The S&P BSE Sensex and NSE Nifty 50 indexes recovered from intraday low levels in noon deals to hit new record highs on the back of buying in heavyweights like HDFC, Axis Bank, Tata Consultancy Services, HDFC Bank and Asian Paints. Earlier in the day, the benchmarks staged a gap down opening tacking other Asian markets amid uncertainty about Senate runoffs in Georgia, which could have a big impact on incoming US President Joe Biden’s ability to pursue his preferred economic policies. The Sensex rose as much as 380 points from day’s lowest level to hit record high of 48,283.13 and Nifty 50 index touched an all-time high of 14,155.10.
As of 12:54 pm, the Sensex was up 90 points at 48,267 and Nifty advanced 16 points to 14,148.
Six of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty IT index’s over 1 per cent gain. Nifty Financial Services, Bank, Pharma and Private Bank indexes also rose between 0.4-0.7 per cent each.
On the other hand, Nifty Metal, Auto and PSU Banking indexes were trading on a weak note.
Mid- and small-cap shares were also witnessing buying interest as the Nifty Midcap 100 index rose 0.3 per cent and Nifty Smallcap 100 index advanced 0.5 per cent.
Axis Bank was top Nifty gainer, the stock rose 4.4 per cent to Rs 652. HDFC, HDFC Life, Wipro, Tata Consultancy Services, GAIL India, Nestle India, IndusInd Bank and Asian Paints also rose between 0.8-2.7 per cent.
On the flipside, Hindalco, Tata Motors, Bajaj Finance, JSW Steel, ONGC, Tata Steel, NTPC, Coal India and Mahindra & Mahindra were among the losers.
The overall market breadth was positive as 1,667 shares were advancing while 1,217 were declining on the BSE.