Sensex and Nifty surge to fresh lifetime peaks
Equity benchmark Sensex soared over 475 points to close at its new lifetime high on Wednesday, driven by gains in TCS, Bharti Airtel, and Titan amid persistent foreign capital inflows. The 30-share index settled 476.11 points or 0.82 percent higher at 58,723.20. It touched an intra-day record of 58,777.06. Similarly, the broader NSE Nifty climbed 139.45 points to its new closing high of 17,519.45.
NTPC was the top gainer in the Sensex pack
During the session, Nifty touched an all-time peak of 17,532.70. NTPC was the top gainer in the Sensex pack, jumping over seven percent, followed by Bharti Airtel, Titan, HCL Tech, SBI, PowerGrid, TCS, and IndusInd Bank. On the other hand, Asian Paints, Axis Bank, UltraTech Cement, Bajaj Finance, and Nestle India were among the laggards.
Union Cabinet approved a relief package for the telecom sector
The Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 percent foreign investment through the automatic route. The Cabinet also approved Rs. 26,058 crore Production Linked incentive (PLI) scheme for the auto, auto-components and drone industry to enhance India's manufacturing capabilities.
FIIs purchased shares worth Rs. 1,649.60 crore on Tuesday
Elsewhere in Asia, bourses in Shanghai, Tokyo, and Hong Kong ended with losses, while Seoul closed in the green. Foreign Institutional Investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs. 1,649.60 crore on Tuesday, as per provisional exchange data. Meanwhile, international oil benchmark Brent crude spurted 1.05 percent to $74.37 per barrel.