Bharti Airtel was the best winner of the Sensex pack.
The benchmark Sensex shares jumped more than 200 points to a new intraday high in early trading on Wednesday, led by gains in ICICI Bank, Bharti Airtel and Reliance Industries amid a sustained influx of foreign funds .
After hitting a lifetime high of 49,776.29 early in the session, the 30-stock BSE index traded 201.65 points or 0.41% higher at 49,718.76.
Likewise, the larger NSE Nifty rose 70.55 points or 0.48% to 14,634 in open trades.
Bharti Airtel was the first winner of the Sensex pack, with a rally rate of around 4%, followed by ONGC, SBI, ICICI Bank, M&M, NTPC, L&T and Axis Bank.
On the other hand, Titan, Kotak Bank, Dr Reddy’s, TCS and HCL Tech were among the laggards.
In the previous session, the Sensex finished 247.79 points or 0.50% higher at 49,517.11, and Nifty advanced 78.70 points or 0.54% to a new closing high of 14,563, 45 Foreign portfolio investors (REITs) were net buyers in the capital market as they bought stocks worth Rs 571.47 crore on Tuesday, according to exchange data.
According to Binod Modi, chief strategy officer at Reliance Securities, domestic stocks continue to look firm and resilient. The contraction of PII data indicates more measures taken by the finance minister in the budget to stimulate economic activity.
Likewise, a better-than-expected easing of CPI data for December 2020 negates looming concerns about low interest rate scenarios, he said.
“We still believe that a sharp rebound in key high-frequency economic data for December 2020 indicates a pick-up in demand, which bodes well for the markets. The monetary policy of global bankers should continue to attract REITs to domestic stocks, ”he added.
US stocks ended slightly higher as investors remained bullish on the Biden administration’s announcement of a large fiscal stimulus.
Elsewhere in Asia, the Shanghai and Hong Kong stock exchanges were trading with losses in mid-session trades, while Seoul and Tokyo were in positive territory.
Meanwhile, global benchmark Brent crude oil was trading 1.41% higher at $ 57.38 per barrel.