Nifty Surges Above 16,250, Sensex Gains Over 400 Points To New Record High

The Indian equity benchmarks surged to fresh record highs on Wednesday. The Sensex rallied as much as 440 points to trade above 54,000-mark for the first time and Nifty 50 index moved above its important psychological level of 16,250 for the first time. The markets have been rallying on the back of hopes of faster pace of economic recovery as various macro-economic indicators pointed towards demand revival in the economy. Meanwhile, hopes of dovish monetary policy from the RBI’s monetary policy committee to spur the economic growth in the country also boosted positive sentiment on Dalal Sreet, analysts said.

As of 9:31 am, the Sensex was up 431 points at 54,255 and Nifty 50 index climbed 121 points to 16,251.

“Pace of vaccination is giving hopes that the economy can open up faster than anticipated. Tax efficiency has improved drastically, fuel sales have been good in July despite high prices and corporate results have also been surprising the market which is helping the markets scale new highs,” AK Prabhakar, head of research at IDBI Capital told NDTV.