Sensex zooms in by 403 points to reach maximum record close; Nifty settles above 13,650

NEW DELHI: Equity indices hit record highs against the benchmark on Wednesday BSE sensex up more than 400 points amid positive investor sentiment over the launch of Covid-19 vaccines.
The BSE index rose 403 points or 0.87 percent to close at 46,666; while the widest NSE Nifty moved 115 points or 0.85 percent to settle at 13,683.
The sensex package of 30 shares reached an intraday high of 46.705; and Nifty eyed 13,700 brands.
With today’s rise, both indices hit record highs in 17 out of 26 sessions.
The shares posted six consecutive weekly gains, buoyed by record inflows of foreign institutional investors, progress on Covid vaccines globally and signs of a nascent domestic economic recovery.
“The advantage (for the markets) from here seems limited and there may be some correction … but that correction would be considered a buying opportunity and should be used well to enter good quality stocks,” Gaurav Garg, head of research at CapitalVia Global Research in Indore he told Reuters news agency.
Top earnings in the sensex package included ONGC, Bharti Airtel, HDFC, Titan, Asian Paints, Mahindra & Mahindra, and TCS with their stocks up to 3.11%.
On the NSE platform, Nifty Realty jumped up to 5.14%. However, the Nifty PSU Bank index, which tracks state-owned lenders, fell.
The Reserve Bank of India (RBI) said in a working document Tuesday that banks need to be strengthened for the full impact of monetary policy.
Asian equities also rose due to the optimism of US economic stimulus.
Domestically, S&P Global Ratings raised India’s growth projection for the current fiscal balance to (-) 7.7% on Tuesday from (-) 9% previously estimated on demand growth and declining infection rates. from Covid-19.

Retail inflation fell to 6.93 percent in November due to weaker food prices, although it remained above the Reserve Bank’s comfort level, official data showed.

Foreign portfolio investors (FPIs) were net buyers in capital markets as they bought shares valued at Rs 2,484.09 crore on Tuesday, according to exchange data.
(With input from agencies)