The Sensex today hit a new record high, with index surging 300 points in trade, led by a solid rally in the shares of Reliance Industries.
The Sensex closed the day at a new lifetime high of 36,548 points, while the Nifty closed the day above the 11,000 points mark at 11,023 points, up 74 points. Today's rally was largely fuelled by a solid decline in crude prices, in fact, the most in two years. This led to some smart gains in stocks of oil marketing companies like BPCL and HPCL.
Today's sharp spurt in the stock of Reliance Industries ensured that the company crossed the $100 billion in market capitalization, after a gap of almost 10 years. It is only the second company to do so, after TCS.
Ironically, some selling pressure in the small and midcap index was seen, as the index witnessed a decline in trade today.
Shares of HCL gained ground, ahead of a board meeting to announce buyback of shares.
Overseas, Asian stocks ended higher, despite weakness at Wall Street in overnight trade, as investor weighed ongoing trade war between US and China. In a fresh development, China"s commerce ministry has termed the US actions "completely unacceptable" and threatened to file complain to the World Trade Organisation, Reuters reported.
On the economy front, IIP numbers for May will be released later today which may give some indication about economic growth.