Sensex rallies over 350 pts to hit record intra-day high

Mumbai: Share market benchmark Bombay Stock Exchange Sensex rallied over 350 points to scale a fresh intra-day record in early trade on Tuesday, tracking gains in index-heavyweights Reliance Industries, HDFC twins and ICICI Bank, amid a positive trend in global equities.

After touching a lifetime intra-day peak of 52,957.13, the 30-share BSE index was trading 374.92 points or 0.71 per cent higher at 52,949.38 in initial deals. Similarly, the broader NSE Nifty surged 115.05 points or 0.73 per cent to 15,861.55.

Maruti was the top gainer in the Sensex pack, rising over 2 per cent, followed by M&M, L&T, TCS, ICICI Bank, SBI and HDFC twins.

On the other hand, Nestle India and Bajaj Finance were the laggards.

In the previous session, Sensex ended 230.01 points or 0.44 per cent higher at 52,574.46. Similarly, the Nifty advanced 63.15 points or 0.40 per cent to 15,746.50.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,244.71 crore on Monday, as per provisional exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities look to be good as of now following firm global cues.

US stocks finished sharply higher with Dow and S&P 500 recording 1.4-1.8 per cent gains as investors focused on strengthening of the US economy and strong corporate earnings, Modi noted.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo were trading with gains in mid-session deals, while Hong Kong was in the red.