The benchmark indices closed at a record high for the third consecutive day on Wednesday as ITC Ltd., Larsen & Toubro Ltd. and Reliance Industries Ltd. led the gains.
The NSE Nifty 50 ended 83 points or 4%, higher at 20,937.70, while the S&P BSE Sensex was 358 points or 0.52%, up at 69,653.73.
The Nifty Media and Oil & Gas rose the most, while healthcare declined the most among sectoral indices.
Substantial buying from foreign institutional investors and domestic institutional investors is expected to provide strong support for the market to move higher in the coming days, according to Mandar Bhojane, research analyst at Choice Broking.
The Nifty Bank index touched a lifetime high of 47,259.85 during the day. It closed 0.38% up at 46,834.55.
"Bank Nifty, after the breakout confirmation, extended the gains further, moving past the 47,000 zone to make a new high, Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said. "Bank Nifty would have a daily range of 46700–47500 levels."
ITC, Larsen & Toubro, RIL, Tata Consultancy Services Ltd. and Infosys Ltd. added positively to the indices.
ICICI Bank Ltd., Axis Bank Ltd., Adani Enterprises Ltd., NTPC Ltd. and Bharti Airtel Ltd. weighed on the indices.
Nine out of the 14 sectors advanced, while three declined. Nifty Media and Nifty IT rose the most.
The broader markets underperformed as the BSE MidCap rose 0.17%, while the BSE SmallCap was 0.25% higher. Six out of the 20 sectors compiled by the BSE advanced, while 14 declined.
The market breadth was split between buyers and sellers. As many as 1,930 stocks advanced, 1,824 declined and 141 remained unchanged on the BSE.
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