Sensex jumps 250 points in early trade, cross 56k mark
- Sensex crossed the 56k mark for the first time
- HDFC Bank was the top gainer in the Sensex pack
- IndusInd Bank, Kotak Bank, Bajaj Auto and Infosys were among the laggards
Equity benchmark Sensex rose by over 250 in early trade on Wednesday to cross the 56,000-mark for the first-time ever. The jump was led by gains in index majors HDFC, HDFC Bank and Reliance Industries. A positive trend in Asian peers is also set to fuel the Sensex on Wednesday.
At 10am, the Sensex was trading at a lifetime high of 56,044.81. In opening trade, BSE Sensex was up by 252.54 points or 0.40%. The broader NSE Nifty advanced 66.75 points or 0.40% to record 16,681.35.
The top gainer in the Sensex pack was HDFC Bank, which rose by over 2%. The other stocks in the green were HDFC, Bajaj Finance, L&T, UltraTech Cement, PowerGrid and Bajaj Finserv.
On the other hand, IndusInd Bank, Kotak Bank, Bajaj Auto and Infosys were among the laggards.
Helped by the rally in the equity market, the market capitalisation of BSE-listed companies reached an all-time high of Rs 2,42,08,041.64 crore on Wednesday. In five days, investors' wealth have also jumped by Rs 5,33,192.73 crore.
In the previous session, Sensex settled 209.69 points or 0.38% higher at a new closing record of 55,792.27, and Nifty rose 51.55 points or 0.31% to a new closing high of 16,614.60.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 343.73 crore on Tuesday, as per provisional exchange data.
“Domestic equities look to be good as of now. Lifting of the partial ban by the RBI to issue fresh credit cards is likely to aid heavyweight HDFC Bank and benchmark indices during the day,” said Binod Modi Head-Strategy at Reliance Securities.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with gains in mid-session deals.
On Tuesday, the equities in the US had ended on a negative note, but this did not seem to affect the Indian markets on Wednesday.
Meanwhile, international oil benchmark Brent crude rose 0.25% to $69.20 per barrel.