Market Live: Sensex, Nifty Hit Record Highs As Markets Extend Rally

Domestic stock markets started Tuesday's session at all-time highs, continuing a record run fuelled by optimism on COVID-19 vaccine hopes and gains across global equities amid hopes for more economic stimulus in the US. The S&P BSE Sensex index gained 248.60 points, or 0.55 per cent, to touch 45,676.20 at the strongest level recorded in early deals, and the broader NSE Nifty 50 benchmark climbed to as high as 13,426.25, up 70.5 points, or 0.53 per cent, from its previous close — both all-time highs. 

At 9:25 am, the Sensex traded 124.20 points, or 0.27 per cent, higher at 45,551.17 while the Nifty was up 38.00 points, or 0.28 per cent, at 13,393.75.

Maruti Suzuki, UPL, UltraTech Cement, Bajaj Auto and HCL Tech, trading between 1.30 per cent and 2.67 per cent, were the biggest percentage gainers in the Nifty basket of 50 shares. 

Coal India, Sun Pharma, IndusInd Bank, SBI and Adani Ports, down 0.67-1.10 per cent each, were the worst hit among 19 laggards in the index.

Reliance Industries, HDFC, Maruti Suzuki and HDFC Bank were the biggest contributors to the gain in Sensex.

The Nifty Bank index — which tracks stocks of 12 major lenders in the country — gained as much as 0.31 per cent in morning trade, led by Punjab National Bank, Kotak Mahindra Bank and Axis Bank, trading between 0.24 per cent and 4.48 per cent higher. 

Equities elsewhere in Asia came under pressure as investors struggled to balance hopes for more economic stimulus and vaccines with anxiety over a surge in COVID-19 infections.

A mixed Asian open followed a similarly mixed Wall Street session with the tech-heavy Nasdaq Composite closing at a record high as investors flocked to mega-cap growth stocks, while the two other major US indices fell.

On Monday, Serum Institute, the world's largest producer of vaccines by volume and India's main hope for large-scale supplies, said it had made the first formal application for emergency use approval for AstraZeneca COVID-19 vaccine.

Daily coronavirus cases in the world's second most populous country have stayed below 50,000 for a month, despite a busy festival season.