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Sensex, Nifty scale fresh peaks as telecom, auto shares rise

NEW DELHI: Equity indices surged to record highs on Wednesday led by telecom, auto stocks after the government announced much-needed support measures for both.
After scaling an intra-day high of 58,777, the 30-share BSE index closed 476 points or 0.82 per cent higher at recod high of 58,723.
While the broader NSE Nifty settled 139 points or 0.8 per cent higher at fresh peak of 17,519.
Top gainers in the sensex pack included NTPC, Bharti Airtel, HCL Tech, Titan and SBI with their shares rising as much as 7.16 per cent.
While Axis Bank, Asian Paints, Ultra Cemco, Nestle India and Sun Pharma were the major losers falling up to 0.38 per cent.
On the NSE platform, sub-indices Nifty PSU Bank, IT, Auto gaining as much as 2.83 per cent.
Investor sentiment got a boost from the cabinet’s decision to approve a production-linked incentive (PLI) scheme for the automobile sector and a much-expected relief package for the embattled telecom industry.
The S&P BSE telecom index settled up 3.45 per cent to rise for a fourth session. Debt-laden Vodafone Idea jumped as much as 7 per cent and larger rival Bharti Airtel ended 4.4 per cent higher.
The market is not likely to see a major correction in the near term and will focus on global events for cues, said Siddharth Purohit, a research analyst at SMC Global Securities.
The Cabinet also approved a Rs 26,058 crore PLI scheme for the auto, auto-components and drone industry to enhance India’s manufacturing capabilities.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 1,649.60 crore on Tuesday, as per provisional exchange data.
(With inputs from agencies)

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