Mumbai: The BSE gauge Sensex surged over 500 points to recapture the key 61,000-level on Wednesday as participants pinned hopes on robust quarterly results by
companies.
The market capitalisation of BSE-listed companies reached another fresh record, rallying to a lifetime high of over Rs 277.22 lakh crore.
Investors' wealth also soared by Rs 6,08,024.55 crore in four days.
Extending its winning run for the fourth straight session, the 30-share Sensex settled 533.15 points or 0.88 per cent higher at 61,150.04. Intra-day, the index touched its highest point at 61,218.19.
Similarly, the NSE benchmark Nifty climbed 156.60 points or 0.87 per cent to end at 18,212.35.
On the Sensex chart, M&M, Bharti Airtel, RIL, IndusInd Bank, ICICI Bank and Tata Steel were among major gainers — rising as much as 4.68 per cent.
In contrast, TCS, Titan, HDFC Bank, Tech Mahindra, Wipro and Nestle closed in the red, shedding up to 1.50 per cent.
Analysts said the short-term momentum reflects the market is in complete control of the bulls and the expected good results from the three IT majors are likely to impart resilience to the benchmarks.
Results from leading banks starting Saturday are also expected to be good thanks to declining provisioning and rising net interest margins, they added.
Sectorally, BSE telecom, power, utilities and energy emerged as major gainers, spurting up to 3.15 per cent.
Of the 19 sectoral indices, only consumer durables and healthcare closed in the red.
In the broader market, BSE smallcap and largecap indices underperformed the Sensex, while the midcap gauge ended over 1 per cent higher.
World stocks followed Wall Street higher after Federal Reserve Chair Jerome Powell told a Congressional hearing that the US central bank was on course to hike rates from this year, but it may take several months before it starts shrinking its balance sheet.
Elsewhere in Asia, markets closed with smart gains, while bourses in Europe too were trading higher in the afternoon session.
On the forex market front, the rupee ended 1 paisa higher at 73.93 against the US dollar.
Foreign institutional investors (FIIs) were net buyers in the capital market, as they bought shares worth Rs 111.91 crore on Tuesday, according to stock exchange data.