Benchmark equity indices Sensex and Nifty soared to new lifetime peaks in early trade on Wednesday, buoyed by firm global market trends, robust buying in bank stocks, and significant foreign fund inflows.
Continuing its upward trajectory for the fifth consecutive session, the 30-share BSE Sensex surged 280.32 points to reach a fresh lifetime high of 77,581.46 during the early trade. Similarly, the NSE Nifty climbed 72.95 points, hitting a new record high of 23,630.85.
Leading the gains among the 30 Sensex companies were IndusInd Bank, ICICI Bank, JSW Steel, Axis Bank, Kotak Mahindra Bank, Infosys, Tata Consultancy Services, and HDFC Bank. Conversely, Titan, NTPC, Power Grid, and Bajaj Finance were among the few laggards.
Asian markets mirrored this positive sentiment, with Seoul, Tokyo, and Hong Kong trading higher, while Shanghai quoted lower. In the US, markets closed on a positive note on Tuesday.
Foreign Institutional Investors (FIIs) demonstrated strong confidence in the Indian market, purchasing equities worth Rs 2,569.40 crore on Tuesday, as per exchange data. This influx of foreign funds contributed to the market's buoyancy.
On the commodities front, global oil benchmark Brent crude saw a marginal increase of 0.01 percent, reaching USD 85.34 per barrel.
Further strengthening the market sentiment, Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal year to 7.2 percent, up from the 7 percent projected in March.
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