The Indian equity benchmarks rallied for third session in a row on Wednesday on the back of a broad-based buying interest. Reliance Industries, HDFC, ICICI Bank, Infosys, HDFC Bank and Kotak Mahindra Bank top movers in the Sensex. The Sensex rose as much as 1,243 points and Nifty 50 index moved above its important psychological level of 15,250. Strong buying by foreign institutional investors led to positive sentiment on Dalal Street, analysts said.
The Sensex ended 1,148 points or 2.28 per cent higher at 51,445 and Nifty 50 index climbed 326 points or 2.19 per cent to settle at 15,246.
Foreign institutional investors bought shares worth Rs 2,223 crore while domestic institutional investors sold shares worth Rs 854 crore on Tuesday.
Reliance Industries was top mover in the Sensex, the stock surged as much as 5.4 per cent to Rs 2,219.90 after its telecom arm Reliance Jio cornered more than half of the telecom spectrum auctioned by the government, offering about Rs 57,123 crore to consolidate its holding of the scarce resource that are used to carry mobile call and data signals.
Buying was visible across sectors as all the 11 sector gauges, barring the index of auto shares, ended higher led by Nifty Metal index’s over 3 per cent rally. Nifty Bank, IT, Private Bank, Infrastructure, Financial Services and Realty indexes also rose 1-3 per cent.