The two key equity benchmarks, Sensex and Nifty, on Wednesday closed to new record highs on the back of all-round buying support and amid strong global cues. Consistent FIIs buying and a dip in crude oil prices have also boosted investor sentiment. The two indices were on a roll since morning.
The S&P BSE Sensex rallied past the 64,000 mark to hit a new all-time high at 64,050.44. Eventually, the Sensex ended with a gain of 499 points at 63,915. On the other hand, the NSE Nifty 50 topped the 19,000-mark for the first-time ever and posted its new peak at 19,011.25. Finally the Nifty50 closed with a gain of 155 points at 18,972.
On the 30-share Sensex platform, Tata Motors, Sun Pharma, Titan, NTPC, L&T, IndusInd Bank, Reliance were among the top gainers. On the downside, TechM, M&M, Bajaj Finserv, Kotak Bank, Wipro, and HCL settled in the red.
In the broader market, the BSE Midcap index rose 0.7 per cent, while Smallcap index ended on flat note.
All the sectoral indices ended in the green, with metal, power, pharma, and capital goods up 1 per cent each.
In the previous session on Tuesday, the S&P BSE Sensex rallied to a high of 63,468, and ended 446 points higher at 63,416, while the NSE Nifty reclaimed the 18,800-mark, and ended with a gain of 126 points at 18,817.
"After almost a seven-month consolidation, the Nifty has surpassed the 19,000 mark and what's more, all sectors are in the green as well. Investors are massively turning positive on risk assets, taking comfort from the recent fall in inflation, anticipating the end of the rate hike cycle," Amar Ambani, Group President & Head - Institutional Equities at YES SECURITIES, said.
In Asian markets, Tokyo and Hong Kong settled in the green while Seoul and Shanghai ended lower. European markets were trading in the positive territory. The US markets ended significantly higher on Tuesday.
Global oil benchmark Brent crude climbed 0.83 per cent to $72.86 a barrel.
"After multiple attempts, the domestic market successfully managed to sustain record high levels, thanks to the increased buying interest in heavyweight stocks. The market's bullish momentum was further supported by strong FII inflows and a narrowing current account deficit, both of which positively impacted investor sentiments. The gains were widespread, with the pharma and metal sectors leading the way as top performers, outshining other sectors," Vinod Nair, Head of Research at Geojit Financial Services, said.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,024.05 crore on Tuesday, according to exchange data.
Meanwhile, the rupee slipped 2 paise to settle at 82.04 (provisional) against the US currency on Wednesday amid firm oil prices in the international market and a rebound in the greenback. However, fresh foreign portfolio investments into equities and a record-breaking rally in domestic equities restricted the rupee's decline, analysts said.
At the interbank foreign exchange market, the rupee opened strong at 82.00 and later moved to a high of 81.97 in early trade. The rupee failed to hold onto the gains and later, declined to a day's low of 82.06 per dollar as the US currency rebounded from overnight losses. The local currency settled at 82.04 (provisional), showing a loss of 2 paise over the last close. The rupee closed at 82.02 on Tuesday.