Sensex closes above 50,000, Nifty near 14,800

Domestic stock market indices, Sensex and Nifty ended at record high levels Wednesday extending gains for the third straight session led by gains in banking, metal and pharma indices. 

Broader markets also surged for the day with the midcap and smallcap indices up over 1 percent each. 

At close, the Sensex was up 458.03 points or 0.92% at 50,255.75, while the Nifty rose 142.10 points or 0.97% to 14,790.

IndusInd Bank, Power Grid Corp, Sun Pharma, Dr Reddy’s Labs and Divis Lab were among major gainers on the Nifty, while losers were Shree Cements, UltraTech Cement, Maruti Suzuki, ITC and UPL.

Global markets marched higher following renewed hopes for the passage of the USD 1.9 trillion COVID-19 relief bill in the US.

In rest of Asia, bourses in Hong Kong, Seoul and Tokyo ended with gains, while Shanghai was in the red.

Stock exchanges in Europe were also trading on a positive note in early deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.36 per cent higher at USD 58.01 per barrel.

The Indian rupee ended on a flat note and settled 1 paisa higher at 72.95 (provisional) against the US dollar.

Stepping up their purchase of domestic shares, foreign institutional investors were net buyers to the tune of Rs 6,181.56 crore on Tuesday, according to exchange data. 

(With inputs from agencies)