The Indian benchmark equity indices, Sensex and Nifty jumped over 1 percent to end at record levels on Wednesday on the back of relentless foreign capital inflows amid positive developments over the coronavirus vaccine. The Sensex ended 494.99 points or 1.09 percent higher at 46,103.50, while the Nifty gained 136.15 points or 1.02 percent to settle at 13,529.10.
The Indian benchmark equity indices, Sensex and Nifty jumped over 1 percent to end at record levels Wednesday on the back of relentless foreign capital inflows amid positive developments over the coronavirus vaccine.
The Sensex ended 494.99 points or 1.09 percent higher at 46,103.50, while the Nifty gained 136.15 points or 1.02 percent to settle at 13,529.10.
Rally in index heavyweights such as Reliance Industries, Kotak Mahindra Bank, L&T, Infosys among others lifted Nifty above 13,500 levels.
Sensex hit intra-day record high of 46,164 and Nifty 13,549. Nifty Bank moved 448 points higher to 30,709.
Broader indices joined in the rally with Nifty Smallcap100 and Nifty Midcap100 indices gaining 0.51 percent and 0.61 percent, respectively.
"We closed very close to the day's high which is a good sign. The Nifty has a strong bullish undercurrent and every dip can be looked at as a buying opportunity. However, traders should be cautious as we are in a range of resistance which is between 13,400 and 13,700. We are now closer to the upper end of this range. A strong support lies at 13,100," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Among sectors, Nifty Private Bank, Nifty Realty, Nifty Media, Nifty Financial Services, Nifty IT and Nifty FMCG ended with gains while Nifty PSU Bank and Nifty Metal settled lower.
UPL, Asian Paints, IOC, Kotak Mahindra Bank and HDFC Bank led gains among Nifty50 constituents while Hindalco Industries, Shee Cement, UltraTech Cement, Wipro and Tata Steel were the top index losers.
Shares of Yes Bank ended at 10 percent upper circuit for the second consecutive day after Brickwork Ratings upgraded the rating on Tier I Subordinated Perpetual Bonds (Basel II) to BWR BB+/Stable from BWR D.
Globally, stocks reached record highs on Wednesday as investors focused on efforts to provide more fiscal stimulus and positive news on COVID-19 vaccines, while sterling inched up as British and European leaders meet for talks on a Brexit trade deal, a Reuters report said.
MSCI's gauge of stocks across the globe rose to a record 635.65, up 0.3%. The index has been on a roll for weeks, gaining 15% since the beginning of last month.
European stocks reached nine-month highs as they opened up 0.65%. German DAX futures gained 1% and Britain's FTSE 100, which has been hardest hit of the main global indexes this year, added 0.8%.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6% overnight, touching a record high, US futures pointed to Wall Street adding to its record high.