Sensex, Nifty Hit Record Highs In Early Trade

Domestic share markets registered new record highs on Wednesday, with the S&P BSE Sensex index touching the 48,600 mark for the first time ever, continuing a rally that entered an eleventh straight day on optimism around COVID-19 vaccines and foreign fund inflows. The 30-scrip index opened 178.88  points, or 0.37 per cent, higher at an all-time high of 48,616.66, and the broader NSE Nifty 50 benchmark added 41.45 points (0.29 per cent) to its previous close to start the day at an all-time high of 14,240.95. Gains across sectors supported the markets. 

At 9:26 am, the Sensex traded 48.79 points, or 0.10 per cent, higher at 48,486.57 while the Nifty was up 18.35 points, or 0.13 per cent, at 14,217.85.

GAIL, ONGC, Titan, Indian Oil, JSW Steel and ICICI Bank, trading between 1.26 per cent and 3.98 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares. 

On the other hand, Eicher Motors, HDFC Life, ITC, Tata Consultancy Services and Reliance Industries, down 0.48-0.91 per cent each, were the worst hit among 14 laggards in the index. 

ICICI Bank, Larsen & Toubro, Titan and State Bank of India (SBI) were the biggest contributors to the gain in Sensex.

Global stock prices slipped on Wednesday as investors braced for the prospect that Democrats could win both races in a US Senate run-off election in Georgia, handing them control of the crucial chamber.

Along with their narrow majority in the House of Representatives, a 'blue sweep' of Congress could usher in larger fiscal stimulus and pave the way for President-elect Joe Biden to push through greater corporate regulation and higher taxes.

Democrat candidates took early leads in the twin Georgia Senate races, though the outcome may remain in doubt for days if the margins are razor-thin.

MSCI's index of Asian-Pacific excluding Japan erased earlier gains to stand almost flat, while Japan's Nikkei 225 benchmark declined 0.40 per cent. 

The E-Mini S&P 500 futures fell 0.43 per cent, indicating a negative start for Wall Street on Wednesday, on fears Democrats could pursue tighter regulations on big tech firms.