The Indian equity benchmarks surged to record highs on Wednesday led by gains in Bharti Airtel, Infosys, Tata Consultancy Services, State Bank of India, NTPC and HCL Technologies. The Sensex rose as much as 530 points to hit record high of 58,777.06 and Nifty 50 index moved above important psychological level of 17,500 for the first time.
The Sensex advanced 476 points to end at 58,723.20 and Nifty 50 index climbed 139 points to close at 17519.45.
“The Nifty witnessed positive momentum after it breached the level of 17,500. If Nifty sustains above 17,500, it can test levels of 17,850. Momentum indicators like relative strength index (RSI) and moving averages convergence divergence indicate a bullish outlook for markets,” Ashis Biswas, Head of Technical Research at CapitalVia Global Research.
Telecom shares witnessed strong buying interest after the government announced relief measures for the telecom sector.