Sensex, Nifty Open At Record Highs Led By Gains In Reliance Industries, HDFC

The Indian equity benchmarks opened at new all-time highs on Tuesday led by gains in index heavyweight Reliance Industries, Infosys, HDFC Bank, ICICI Bank, HDFC and Tata Consultancy Services. The Sensex rose as much as 234 points to hit an all-time high of 52,785.71 and Nifty 50 index touched an all-time high of 15,878.75.

As of 9:21 am, the Sensex was up 0.4 per cent or 225 points at 52,777 and Nifty 50 index advanced 63 points to 15,874.

Hopes of faster economic recovery after easing of Covid-19 lockdowns in many parts of the country helped in improving sentiment among market participants, analysts said.

Buying was visible across the board as all the 11 sector gauges compiled by the National Stock Exchange were trading higher led by Nifty Media index's over 1 per cent gain. Nifty Bank, Financial Services, FMCG, IT, PSU Bank, Private Bank and Realty indices also rose between 0.5-1 per cent.

Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 index rose 0.54 per cent and Nifty Smallcap 100 index advanced 0.8 per cent.

Tech Mahindra was top Nifty gainer, the stock rose nearly 2 per cent to Rs 1,089. IndusInd Bank, Asian Paints, ICICI Bank, UPL, Tata Consumer Products, HDFC Bank, Bajaj Finserv, Axis Bank and HCL Technologies were also among the gainers.

On the flipside, JSW Steel, Dr Reddy's Labs, Hindalco, Cipla, Divis Labs, Coal India, Grasim Industries and SBI Life were among the notable losers.

The overall market breadth was extremely positive as 1,922 shares were advancing while 646 were declining on the BSE.