Sensex and Nifty achieved new all-time high levels in early trade on Wednesday, buoyed by a positive global market trend and increased buying in IT stocks and Reliance Industries. The 30-share BSE Sensex surged 475.88 points, reaching an unprecedented peak of 71,913.07, while the Nifty rose 138.8 points, hitting a record high of 21,591.90.
Major gainers among the Sensex companies included Wipro, Infosys, Tata Consultancy Services, Reliance Industries, Tech Mahindra, NTPC, and HDFC Bank. On the flip side, Mahindra & Mahindra, Maruti, Axis Bank, and Hindustan Unilever were among the laggards.
The global oil benchmark, Brent crude, saw a 0.10% decline, reaching USD 79.15 per barrel. Foreign Institutional Investors (FIIs) reportedly divested equities worth Rs 601.52 crore on Tuesday.
Despite concerns such as a surge in oil prices and FIIs selling shares, Dalal Street remains optimistic about reaching new highs. Positive catalysts contributing to this optimism include gains in Dow Jones and Nasdaq, a weakened US dollar, lower US treasury bond yields, and ongoing expectations of Fed rate cuts, according to Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.
In the previous session, the BSE benchmark rose 122.10 points (0.17%) to close at 71,437.19, while the Nifty increased by 34.45 points (0.16%) to settle at 21,453.10.