Sensex, Nifty capture new heights on positive global cues

Equity benchmarks Sensex and Nifty raced to new peaks on Wednesday as participants took note of continuously improving macroeconomic indicators and positive trends in global markets. The BSE Sensex settled 403.29 points or 0.87 per cent higher at 46,666.46, while the NSE Nifty climbed 114.85 points or 0.85 per cent to 13,682.70 — record closing for both the benchmarks.

Both the indices also marked their all-time intra-day highs of 46,704.97 and 13,692.35, respectively.

In the Sensex pack, HDFC, ONGC, Bharti Airtel, Titan, Asian Paints, Mahindra and Mahindra and TCS were the prominent gainers.

On the other hand, ICICI Bank, IndusInd Bank, NTPC, UltraTech Cement, Tech Mahindra and SBI were among the major laggards.

Asian bourses closed broadly higher amid hopes that COVID-19 vaccines and economic stimulus by governments around the world will revive economic growth.

Market experts said Indian equities continued to trade at record high levels, gaining confidence from improving domestic macroeconomic indicators and positive global market outlook.

SBI in a research report said India’s GDP growth is expected at (-) 7.4 per cent in FY21 on better-than-projected recovery, upgrading its earlier forecast of (-) 10.9 per cent.

S&P Global Ratings on Tuesday raised India’s growth projection for the current fiscal to (-) 7.7 per cent from (-) 9 per cent estimated earlier on rising demand and falling COVID-19 infection rates.

On the forex market front, the Indian rupee settled 5 paise higher at 73.58 against the US dollar.