Mumbai: Benchmark equity indices climbed on Wednesday amid buying in blue-chip stocks HDFC Bank and Reliance Industries, with Nifty hitting its fresh record high and Sensex climbing nearly 600 points.
Buying in IT shares also boosted the market.
NSE Nifty rose 177.1 points or 0.76 per cent to its new all-time high of 23,441.95 during late morning trade. The 30-share BSE Sensex rose 593.94 points or 0.77 per cent to 77,050.53.
The BSE benchmark is just 28.51 points away from breaching its previous lifetime peak of 77,079.04 on Monday.Among the 30 Sensex companies, Power Grid, Tech Mahindra, HCL Technologies, HDFC Bank, Tata Steel, State Bank of India, Bajaj Finance, Wipro, Tata Motors and Reliance Industries were the major gainers.
Hindustan Unilever, Titan, Asian Paints and Mahindra & Mahindra were among the laggards.
In Asian markets, Seoul and Shanghai were trading in positive territory while Tokyo and Hong Kong witnessed losses.
On Tuesday, US markets closed mostly on the rise.
VK Vijayakumar said, “The 32 per cent fall in India VIX during the last 5 days indicates that the days of heavy volatility are over and the market has entered a consolidation phase.From now on the focus will be on fundamentals and news flow,” said Chief Investment Strategist, Geojit Financial Services.
Tonight's US inflation data and Fed policy outcomes will influence the direction of global equity markets, he said.
Global oil benchmark Brent crude rose 0.44 percent to US$82.28 per barrel.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 111.04 crore on Tuesday.On Tuesday, the BSE benchmark closed at 76,456.59, down 33.49 points or 0.04 per cent. In volatile trade, Nifty closed at 23,264.85 with a marginal gain of 5.65 points or 0.02 per cent.
Buying in IT shares also boosted the market.
NSE Nifty rose 177.1 points or 0.76 per cent to its new all-time high of 23,441.95 during late morning trade. The 30-share BSE Sensex rose 593.94 points or 0.77 per cent to 77,050.53.
The BSE benchmark is just 28.51 points away from breaching its previous lifetime peak of 77,079.04 on Monday.Among the 30 Sensex companies, Power Grid, Tech Mahindra, HCL Technologies, HDFC Bank, Tata Steel, State Bank of India, Bajaj Finance, Wipro, Tata Motors and Reliance Industries were the major gainers.
Hindustan Unilever, Titan, Asian Paints and Mahindra & Mahindra were among the laggards.
In Asian markets, Seoul and Shanghai were trading in positive territory while Tokyo and Hong Kong witnessed losses.
On Tuesday, US markets closed mostly on the rise.
VK Vijayakumar said, “The 32 per cent fall in India VIX during the last 5 days indicates that the days of heavy volatility are over and the market has entered a consolidation phase.From now on the focus will be on fundamentals and news flow,” said Chief Investment Strategist, Geojit Financial Services.
Tonight's US inflation data and Fed policy outcomes will influence the direction of global equity markets, he said.
Global oil benchmark Brent crude rose 0.44 percent to US$82.28 per barrel.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 111.04 crore on Tuesday.On Tuesday, the BSE benchmark closed at 76,456.59, down 33.49 points or 0.04 per cent. In volatile trade, Nifty closed at 23,264.85 with a marginal gain of 5.65 points or 0.02 per cent.
