Equity market benchmarks Sensex and Nifty hit all-time highs

Mumbai, December 6

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Equity market benchmarks Sensex and Nifty extended their rally for the seventh consecutive session and hit new peaks on Wednesday amid sustained buying from foreign institutional investors and easing crude oil prices.

The 30-share BSE Sensex jumped 303.25 points, or 0.44 per cent, to a new record high of 69,599.39 in the morning trade. The broader index Nifty also climbed 100.05 points, or 0.48 per cent to hit its fresh lifetime high of 20,955.15.

Analysts attributed the unabated inflow of foreign funds to declining US bond yields. They said domestic investors remained bullish on robust macroeconomic data and expectations of longer political stability in the country.

Also, investors are expecting the Reserve Bank to maintain the status quo on the interest rate in its bi-monthly monetary policy decision to be announced on Friday, they added.

Among major Sensex movers, ITC rose the most by 1.7 per cent, Wipro by 1.43 per cent, Tech Mahindra by 1.36 per cent and Nestle India by 1.27 per cent. Other gainers included HCL Tech, Asian Paints and Reliance.

On the other hand, ICICI Bank, NTPC, UltraTech Cement and Tata Steel traded with a loss of up to 0.82 per cent.

Foreign institutional investors purchased shares worth Rs 5,223.51 crore on Tuesday, according to exchange data.