Stock Market Updates: Gains across sectors pushed the markets higher.
At 9:27 am, the Sensex traded 285.62 points, or 0.63 per cent, higher at 45,894.13 while the Nifty was up 74.10 points, or 0.55 per cent, at 13,467.05. (Track Sensex, Nifty Here)
UPL, ONGC, ITC, Tata Consultancy Services and HCL Tech, trading between 1.19 per cent and 2.68 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares. (Also Read: Pfizer, ICICI Bank, JSW Steel, Tata Steel In Focus Today)
On the other hand, UltraTech, Shree Cement, Cipla and Maruti Suzuki, down 0.41-1.15 per cent each, were the worst hit among just six laggards in the index.
Reliance Industries, TCS, Infosys and ITC were the biggest boosts for Sensex, together contributing more than 100 points to the gain in the index.
Reliance Industries shares rose as much as 1.08 per cent to Rs 2,015.25 apiece on the BSE, having opened stronger at Rs 2,013.00 from their previous close of Rs 1,993.75. Reliance Industries chairman Mukesh Ambani said on Tuesday that the conglomerate's telecom arm, Reliance Jio Infocomm, will pioneer 5G in the country in the second half of 2021.
Analysts say the current rally is backed by optimism around COVID-19 vaccines and world economic recovery, but some correction cannot be ruled out in the near term.
"The markets are continuing a liquidity-driven rally. The current euphoria in the markets is simply not stopping... It is like a train running at a very fast speed, you can slow it down but not stop it," AK Prabhakar, head of research at IDBI Bank, told NDTV.
Foreign institutional investors (FIIs) continued to be bullish on Indian markets, making net purchases of Rs 2,909.6 crore on Tuesday, data from NSE shows.
The Nifty Bank, which tracks stocks of 12 major lenders in the country, rose 0.71 per cent to touch 30,475.25 at the strongest level recorded during the session, having opened up 0.24 per cent at 30,335.05. Punjab National Bank, Kotak Mahindra Bank and SBI led the gains in the sector.
Record highs in global markets also supported investor sentiment. Equities in Asia rose to a record high and US stock futures gained on Wednesday as investors tracked positive news on COVID-19 vaccines and ongoing efforts to launch more fiscal stimulus. MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.51 per cent higher. MSCI's gauge of stocks across the globe also hit a record high.
