The key Indian equity indices opened on a positive note on Wednesday with both Sensex and Nifty hitting new all-time highs. BSE Sensex touched a high of 50,231.39, and the Nifty50 touched a record high of 14,754.90 points during the initial trade.
Healthy buying was witnessed in healthcare, consumer durables and IT stocks. The market has however, trimmed gains and has declined from its record levels. Around 9.40 a.m., Sensex was trading at 49,930.61, higher by 132.89 points or 0.27 per cent from its previous close of 49,797.72.
It opened at 50,231.06 and has so far recorded an intraday-low of 49,515.88 points. The Nifty50 on the National Stock Exchange was trading at 14,687.70, higher by 39.85 points or 0.27 per cent from its previous close.
The market has been on a bull run in the past two days post the presentation of the Union Budget. The top gainers on the Sensex so far were Indusind Bank, Dr Reddy's Laboratories and Power Grid, while the major losers were Maruti Suzuki, Kotak Mahindra Bank and State Bank of India.
The bull run continued for the third consecutive session on Wednesday following the S&P BSE Sensex gaining over 1,400 points on Tuesday, owing to positive global cues, budgetary announcements and healthy results led to the bull run.
On Tuesday, FIIs were net buyers to the tune of Rs 1,494.23 crore in BSE, NSE and MSEI in the capital market segment, with the Sensex reclaimed the 50,000 mark in the initial hour of the rally though a bout of profit booking dampened sentiments.
Banking stocks surged after the Finance Minister on Monday announced that two public sector banks will be privatised apart from the IDBI Bank in the upcoming financial year. On Tuesday, the Sensex closed at 49,797.72, higher by 1,197.11 points, or 2.46 per cent, from its previous close.
Similarly, the NSE Nifty50 also made healthy gains. It ended the day's trade at 14,647.85, higher by 366.65 points, or 2.57 per cent, from its previous close.
"Nifty rose to just shy of the previous all time high of 14754, by making an intraday high of 14,732 on Feb 2," said Deepak Jasani- Head of Retail Research at HDFC Securities. "A move above 14,754 is essential to convince more buyers to buy now or on the next dip. Volumes and sentiments currently favour this happening."