The BSE Sensex on Wednesday closed at a record high of 40,651.64, helped by gains in Reliance Industries and a surge in some public sector energy stocks. The Sensex peaked to a lifetime high of 40,816 earlier in the day. The broader National Stock Exchange Nifty 50 index ended 0.5% higher at 11,999.10 points.
Reliance Industries closed 2.51% higher after hitting a fresh peak of Rs 1572.40. Its shares surged on the back of the its telecom subsidiary Reliance Jio Infocomm’s decision to raise tariffs in the next few weeks.
Zee Entertainment Enterprises ended 7.4% higher and was the top gainer on the Nifty 50 index. Bharti Infratel’s shares fell 3.85% and was the top loser. Sun Pharma, IndusInd Bank, Bharat Petroleum, Dr Reddy’s Labs, Yes Bank also rose between 2.6 and 5.3% each.
The top losers were Bharti Infratel, IOC, Kotak Mahindra Bank, Eicher Motors and Tata Steel.
IIFL Securities said some more consolidation was likely. “We think new highs just a matter of days,” Sanjiv Bhasin, director of IIFL Securities, told NDTV. “Now, we expect broader markets to outperform. Markets usually run ahead of macros and price future growth. There are three positive indicators for growth - reduction in corporate tax rate, proposed divestment of large public sector units, and a possible resolution of the US China trade impasse. Therefore we see growth coming back in 2020.”