted 124.21 points, or 0.32 per cent, to hit a new high of 38,402.96, surpassing its previous record of 38,340.69 marked yesterday.
Global cues, however, were mixed last week as investors weighed the continuing trade dispute between the US and China against the backdrop of strong corporate earnings.
The country's largest lender SBI today reported a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans.
ICICI Bank was the top gainer in the Sensex pack, surging 4.64 per cent, followed by Axis Bank at 3.86 per cent and SBI 2.53 per cent.
The BSE Sensex vaulted 221.76 points to close at 37,887.56, while the broader NSE Nifty advanced 60.55 points to finish above the 11,400-mark for the first time.
The barometer closed up by 135.73 points, or 0.36 per cent, at 37,691.89, its all-time closing high, even as 17 of its constituents ended in the red.
HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.