Finance stocks push Sensex to new peak

Mumbai: The BSE Sensex resumed its record-setting run on Wednesday -- rallying 222 points to its new lifetime high of 40,469.78 -- as investors accumulated banking and financial stocks amid hopes of more reform measures to boost growth.

After opening on a choppy note, the 30-share Sensex touched an all-time intra-day high of 40,606.91 in late-afternoon trade. It finally ended 221.55 points, or 0.55 per cent, higher at 40,469.78.

The previous closing high was 40,301.96, hit on November 4 (Monday). Similarly, the broader NSE Nifty briefly reclaimed the 12,000 level, before finishing at 11,966.05, showing a gain of 48.85 points, or 0.41 per cent.

Benchmark indices have been on a rising spree on the back of strong earnings, hopes for another economic booster from the government and positive cues from global markets, experts said.

"Realty and financials outperformed in expectation of new measures while metal stocks gained owing to easing global trade war. Better results from index heavyweights kept expectation high for earnings growth, influencing investors to stay in the market," said Vinod Nair, Head of Research, Geojit Financial Services.

Sectorally, BSE realty, bankex, finance, metal, IT, industrials and capital goods indices rose up to 2.59 per cent. On the other hand, consumer durables, telecom and energy tumbled up to 5.30 per cent. Broader BSE midcap index rose 0.15 per cent, while smallcap ended 0.36 per cent lower.

Meanwhile, the Indian rupee depreciated by 28 paise to 70.97 against the $ intra-day. Brent crude futures, the global oil benchmark, fell 0.81 per cent to $62.45 per barrel.