The S&P BSE Sensex and NSE Nifty 50 surged in early trade on Wednesday. Sensex opened over 260 points higher on Wednesday, propelled by a rally in index-heavyweight Reliance Industries which scaled a fresh intra-day peak in opening session. Sensex rallied over 300 points to hit its lifetime high of 40,801 on Wednesday. Similarly, the broader Nifty reclaimed the 12,000 mark. On Tuesday, the Sensex had ended 185.51 points, or 0.46 per cent, higher at 40,469.70. The Nifty rose 55.60 points, or 0.47 per cent, to end at 11,940.10.
At Noon, Sensex was trading 290.40 points, or 0.72%, higher at 40,760.10, while Nifty was up 82.10 points, or 0.69%, higher at 12,022.20.
On the currency front, the rupee depreciated 7 paise (intra-day) against the US dollar to trade at 71.79 in early session. Brent futures, the global oil benchmark, slipped 0.16 per cent to USD 60.81 per barrel.
Foreign institutional investors offloaded shares worth Rs 915.37 crore in the capital market in the previous session, while domestic institutional investors purchased equities worth Rs 262.35 crore, data available with stock exchange showed. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading in the red after US President Donald Trump on Tuesday warned that failure to get a trade deal with China will prompt more tariffs. Stocks on Wall Street ended on a mixed note on Tuesday.
Eleven of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Telecom index's nearly 3 per cent gain. Oil & Gas, Energy, Healthcare, Industrials and Capital Goods indices also rose between 1 and 2.6 per cent each. BSE FMCG index was top loser, down 0.6 per cent.
Shares of Reliance Industries (RIL) rallied nearly 4 per cent to hit their lifetime high of Rs 1,571 (intra-day), inching closer to the Rs 10 lakh crore market-capitalisation level. Reliance Jio on Tuesday said it will increase mobile phone call and data charges in the next few weeks in compliance with rules, as it followed similar announcements by Bharti Airtel and Vodafone Idea on tariff hike. Other gainers in the Sensex pack included IndusInd Bank, Sun Pharma, L&T, Bharti Airtel, TCS, Maruti and Bajaj Finance. While, Yes Bank, Bajaj Auto, NTPC, Infosys, ITC, Kotak Bank and HUL were trading in the negative terrain.