BSE Sensex had dropped over 100 points in early trade on Wednesday (Photo Credit: PTI File)
Market benchmark BSE Sensex surged over 350 points to hit its record intra-day peak of 40,606.91 points on Wednesday driven by strong buying sentiment in banking, metal and realty stocks. Top gainers in the Sensex pack included Infosys, ICICI Bank, IndusInd Bank, Yes Bank, HDFC, Tata Motors and L&T, rising up to 2.54 per cent. On the other hand, Bharti Airtel, HCL Tech, RIL, Maruti and SBI were among the top losers, shedding up to 3 per cent.
After starting on a choppy note, the 30-share index rallied to trade 332.85 points, or 0.83 per cent, higher at 40,581.08 in afternoon session. Similarly, the broader NSE Nifty briefly reclaimed the 12,000 mark. At 1415 hours, it was trading 81.30 points, or 0.68 per cent, to 11,998.50.
In the previous session, the 30-share Sensex settled 53.73 points, or 0.13 per cent, lower at 40,248.23. The Nifty too slipped 24.10 points, or 0.20 per cent, to close at 11,917.20.
In the morning session, Sensex had dropped over 100 points. At 10 am, Sensex was trading 148.65 points, or 0.37 per cent, lower at 40,099.58 while NSE was down 48.00 points, or 0.27 per cent, to 11,869.20.
On the currency front, the rupee depreciated 9 paise against the US dollar to trade at 70.78 in early session. Brent futures, the global oil benchmark, fell 0.64 per cent to USD 62.56 per barrel.
Foreign institutional investors (FIIs) purchased shares worth Rs 473.17 crore in the capital market on Tuesday, while domestic institutional investors sold equities worth Rs 1,593.71 crore, data available with stock exchange showed.
According to traders, stock-specific action amid lack of directional cues kept market sentiment subdued. Globally, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a cautious note. Shares on Wall Street ended a tad lower on Tuesday.