Sensex rises 393 points led by gains in IT, banking shares; Nifty settles near 15,800
Top gainers in the BSE pack included Infosys, TCS, Tech Mahindra, HCL Tech, Asian Paints and HDFC Bank with their shares up as much as 3.75 per cent.
On the NSE platform, sub-indices Nifty IT and Nifty Bank gained as much as 2.79 per cent.
Declining Covid-19 cases, easing of pandemic-led curbs in several states, and a recent record surge in daily vaccinations drove both the indexes to record highs this month.
“Volatility is going to remain in the markets for some period of time,” Pankaj Pandey, head of retail research at ICICI Securities in Mumbai, told news agency Reuters, adding that investors will continue to look at the US central bank’s statements on inflation amid a lack of domestic triggers.
Conglomerate Reliance Industries slipped 2.61 per cent to Rs 2,147.80 after its annual general meeting.
According to Binod Modi, head-strategy at Reliance Securities, domestic equities look to be modestly good as of now. Sharp contraction in daily caseload and ramp-up in vaccination programmes offer comfort to the market.
“We believe expectations of a sharp improvement in high-frequency key economic indicators from the current month supported by ease in business curbs in various states should continue to offer support to corporate earnings,” he added.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 3,156.53 crore on Wednesday, as per provisional exchange data.
(With inputs from agencies)