Sensex rallies 316 points to finish at fresh peak; Nifty crosses 12,700

Tata Steel was the top gainer among the Sensex constituents.

Rallying for the eighth consecutive session, equity benchmark Sensex surged 316.02 points to close at a fresh lifetime high on Wednesday, tracking largely positive cues from global markets and strong foreign fund inflows.

After touching its all-time peak of 43,708.47 during the session, the 30-share BSE index settled 316.02 points or 0.73% higher at 43,593.67.

Similarly, the broader NSE Nifty touched a fresh intra-day high of 12,769.75. It finished 118.05 points or 0.93% up at its closing record of 12,749.15.

Tata Steel was the top gainer among the Sensex constituents, surging around 8%, followed by Axis Bank, Bajaj Finserv, ITC, Infosys, Sun Pharma, Kotak Bank, ONGC and UltraTech Cement.

On the other hand, IndusInd Bank, Reliance Industries, Titan, Asian Paints and HDFC Bank were in the red.

Domestic markets remained upbeat and extended gain for the eighth consecutive day as positive sentiments among investors following clarity of coronavirus vaccine by BioNTech-Pfizer and strong 2Q corporate earnings persist, said Arjun Yash Mahajan Head Institutional Business at Reliance Securities.

“While market witnessed some amount of volatility today led by profit booking in some of heavyweights, a sharp rebound in pharma, metals, IT and auto stocks supported market rally,” he added.

Additionally, NDA’s win in Bihar assembly elections bode well for domestic equities, he noted.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended in the red, while Seoul and Tokyo closed with gains.

Stock exchanges in Europe were trading on a positive note in early deals.

Meanwhile, international oil benchmark Brent crude was trading 3.12% higher at USD 44.98 per barrel.

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