Sensex scales Market 46k

Mumbai: The Sensex and Nifty zoomed to fresh peaks for yet another session on Wednesday, propelled by unabated foreign fund inflows and positive cues from global markets.

Progress on Covid-19 vaccine front has bolstered hopes of economic recovery globally as well as in India, traders said. Maintaining its winning run for the fifth session on the trot, the BSE Sensex crossed the 46,000-mark for first time. After touching a record intra-day high of 46,164.10, the 30-share benchmark ended 494.99 points or 1.09 per cent higher at 46,103.50 . Similarly, the broader NSE Nifty rallied 136.15 points or 1.02 per cent to its new record high of 13,529.10, extending its record setting run to the seventh straight day.

It touched its lifetime peak of 13,548.90 during the session. Asian Paints was the top gainer in the Sensex pack, spurting 3.37 per cent, followed by Kotak Bank, Axis Bank, HDFC Bank, Infosys, Reliance Industries and ITC. On the other hand, UltraTech Cement, Tata Steel, Maruti, SBI and Bajaj Auto were among the laggards, tumbling up to 1.29 per cent.

Global stocks soared to record levels as investors monitored progress on Covid-19 vaccine approvals and distribution, even as uncertainty over the outcome of Brexit talks remained an overhang. Foreign Portfolio Investors (FPIs) remained net buyers in the domestic capital markets, snapping up shares worth Rs 2,909.60 crore on Tuesday, according to provisional exchange data.

"Market is effortlessly rallying to a new high on a daily basis, with all the sectors contributing in the bull run. The Indian rupee is strongly moving ahead against the USD, as the dollar is attracted to the domestic developments, providing an edge compared to other Asian peers. "Small and microcaps are hugely outperforming the market, and the euphoria is expected to stay in the short to medium-term.

Hopes of vaccine and stimulus packages in India and developed nations are raising the spirit of equity market," said Vinod Nair, Head of Research at Geojit Financial Services. BSE bankex, energy, realty, finance, IT, FMCG and teck indices jumped up to 1.47 per cent, while power and basic materials ended lower. Broader BSE small-cap and midcap indices climbed up to 0.49 per cent.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended on a positive note, while Shanghai finished in the red. Stock exchanges in Europe were trading with gains in early deals. Meanwhile, the global oil benchmark Brent crude futures rose 0.96 per cent to $49.31 per barrel. In the forex market, rupee settled 3 paise higher at 73.57 (provisional) against the US dollar.