Markets maintain record run
Mumbai: Equity benchmarks closed at record highs for the second straight on Wednesday, propelled by gains in index heavyweights HDFC Bank, RIL and ITC amid supporting global cues.
After rallying to its record intra-day peak of 41,614.77, the 30-share BSE Sensex settled 206.40 points, or 0.50 per cent, up at its all-time closing high of 41,558.57.
Similarly, the broader NSE Nifty advanced 56.65 points, or 0.47 per cent, to its record closing high of 12,221.65.
M&M was the top gainer in the Sensex pack, surging 3.37 per cent, followed by Sun Pharma 2.53 per cent, Asian Paints 1.88 per cent, ITC 1.70 per cent, HDFC Bank 1.58 per cent and HCL Tech 1.46 per cent.
On the other hand, Tata Motors was the biggest loser, dropping 3.05 per cent after the National Company Law Appellate Tribunal (NCLAT) on Wednesday ordered restoration of Cyrus Mistry as the Executive Chairman of Tata Sons. The NCLAT also held appointment of N Chandrasekaran as Executive Chairman illegal.
Other Tata group stocks including Tata Power, Tata Chemicals and Tata Global Beverages too shed up to 4.14 per cent.
HUL, SBI and Yes Bank fell 1.79 per cent each. NTPC, PowerGrid and Bajaj Finance also ended in the red.
"Market hit record highs on expectations of measures from the Centre to support on-going economic weakness. Metals & IT stocks traded higher on hopes that easing trade tensions could ensure global growth and increase the order intakes.
"With the Budget around the corner, the government is planning to steer the ship by bringing measures to boost consumption. Investors are keenly watching the on-going GST Council meet, a rate hike is looking unlikely due to a surge in inflation while the focus will be more on revenue realisation," said Vinod Nair, Head of Research at Geojit Financial Services.
BSE metal, healthcare, realty, energy, auto and IT indices rose up to 0.84 per cent.