Share Market at new record highs; Sensex jumps 500 pts, Nifty above 17500 - NTPC, ONGC surge over 5%, financial stocks weak

The Indian markets on Wednesday hit a new record high, as Sensex jumped over 500 points scaling above 58,750 while Nifty surpassed 17500 gaining almost 1 per cent powered by state-owned index heavyweights NTPC up over 6 per cent and ONGC up over 5 per cent intraday trade today.

Besides, Bharti Airtel has surged over 6 per cent intraday to touch a new life high of Rs 734.95 per share on the back of the government likely to announce a relief package for the telecom sector. Similarly, Coal India shares are gaining over 4 per cent intraday, followed by Titan up near 3 per cent.

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The Nifty IT index aided the markets most as IT heavyweights such as TCS, HCL Tech, Infosys were surging around 2 per cent in the intraday trade. As many as 31 stocks out of top 50 on the Nifty Index are gaining, while 19 are in the green on Wednesday intraday trade today.

Except for Nifty Financial Services which was trading almost flat, albeit with negative bias, almost all sectoral indices had gained around 1 pm. Nifty IT alone surged over 2 per cent, followed by PSU Bank Index. While Nifty Auto, Metal and Pharma are also contributing to gain with 0.3 per cent jump intraday.

In otherwise positive market, financial services such as HDFC, Bajaj Finance along with private bank stocks are like Axis Bank, IndusInd Bank are declining in the intraday trade. Tata Consumers slumped most in a positive trade today by around 1 per cent, followed by BPCL, Grasim and Eicher Motors.

Following the benchmarks suite, Mid-cap index also hit a new high of 30,120 levels, up 0.83 per cent or 249 points, similarly, the Smallcap index jumped 0.62 per cent or 67 points to 10843.2 levels.